Mit Romney: The Dream Stealer

Employees need to be #1 on the creditors list when a company goes bankrupt.

You got it wrong here again sport. Investors are #1 on the creditors list. And when a company goes bankrupt- the employees lose along with the investors.

A corporation has no obligations to employees once the business is no longer viable.

Everything- every benefit- every paycheck- every cup of coffee that a company gives to it's employees is 100% contingent upon that companies ability to make money. Once the company starts losing money - all bets are off. Every promise that a company makes to it's workers depends on that companies ability to stay afloat financially. Once that's gone- everything is gone.

Whatever scraps are left over gets split up between it's investors, creditors and shareholders.

If you want investors rights as a worker for a company- you better put your cash out there and become an owner of that company. I have stock in the company that I work for.

If you want the benefits of corporate profits- you need to be more than just an employee- you need to take a risk and become an investor- instead of blowing your money on that next trip to Jamaica.

Them's the facts- Jack.

BearMtnHIB wrote:

A corporation has no obligations to employees once the business is no longer viable.

Hey brainiac, he didn't get it wrong

He acknowledged that they aren't currently, and wrote that "they should be".

Always shocked at the total lack of comprehension here, its very tedious to have to constantly explain what words mean

BearMtnHIB wrote:

Employees need to be #1 on the creditors list when a company goes bankrupt.

A corporation has no obligations to employees once the business is no longer viable.

They do if the employees have a contract, sport

Another great reason to collectively bargain

GO UNION!

They do if the employees have a contract, sport

Another great reason to collectively bargain

GO UNION!

What contract allows workers a benefit if the company goes broke?
I'd like to hear about that one.

Employees are paid for a service- once that service is no longer required- for whatever reason- the company has no further obligation. As long as you got paid for the hours you worked- the company has fulfilled it's requirements.

If your precious union wanted to help the common worker- it would take the dues they steal from you and buy stock in the company you are working for- instead of funding some corrupt politician's campain. Eventually the workers would own the company- and the economic viability of the company - and the risks involved- would be shared by both the managemant and labor together.

How bout that for an idea?

You don't know what you are talking about Bear

When the company goes broke because it was loaded up with debt before the vultures cashed in...(after bargaining with the employees to protect their pensions and benefits) then they are crooks, thieves and liars. They pocketed the money; broke the bargain and saddled THE TAXPAYERS with $44-million in costs, that should have been paid, but instead were pocketed.

And THAT'S a fact, Jack.

And all of your spewing doesn't change it.

LadyJazzer wrote: When the company goes broke because it was loaded up with debt before the vultures cashed in...(after bargaining with the employees to protect their pensions and benefits) then they are crooks, thieves and liars. They pocketed the money; broke the bargain and saddled THE TAXPAYERS with $44-million in costs, that should have been paid, but instead were pocketed.

And THAT'S a fact, Jack.

And all of your spewing doesn't change it.

There's no proof that this actually happened- except for a few disgruntled employees accusations. If it is proven that they deliberately loaded debt to drive the company broke- then I agree- that's against the law and those responsible should be held accountable.

But you can't prove that- in fact it's pretty hard to prove that any debt was not a level honest attempt to keep the company in business. I don't know why any investor would shoot herself in the foot- to destroy a company that they have their own money invested in- but sometimes even after you try all the options- make every effort- a company just isn't viable.

LJ- show me the proof where Bain Capital deliberately did this- I would not just take a whiny ex-employees word for it. In any case- all the pensions and benefits that the employees get are at the pleasure of a "profitable" viable, money making company.

A company that owes 20 million in pensions per year - and only makes 10 million in profit- is no longer viable- it's broke! Maybe in years past - it made 30 million- but things change and it's no longer making money....

Game Over!

That's when it makes more sense to close up shop- lay everybody off and sell off the scrap to pay back the investors (who are probably only getting a few cents for every dollar invested back).

The game is NOT "over"...

When the company goes broke because it was loaded up with debt before the vultures cashed in...(after bargaining with the employees to protect their pensions and benefits) then they are crooks, thieves and liars. They pocketed the money; broke the bargain and saddled THE TAXPAYERS with $44-million in costs, that should have been paid, but instead were pocketed.

And THAT'S a fact, Jack.

And all of your spewing doesn't change it. And the proof is all over the Internet..and not just "whiny employees."

Your like a parrot LJ- the definition of insanity is repeating the same thing over and over expecting a different outcome.

You can't prove any fraud- those companies were going broke no matter what.

Super Malta is right BearMtn, you don't know what youre talking about. Companies can't abrogate ther labor contracts..... even after the stock goes to zero.