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posted to rec.boats
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First recorded activity by BoatBanter: Jan 2013
Posts: 2,106
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New York is *my* city...
On 7/20/2013 4:58 PM, Eisboch wrote:
"iBoaterer" wrote in message
...
In article ,
says...
On 7/19/2013 4:35 PM, Wayne.B wrote:
On Fri, 19 Jul 2013 13:15:12 -0400, "F.O.A.D."
wrote:
We could have helped out the city of Detroit, but we blew those
trillions on Iraq and Afghanistan.
No jackass, we blew it on the sell ou....er, bail out... We gave it to
the Unions so they could party like it was 2099.... and they did. Now
it's gone, and it's time to pay the bill.
===
Please, enlighten all of us who don't think off the wall crazy ****.
Show where the money went to the unions.
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GM filed for Chapter 13 bankruptcy in 2009. Bankruptcy law requires
that creditors to the bankrupt corporation receive equal treatment in
terms of payments made to them. In other words, you can't pay one
creditor 75-100 percent of what he is owed and another creditor only
25-50 percent.
But in the case of GM, the union pension fund (VEBA) was given much
higher priority compared to other unsecured vendors, bond holders and
creditors. In the restructuring process GM was able to negotiate new
pay scales and benefit packages for new hires but was not successful in
reigning back costs significantly for existing union employees. As a
result, GM still has the highest labor cost of any of it's competitors.
As of July 3, 2013, the American taxpayers are still in the hole to the
tune of $19 billion of the $50 billion GM bailout. That amount is just
about equal to the cost of retaining the pre-bankruptcy union
employees's payscale and benefit packages and is likely not to ever be
recovered.
In other words.. for about the millionth time, I am right, kevin is
jealous...
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