On 27/02/2011 17:28, frank theriault wrote:
On Sun, Feb 27, 2011 at 11:20 AM, Bob Sullivan<rf.sulli...@gmail.com> wrote:
And Frank,
I want to tell you something that will make you happy.
We visited rich friends in a gated community in Naples Florida.
4 people on their block were early retirees from General Motors.
Their pension benefits were capped at $72K.
(I know that's a lot, but it's a lot less than they were getting.)
And the highest ranked among them has already sold and move back to Michigan.
They were all drawing money from 'defered compensation plans',
where GM held back some salary to pay them later at a lower tax rate.
Guess what. In bankruptcy, all those funds go to the creditors.
It puts a 6 figure crimp in their lifestyles...
Regards, Bob S.
That doesn't make me particularly happy, Bob. First of all, I'm sure
these people worked hard for their money, often working long hours,
weekends, with many business trips and lots of pressure. I may not
agree that the work they did was for the betterment of all, but they
had every right to rely on agreements made with their company and to
pattern their life accordingly.
The fact that due to GM making bad decisions they lost their pensions
or a portion thereof only means that creditors got that money - and
I'm sure that banks reaped most of that benefit. I'd rather see the
money in the hands of an individual than a huge faceless corporation.
I don't think there's anything happy about your story.
Agreed. If they had been in a union, it would hopefully not have
allowed those funds to be kept in a place available to creditors. Did
GM actually go bankrupt?
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