http://www.nytimes.com/2009/04/24/busin ... c_ev=click
"DETROIT — The Treasury Department is preparing a Chapter 11 bankruptcy filing for Chrysler that could come as soon as next week, people with direct knowledge of the action said Thursday.
The Treasury has an agreement in principle with the United Automobile Workers union, whose members’ pensions and retiree health care benefits would be protected as a condition of the bankruptcy filing, said these people, who asked for anonymity because they were not authorized to discuss the case."
Blows my mind, man. They go into bankruptcy and the ONE THING that's guaranteed to be protected is the same haemorrhaging system of retiree benefits that murdered the company in the first place.
Y'all might think about moving money out of high-volatility stocks right now. My guess is that this is going to clobber the Dow all over again, particularly since GM is going to be right behind this.
"DETROIT — The Treasury Department is preparing a Chapter 11 bankruptcy filing for Chrysler that could come as soon as next week, people with direct knowledge of the action said Thursday.
The Treasury has an agreement in principle with the United Automobile Workers union, whose members’ pensions and retiree health care benefits would be protected as a condition of the bankruptcy filing, said these people, who asked for anonymity because they were not authorized to discuss the case."
Blows my mind, man. They go into bankruptcy and the ONE THING that's guaranteed to be protected is the same haemorrhaging system of retiree benefits that murdered the company in the first place.
Y'all might think about moving money out of high-volatility stocks right now. My guess is that this is going to clobber the Dow all over again, particularly since GM is going to be right behind this.
