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Automotive News & Views United Automobile Workers of America (UAW)
16701 messages, Last post on Nov 20, 2009 at 3:39 AM
You are in the Automotive News & Views Forum. Your Hosts are steve_ & claires
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Replying to: tlong (Jan 02, 2009 12:50 am) Perhaps your right. The legacy is the biggest issue. Its no secret that if the stock market is down, pension plans are underfunded. If the stock market is up, pension plans are over funded. So right now is not a good time and or an unattractive time to sell off. I've seen it many times. A company and or parts of the company are sold off. Then if the pension plan is over funded the new owners are legally allow to raid the pension plan. Usually its many pensions plans within a company. When they sell off parts of a company they split/spin off these pension plans. I've even seen a company purchased at a fire sale for millions, the pension plan raided for millions, and then the company sold for billions later on (a year or two). There are well funded folks out there that look for this very situation. They even financed the portions of the company they didn't want to a third party. They also honored the UAW contract and the new buyer, UAW and all, (successor clause) are doing beyond well. However, since the market is not doing well and if anything the owner would have to fund as oppose to raid the pension fund, its not going to happen. More than likely is that the pension plan would be dumped off on the taxpayers/PBGC in the end. So its a pick your poison situation. |
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Replying to: gagrice (Jan 02, 2009 6:02 am) I'm good, thanks for asking. Did your wife not have less risky options in her 401K? Don't tell me you were blinded by greed? Three of those years were 40% plus and none was a loss, since I bailed early last year. fidelity select energy services/fidelity select energy/fedility select natural resources/fedilety select natural gas/fedelity select chemicals were my core holdings. google/hansen/snapple were kind in the longer time frame too |
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Replying to: gagrice (Jan 02, 2009 7:58 am) In response to the spiraling inflation of the early 1970s, Richard Nixon became the first president to use price and wage controls during peacetime. The strategy did help to stabilize the economy but proved to be only a temporary fix. Unfortunately, Nixon's attempt to subdue inflation and reduce unemployment resulted in limited goods for consumers and increased business bankruptcies, while doing little to curb joblessness. By the time Nixon resigned in 1974, inflation had reached double digits and the American economy was mired in a deep recession. When inflation reached eighteen percent in 1980, Americans clamored for mandatory price and wage controls. President Jimmy Carter steadfastly refused, stating that peacetime controls during the 1970s had proven a dismal failure. http://www.answers.com/topic/price-and-wage-controls |
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The political season ended last November and we're still in the honeymoon period. Let's quit rehashing the 60's, 70's.... Y'all are making me feel my age.
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Replying to: gagrice (Jan 02, 2009 7:58 am) You fail to see that inflation is factored into that interest rate and that the purchasing power of that money decreases during inflationary periods. So if I buy a home for $100,000 and sell it for $200,000 in time. Then go to replace it and its selling for $200,000, I have gained nothing. |
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Replying to: steve_ (Jan 02, 2009 8:52 am)
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Replying to: dallasdude1 (Jan 02, 2009 9:00 am)  Meanwhile, the union needs to figure out their tax bill on the golf course. Is the UAW’s Black Lake in the red? (laborpains.org) |
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Replying to: steve_ (Jan 02, 2009 9:12 am) |
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Replying to: gagrice (Jan 02, 2009 1:01 pm) |
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Replying to: gagrice (Jan 02, 2009 1:01 pm) How can the UAW steal from their pension fund? GM holds and pays the UAW pensions. Looks to me like the township the course is in says it is worth more than what the UAW says its worth. And when it was taken to court the UAW value was taken. Today it is probably worth half what it was in '07 anyway.
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