Quote Originally Posted by Bruno View Post
Once a person is retired, doesn't the company stop paying?
When someone gets a paycheck, part of it is deducted by the state and kept in a pension fund, to be payed out as pension when you retire.
So once you retire, the company says goobye, and that's it, no?
No. over here the unions have negotiated a pension and health care plan by which the company pays you a stipend and care plan until you die. In other words joining the company is like joining a socialist system where there is hire date to grave coverage, and like the soviet union this financial model only works during a period of perpetual growth. In times of stagnation the system begins to crumble.

Another point to consider. None of those CEO's has been on the job for more than three years. Their predecessors were all sacked for poor performance and these guys have all institued huge restructuring plans, that have already begun to have a positive effect.

I think it will be very interesting to see what happens if they are allowed to go bankrupt. I hope you all have plans to deal with a bankrupt state, one with 25% or more unemployment. I can tell you those of us in Michigan, no matter how remote our jobs seem from the auto industry, are already feeling the pinch of the downturn. There isn't a governmental body from the state on down that hasn't already tightened its belt, and that isn't facing worse in the year to come. This state will be bankrupt without the auto companies, and that WILL be without a doubt a problem for the federal government to solve.

By the way the Volt works. the batteries are made in Japan, but the car runs, in fact GM's CEO drove one to DC.