Hope and Change, Hope and Change. This is exactly why you let a company go through bankruptcy – to allow obligations like this to be mitigated.
GM's Pension: A Ticking Time Bomb for Taxpayers? - Yahoo! News
By JOSEPH R. SZCZESNY Joseph R. Szczesny – 1 hr 49 mins ago
General Motors Corp. may no longer be the world's biggest
automaker, but it still operates the country's largest pension fund. The threat to its pension plans has always been an issue, butit took on a new urgency when GM disclosed April 7 that its plans were underfunded by more than $27 billion, with more than half of that being owed to U.S. workers and retirees. Across town, a post- bankrupt Chrysler faces its own pension shortfall. Moreover, a report last week from the Government Accounting Office (GAO) says the pension crisis in the auto industry could create an unprecedented crisis for the federal Pension Benefit Guarantee Corp., a government-sponsored organization to backstop company pensions.
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