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Pensions ?


Active Member
I hope nobody here loses their retirement because of
the car company failures...
When they were doing the new "Agreement" with the unions up here one of the mandates were that the "Legacy" costs would be covered. My mother in law is on a GM pension, and she is okay.

The biggest reason that the government up here is "covering" the pensions is because someone (dunno what party it was) decided that GM did not have to top up its pension fund since they were "to big to fail" so GM decided to put the money into the exec's pockets and not ensure that they could cover their expenses should they fail. hence where we are now.....
I heard the the reason that AIG got propped up was that a lot of govt employees pensions are based on anuities sold by AIG. fed, state and local 's. they made sure that they will get their money while your 401 k gets goes in the tank. I sold all my ford stock in 1970 and invested in rental housing.

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