[patience]

Quote:
"Now GM is failing, you actually lose your pension because of it, all of it, or parts or? (can anyone explain how the pension system works in the US?)"

My GM pension was supposedly funded by GM. Not fully, as it turns out, and the Federal Govt is supposed to backstop this if the company fails. (Good for maybe 10% to 20% of the original promise.) Presently, GM is saying it will pay the pensions itself, and keep it out of the govt hands, which would let me get mine. However, the govt owns 60% (?) of GM now, so should I believe that? I doubt it will work that way when the govt gets short of money. Having trouble selling bonds now, I hear.

[dunewalker]

Here's an excerpt from a piece by Greg Palast, I got from Automatic Earth, June 1, 2009:

http://theautomaticearth.blogspot.com/2 ... sited.html

"When a company goes bankrupt, everyone takes a hit: fair or not, workers lose some contract wages, stockholders get wiped out and creditors get fragments of what's left. That's the law. What workers don't lose are their pensions (including old-age health funds) already taken from their wages and held in their name. But not this time. Stevie the Rat has a different plan for GM: grab the pension funds to pay off Morgan and Citi.

Here's the scheme: Rattner is demanding the bankruptcy court simply wipe away the money GM owes workers for their retirement health insurance. Cash in the insurance fund would be replace by GM stock. The percentage may be 17% of GM's stock - or 25%. Whatever, 17% or 25% is worth, well ... just try paying for your dialysis with 50 shares of bankrupt auto stock. Yet Citibank and Morgan, says Rattner, should get their whole enchilada - $6 billion right now and in cash - from a company that can't pay for auto parts or worker eye exams.

So what's wrong with seizing workers' pension fund money in a bankruptcy? The answer, Mr. Obama, Mr. Law Professor, is that it's illegal."

[The_Virginian]

why change from Joel Trout ??? AFIAK he was a respectable personality.

Either way, good bye.

[jupiters_release]

$this->bbcode_second_pass_quote('AAA', 'I') am nowhere near my end goal but I have a 15 year plan to get to my end goal of a 99.9% self-sufficent lifestyle.
AAA