[Business Week]: United Airlines gained a significant financial victory with court
approval to dump its four pension plans but faces a tough challenge to
win back the support of angry employees.
Oh, we do so like to carry on
about the ‘rule of law’ and the ‘sanctity of contracts’ and the
‘importance of trust’ and ‘a man’s word is his bond.’ But sometimes it
can all be so inconveeeeeeenient…
PS: ‘Taxpayers had better buckle up because we will be in for a bumpy ride
of bailout after bailout, as more and more corporations dump their
pension plan obligations on the PBGC,’ said U.S. Rep. Jan Schakowsky,
D-Ill., referring to the Pension Benefit Guaranty Corp. that already is
operating at a more than $23 billion deficit.
At least the PBGC will get a bit of equity — better than the total giveway that so many government subsidies turn out to be.