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Well, too bad for Chrysler employees+former employees then.
This is why employer-controlled defined benefit retirement plans are a TERRIBLE idea.
This is why employer-controlled defined benefit retirement plans are a TERRIBLE idea.
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12-17-10 Mohamed Bouazizi NEVER FORGET
Stadtluft Macht Frei
Killing it is the new killing it
Ultima Ratio Regum -
401(k)s
12-17-10 Mohamed Bouazizi NEVER FORGET
Stadtluft Macht Frei
Killing it is the new killing it
Ultima Ratio RegumComment
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Totally agreed. But the big roadblock here is the health care from retirement until age 65. Not strictly a pension-related issue.
This leaves aside the absurdity that workers will retire at age 50 or whatever.I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891Comment
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Well, it sort of is.
How many employees are in that gap?
Didn't the companies offload some of that to the unions with a single payout? Or was that only Ford?12-17-10 Mohamed Bouazizi NEVER FORGET
Stadtluft Macht Frei
Killing it is the new killing it
Ultima Ratio RegumComment
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I don't have the numbers, but as I understand it, the numbers are substantial.I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891Comment
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Oh well.
Find another ****ing job then.
Who the **** retires at 50?
(I mean, I'd like to, but we'll see if I can manage it)12-17-10 Mohamed Bouazizi NEVER FORGET
Stadtluft Macht Frei
Killing it is the new killing it
Ultima Ratio RegumComment
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I bought DOW for my son under his education account at 9.37, he's already earned 50% on that. I also got him F at 3.04. He's not even 1 and he's gaining fast on his sister who has K and DIS! I'll just have to add more to hers to keep it even. She's getting scholarships anyway.Comment
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You'd have to save your ass off. Not out of the realm of possibility for some.Originally posted by KrazyHorse View PostI came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891Comment
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Finally got my Vanguard account to allow me to buy stocks instead of their stupid funds. They were suppose to get this done a week ago, called them yesterday and they said "oh, we needed a valid phone # to activate it." I told them they could have e-mailed me this since they e-mailed my verification! Missed out on today and yesterday because of a) I was lazy and b) they were lazy.
Anyway. I have some more money to invest. Will probably wait until Monday, since the market will dip/dive because of the "stress" test results. Then I'm in; thinking retail?Comment
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Why not just buy lottery tickets?12-17-10 Mohamed Bouazizi NEVER FORGET
Stadtluft Macht Frei
Killing it is the new killing it
Ultima Ratio RegumComment
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Picking stocks take skill... buying lottery tickets is for chumps
Keep on Civin'
RIP rah, Tony Bogey & Baron OComment
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Originally posted by Ming View PostPicking stocks take skill... buying lottery tickets is for chumps
Yeah, right.12-17-10 Mohamed Bouazizi NEVER FORGET
Stadtluft Macht Frei
Killing it is the new killing it
Ultima Ratio RegumComment
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What KH is trying to say is that for physics PhD's, predicting the winning lottery number is a piece of cake.Comment
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Here's the first part of a statement by the non-TARP Chrysler creditors. I can find nothing wrong with their rationale for walking away.
Statement from non-Tarp Chrysler lenders
Published: April 30 2009 16:47 | Last updated: April 30 2009 16:47
Statement From Non-Tarp Lenders To Chrysler, April 30, 2009
As of last night’s deadline, we were part of a group of approximately 20 relatively small organizations; we represent many of the country’s teachers unions, major pension and retirement plans and school endowments who have invested through us in senior secured loans to Chrysler. Combined, these loans total about $1 billion. None of us have taken a dime in TARP money.
As much as anyone, we want to see Chrysler emerge from its current situation as a viable American company, and we are committed to doing what we can to help. Indeed, we have made significant concessions toward this end – although we have been systematically precluded from engaging in direct discussions or negotiations with the government; instead, we have been forced to communicate through an obviously conflicted intermediary: a group of banks that have received billions of TARP funds.
What created this much-publicized impasse? Under long recognized legal and business principles, junior creditors are ordinarily not entitled to anything until senior secured creditors like our investors are repaid in full. Nevertheless, to facilitate Chrysler’s rehabilitation, we offered to take a 40% haircut even though some groups lower down in the legal priority chain in Chrysler debt were being given recoveries of up to 50% or more and being allowed to take out billions of dollars. In contrast, over at General Motors, senior secured lenders are being left unimpaired with 100% recoveries, while even GM’s unsecured bondholders are receiving a far better recovery than we are as Chrysler’s first lien secured lenders.
Our offer has been flatly rejected or ignored. The fact is, in this process and in its earnest effort to ensure the survival of Chrysler and the well being of the company’s employees, the government has risked overturning the rule of law and practices that have governed our world-leading bankruptcy code for decades.
We have a fiduciary responsibility to all those teachers, pensioners, retirees and others who have entrusted their money to us. We are legally bound to protect their interests. Much as we empathize with Chrysler’s other stakeholders, the capital is just not ours to contribute to their cause by accepting a deal that is outside the well established legal framework and cannot be rationalized as being commercially reasonable.I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891Comment
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