Clash of the Unionis - Toyota Yaris Forums

GeneW · 06-11-2009, 01:27 AM

The recent Chrysler bailout and bust up created some odd opponents.

The "old" Chrysler, which will be sold off, is heavily invested by some management firms which hold quite a bit of Union retirement funding. The expected pay off for these funds is about 29 cents on the dollar or about a seventy percent loss. The total losses are not really heavy but it's the principle (no pun intended) which counts.

The "new" Chrysler, which will be wedded to Fiat, has a fully funded pension and medical fund, courtesy of the US bankruptcy Court and the Obama Administration.

It's ironic - two groups of unions have taken care of their own business, yet one's retirees are getting the shaft while the other gets a golden glider.

http://www.breitbart.com/article.php...show_article=1

"In several motions with the Chrysler docket earlier, the Indiana State Teachers Retirement Fund, Indiana State Police Pension Trust, and Indiana Major Movers Construction Fund, fiduciaries for "approximately 100,000 civil servants, including police officers, school teachers and their families" have objected to the 363 sale, and demand Judge Gonzalez should block the sale, claiming "the plan is illegal and tramples their rights."

http://www.correntewire.com/indiana_...red_im_shocked

Gene

GeneW · 06-11-2009, 01:28 AM

A part of this that gripes me personally is that this stands investment law on its head.

Traditionally "preferred" stockholders got first share of debt because they did not vote and had no control over how money is spent.

My personal fear is that this ruling by the US Supreme Court may encourage people to invest more outside of the US.

Gene

highwaypass · 06-11-2009, 09:27 AM

hope it's getting better and better

06-11-2009, 01:27 AM	#1
GeneW Banned Drives: 2008 Yaris Join Date: Oct 2008 Location: Pennsylvania Posts: 1,034	Clash of the Unionis The recent Chrysler bailout and bust up created some odd opponents. The "old" Chrysler, which will be sold off, is heavily invested by some management firms which hold quite a bit of Union retirement funding. The expected pay off for these funds is about 29 cents on the dollar or about a seventy percent loss. The total losses are not really heavy but it's the principle (no pun intended) which counts. The "new" Chrysler, which will be wedded to Fiat, has a fully funded pension and medical fund, courtesy of the US bankruptcy Court and the Obama Administration. It's ironic - two groups of unions have taken care of their own business, yet one's retirees are getting the shaft while the other gets a golden glider. http://www.breitbart.com/article.php...show_article=1 "In several motions with the Chrysler docket earlier, the Indiana State Teachers Retirement Fund, Indiana State Police Pension Trust, and Indiana Major Movers Construction Fund, fiduciaries for "approximately 100,000 civil servants, including police officers, school teachers and their families" have objected to the 363 sale, and demand Judge Gonzalez should block the sale, claiming "the plan is illegal and tramples their rights." http://www.correntewire.com/indiana_...red_im_shocked Gene

06-11-2009, 09:27 AM	#3
highwaypass Captain Slow Drives: '08 1.5 hatchback Join Date: Dec 2008 Location: Jakarta Posts: 145	hope it's getting better and better __________________ There's only 1 brand,2 drive,3 words,4 you: TO-YO-TA

06-11-2009, 01:28 AM	#2
GeneW Banned Drives: 2008 Yaris Join Date: Oct 2008 Location: Pennsylvania Posts: 1,034	A part of this that gripes me personally is that this stands investment law on its head. Traditionally "preferred" stockholders got first share of debt because they did not vote and had no control over how money is spent. My personal fear is that this ruling by the US Supreme Court may encourage people to invest more outside of the US. Gene