BearMtnHIB wrote: Can't get blood out of a turnip.
No but you can sell the turnip and distribute the money to the people that grew and harvested it.
So VL- you hire a union plumber to fix your leaky sink at home- she fixes it and you pay her for the service. Do you owe her anything more?
Bear-You don't know anything about labor contracts. Its a contract like any other contract, a contract just like a contract the company has with any outside vendor. It's a legal contract and when a company signs one they have to honor it like any other contract. If the plumber told me I'd have to pay him $100 for the job, OR I could pay him $70 now and put $25 in his 401k? I'd do that and take the 5% discount, BUT..I have to put that $25 in his 401k, I can't just stiff him on that part of the deal. Thats how pensions are funded in union contracts. Those pension are contracually obligated defered wages. Many companies put the money aside but they decided to gamble with it in the stock market to make a little extra money for themselves, and they lost, thats not the workers problem. The money is still owed
My brother lost pretty much all of his 401k because the co went belly up, and they had a contract with the co and employees. They didn't even collect anything when the assets were sold because the stock holders came first.
Yep- usually the pecking order is as follows when a company goes belly up- first the "creditors" get paid, then the "preferred stock" ("A" shares) investors get paid, then the "public share stock holders" (this is the stock that we can buy on wall street) get paid- if there is anything left (usually nothing left at this point).
BearMtnHIB wrote: Yep- usually the pecking order is as follows when a company goes belly up- first the "creditors" get paid, then the "preferred stock" ("A" shares) investors get paid, then the "public share stock holders" (this is the stock that we can buy on wall street) get paid- if there is anything left (usually nothing left at this point).
Employees come in dead last.
Yeah, just like I said about 25 posts ago. I swear, do you guys even read other peoples posts, or are you just so in love with hearning yourselves talk that you don't see or hear anything else..?
You are the worst example Bear..How many times have you been married- 3,4?
