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The Beginning of the end for GM

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  • The Beginning of the end for GM

    I was forwarded this today about the GM bankruptcy situation.

    Makes for interesting reading. We'll have to see if all that's laid out in the letter is truthful or not. Only time will tell I guess.

    In this case its about the fleecing of the pension and health benefit funds of the GM's represented employees (UAW), but it could just as easily be a group of non-union employees. Union or non-union is not the subject here, it's about robbing a family's future (yes, the whole family of the worker will feel the pinch).

    When the pension and H&W funds accounts are bare and can not support the people they were designed to, those people will come looking for help from Uncle Sam, that means you and I (Joe Taxpayer) will end up with additional burden that was not foreseen because a private funding vehicle was in place to take care of it.

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    "When we build let us think we build forever. Let it not be for present delight nor for present use alone. Let it be such work that our descendants will thank us for, and let us think, as we lay stone upon stone, that a time is to come when these stones will be held sacred because our hands have touched them, and that men will say, as they look upon the labor and wrought substance of them, "See! This our fathers did for us."
    John Ruskin (1819 - 1900)
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