re: #59 jester6

Bankruptcy will move the legacy costs - pension and healthcare - to the government. These account for well over 2/3 of debt on the automaker’s balance sheets.

The Pension Benefit Guarantee Corporation’s monthly pension maxes out at $4,500 this year. PBGC does not cover medical coverage at all. UAW reitrees will get straight medicare.

The stockholders get wiped out and the bond holders - who were willing to take a 2/3 haircut if labor gave significant cuts - will be at the head of the line.

They should have did this last fall.

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Great, so we taxpayers get to pay fat ass labor union employees overly generous benefits—out of my severance pay while I find work!