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View Diary: Open thread for night owls: Coal companies rip off miners' pensions (111 comments)

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  •  Pensions are scapegoats (13+ / 0-)

    It is my understanding that many years ago employees took an effective pay cut in exchange for knowledge that they would receive that money at a later time.  Management did with this the knowledge that it would increase short term profits, and hopefully would not hurt the company later on.  What we have now is evidence that the negotiations were in bad faith or the management was incompetent as they are now crying about how the pensions costs are outrageous and there simply is not way to pay.  These are the people millions to manage the firms so that they can meet their obligations.

    What disgusts me is how is all the CEOs are always talking about personal responsibility.  If a family has to declare bankruptcy they are irresponsible free loaders.  In fact 10 years ago the law was changed because too many families were declaring bankruptcy.  But that did not keep the corporations from freeloading off huge sums of taxpayer money, and refusing to pay pensions that they are contractually obliged to pay.

    •  Description Closer to the Later 401k I think. (2+ / 0-)
      Recommended by:
      JeffW, Jeff Y

      I knew lots of people retiring on pensions over the last 2 generations who did great with them. 401k's, not so much.

      We are called to speak for the weak, for the voiceless, for victims of our nation and for those it calls enemy.... --ML King "Beyond Vietnam"

      by Gooserock on Mon Mar 18, 2013 at 08:53:03 PM PDT

      [ Parent ]

    •  in 2008-2009 when banks were about to go (3+ / 0-)
      Recommended by:
      Clues, tardis10, Eric Nelson

      bankrupt, the bonuses were "contractual obligations" and had to be paid, no matter how egregious.

      But a pension you worked for over an entire career?  That is not a "contractual obligation" and it can be wiped out.  


      "The battle, sir, is not to the strong alone; it is to the vigilant, the active, the brave." -- Patrick Henry

      by BornDuringWWII on Tue Mar 19, 2013 at 01:05:03 AM PDT

      [ Parent ]

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