Big Three Bailout Dead

No they don't.......

Ugh, Why would they need to be dropped anywhere? We're covered, thx for your concern.

Spend? You mean Spent, it's a done deal.

 

Maybe UAW managed the fund, but the companies are the one who fund them, and the supreme court has already said a company can cancel it's pension obligations and put them onto the federal government. Just because GM's pension fund is fully funded right now doesn't mean it will be in 10 months.

 

Not maybe, they do.

As in this case "funded".

I musta missed that one , any links?

UAW workers would have never agreed to any contract with that clause in it, sorry.

Care to make a wager?

No guarantees the sun will rise tomorrow, but i'm betting it will

 

The thing about funds like that are they grow and maintain as workers and new workers put money into them. So when the fund loses new money and new workers they have no more profits to skim off of the fund and to live off of.

So I really don’t think they are just going to sit around and be poor and bankrupt and write checks out every month. After a couple of years the money will be out of public attention and the money magicians will make it disappear with their many tools litigations, fees, interest, bad investments, shell companies that collapse, ect.

Also multi billion-dollar “fund” is not just a pile of money sitting in a bank it is shares in casinos, oil, future company projections. So when the market goes down so do funds.

Large funds only work when they have money coming into them.
Maybe the Gov will pay the pensions but I just don’t see the UAW paying out money very long when they aren’t bringing in money.

 

In my last post on the last page in the first scenrio about it's pensions being dropped onto the federal government after a judge allowed it once it was in bankruptcy, the text in blue, and once bankruptcy is declared, contracts don't mean anything.

 

But none of that makes sense, the UAW is nowhere near going bankrupt, GM is,UAW has control of retired workers benefits not GM.

 

Where to start.........

The UAW has half the members now than it had in 2005

They don't "skim off the fund to live off"
Plz read up on it instead of making it up as you go along.

The first 5 words are true........

Again, no clue about VEBA or UAW.

Explain why they have showed 4-8% gain the last 4 years ?

Ok

[QUOTEMaybe the Gov will pay the pensions but I just don’t see the UAW paying out money very long when they aren’t bringing in money. ][/QUOTE]

Because you know very little about how it works, The UAW has been paying pensions for years.

The UAW isn't a non-profit org. they have "dues" they (bring in money) by the truckloads.

 

I think you spoke too soon,

The US Treasury will float them until Obama takes office, and everyone knows he's all for the Bail-Out.

 

dont kid yourself cad,they will be nationalized and the government will take control of pensions..its coming mark my words..

no i wont provide endless links on what i base my assessment on because the fact is its purely speculation on my part.

if it doesnt happen(but it will) be sure and call me out on it and make a mockery of my statement..
however,when it happens,remember i said it was going to...

 

Who will be nationalized ??? UAW ? VEBA Trust Fund?

Why do suppose the UAW worked so hard getting these funds in their control and out of the hands of the Big3?

You do know UAW represents more than just Auto Workers from the Big 3 ,right?

I know, I'm used to the one-sided debates here, where i back up everything i say with facts and links,and respond to speculations and hear-say/wishful thinking.

 

GM will be nationalized, the government will seize control of your pension plan from the UAW. it WILL happen.

if it doesnt feel free to chastise me over it. until then i really dont see any point in a debate over it..

 

BTW,dont feel bad when it happens,all private pension plans and 401 K's will be seized before this is done with,so ya wont be alone..

 

Like they done with all the other failing business's?

Again, based on nothing more than your SHTF mantra.

 

no ive come to the realization that venezuela is coming to me soon enough..:cheers2:

 

Well it appears they will be receiving loans. Bush was just on the TV. But it seems like they see bankruptcy in the future of at least two of them.

 

VEBA stands for "Voluntary Employees Beneficiary Association". It is also sometimes referred to it's alternate name "Vandalize Employee Benefits Again" and while it looks good on the surface, there are many problems with it. If you care to learn more "Labor Notes" has an interesting short article on this subject explaining some of the pitfalls facing the UAW.

http://www.labornotes.org/node/1248

The main problem now is that while it is supposed to be funded... the Big #3 still owe the fund billions!

Just remember the old moto .. "if it sounds to good to be true.... it probably isn't!"

 

Bush orders bailout:

http://lfpress.ca/newsstand/News/CanadaWorld/2008/12/20/7811731-sun.html

.

 

Yes, he did. So much for the President not having the authority to obligate funds.

1-20-09: End of an error.

 

Looks like you were off a bit, Bill. GM gets bailed out to the tune of roughly $7 billion!