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#2
posted to rec.boats
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New York is *my* city...
In article ,
says... On 7/20/13 5:49 PM, JustWaitAFrekinMinute wrote: 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. ------------------------------------- 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... Second funny of this day, and from the rec.boats lunatic. His jawbone is acting up again..... |
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