Wednesday, May 11, 2005

Broken Promises Made Legal

Imagine working for the same company for decades -- Hey, it used to be not such a farfetched idea! Imagine forgoing raises, from time to time, in exchange for a promise that you would be taken care of in your later years. Imagine budgeting your retirement on benefits promised to you by your company.

Now imagine, years AFTER you've retired, that the company now wants to reneg on its promise. Welcome to the world of American capitalism!!

In a stunning decision, a federal bankruptcy judge gave United Airlines the green light to hand over its pension program to the Pension Benefit Guaranty Corporation (PBGC), a fund paid for by you and me through our tax dollars. In other words, their promise turns out not to be worth the paper it's written on!

Today is a sad day indeed!

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