NEWS: US Airways Gets a Pension Pass
The federally run Pension Benefit Guaranty Corp. has assumed control of the woefully underfunded US Airways pension plan. The PBGC has now assumed a sum total $3 billion dollars in US Airways pension plans including the pilots pension plan in 2003. that's the second biggest claim ever. Worse yet, the pensions are only 40% funded with about $1.7 billion to cover $4.2 billion. I can't even describe to you how wrong I believe this is.
I mean seriously, US Airways wasn't even trying to cover this. Why is US Airways allowed to just walk away from this? Where is the accountability? So apparently I can go into business and allow my payroll and pension plans to escalate unchecked well beyond my ability to support it with my crappy business plan and then just go into bankruptcy and walk away from my obligations to my pension plans because the Feds will pick up the tab. Am I getting this right? If you, my dear reader, are not at least a little upset then please check your pulse because this is just so wrong on so many levels. And make no mistake, United is headed the same way. This type of crap must stop.
I mean seriously, US Airways wasn't even trying to cover this. Why is US Airways allowed to just walk away from this? Where is the accountability? So apparently I can go into business and allow my payroll and pension plans to escalate unchecked well beyond my ability to support it with my crappy business plan and then just go into bankruptcy and walk away from my obligations to my pension plans because the Feds will pick up the tab. Am I getting this right? If you, my dear reader, are not at least a little upset then please check your pulse because this is just so wrong on so many levels. And make no mistake, United is headed the same way. This type of crap must stop.
posted by The ACK at
20:54
