U.S. Investigates Pension Fund at Northwest Air

[Malko]

hhmmmmm???

http://www.nytimes.com/2006/03/15/business/15pension.html

The Labor Department is investigating whether Northwest Airlines systematically shortchanged its employee pension fund over three years, then avoided having to make a $65 million payment to the fund by filing for bankruptcy protection just one day before the payment was due.

It suggests that the Labor Department is looking for a way to break an entrenched pattern, in which distressed companies quietly deplete their pension funds over a number of years, then declare bankruptcy and transfer huge obligations to the federal government.

 

[pilot602]

You mean these companiers raided their pension funds? NOOOOOOOOOOO. Reaaalllllyyy?

I love this quote:

It suggests that the Labor Department is looking for a way to break an entrenched pattern, in which distressed companies quietly deplete their pension funds over a number of years, then declare bankruptcy and transfer huge obligations to the federal government.

I don't know how 'bout they try DOING their job and slapping these companies with penalties when they try sh*t like this.

The goverment is all hands off when you have multi-million-billion dollar scandals and wrongs like this being done but man when a labor group wants to excercise it's right to strike their on it like white on rice trying to stop it stating the Railroad Labor Act, et. all.

•ing hypocrits.

Again, I say these bankruptcies are far more strategic than a necessity.

 

[derg]

Again, I say these bankruptcies are far more strategic than a necessity.

It's ALL about labor. Some folks get it, lots of folks don't.

 

[Malko]

You mean these companiers raided their pension funds? NOOOOOOOOOOO. Reaaalllllyyy?

I love this quote:

I don't know how 'bout they try DOING their job and slapping these companies with penalties when they try sh*t like this.

The goverment is all hands off when you have multi-million-billion dollar scandals and wrongs like this being done but man when a labor group wants to excercise it's right to strike their on it like white on rice trying to stop it stating the Railroad Labor Act, et. all.

•ing hypocrits.

Again, I say these bankruptcies are far more strategic than a necessity.

Strangely enough, I knew Pilot602 would be the first to respond. WHen I read the article, I could hear 602 saying' "see I told you so.".

 

[flyover]

The goverment is all hands off when you have multi-million-billion dollar scandals and wrongs like this being done but man when a labor group wants to excercise it's right to strike their on it like white on rice trying to stop it stating the Railroad Labor Act, et. all.

Examples? I mean the government doesn't sound like they are "all hands off" about this.

 

[flyover]

Some folks get it, lots of folks don't.

True dat.

 

[pilot602]

Examples? I mean the government doesn't sound like they are "all hands off" about this.

They're a little late to the ball don't ya think?

It's kinda like if I walked into to Germany right now and declared I won the war ...

But take a look at Great Lakes airlines, a little no-name carrier but because a majority of their flying is EAS the government is quick to put a stop to a very much wanted strike over a four-year contract negotiation that's going nowhere. But let a gigantic company like Delta, TWA, NWA, etc. underfund pensions for DECADES and then come out and say "well gee, Wally, I don't think they should be doin' that" is a little, how should we say it; a little bit of "selective" oversight?