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They just keep screwing the retirees and the workers

chefdennis

chefdennis

Veteran Expediter
Another company shreading expenses to make their balance sheet look better while those that work for them take the high hard one....screwin with the workers just like the USPS is doing...but this time they are doing it through the courts and with all the blessings of them...

Visteon seeks to end retiree benefits to thousands
Aug. 14, 2009 10:24 AM
Associated Press

WILMINGTON, Del. – Auto parts supplier Visteon Corp. is asking a Delaware bankruptcy judge for permission to terminate retiree health care and life insurance benefits for thousands of current and former workers.

At a hearing Thursday, Visteon representatives said the retiree benefits are one of the company's largest liabilities and a significant obstacle to a successful reorganization.

A Visteon attorney acknowledged that the decision, which affects roughly 8,000 people, will impose significant hardships for some. But the company says the retiree benefits represent a $310 million liability, with projected cash costs of $31 million this year alone.

Visteon, the top auto parts supplier and former subsidiary of Ford Motor Co., filed for bankruptcy protection in May.

The hearing is scheduled to resume Friday morning.
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OntarioVanMan

OntarioVanMan

Retired Expediter
Owner/Operator
Dennis....you errored....you said "workers" they are UAW!! -LOL*

who gives a rats azz if they get dinged over...most of that money isn't even theirs anyhow...it is benefit money for sittin on thier duffs......PLEASE don't make out this is bad for the WORKERS and the economy is crap because of it....Companies just want their money back that the unions stole from them!!!
 
chefdennis

chefdennis

Veteran Expediter
hey i was the guy that said retirement pension plans were nothing but investments, if the money is there because the investment workedm great it it isn't because it failed, oh well, its all risk...but the real thing is the look at the whole picture...take away the pension from those already collecting it, and their buying power goes down...yea the pension guarity fund will step in, but it could be as low as 5%, not much to write home about...so again, no dollars to spend, more government bailouts, and the economy takes the hit....it ain't gettin better anytime soon....as the old saying goes, "its a recession when it affects your neighbor, its a depression when it affects you....for me and alot of others here, it ain't wither one, but for those that are affected...its a Bytch.....that is going to last alonggggg time....

as for the UAW, lol they haven't even piped up on this, no where to be heard...so much for their support of their membership....
 
OntarioVanMan

OntarioVanMan

Retired Expediter
Owner/Operator
chefdennis said:
hey i was the guy that said retirement pension plans were nothing but investments, if the money is there because the investment workedm great it it isn't because it failed, oh well, its all risk...but the real thing is the look at the whole picture...take away the pension from those already collecting it, and their buying power goes down...yea the pension guarity fund will step in, but it could be as low as 5%, not much to write home about...so again, no dollars to spend, more government bailouts, and the economy takes the hit....it ain't gettin better anytime soon....as the old saying goes, "its a recession when it affects your neighbor, its a depression when it affects you....for me and alot of others here, it ain't wither one, but for those that are affected...its a Bytch.....that is going to last alonggggg time....

as for the UAW, lol they haven't even piped up on this, no where to be heard...so much for their support of their membership....
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Ya know guys like you and I who have endured different business ventures and relied on no one to prop us up are in a lot better shape....expectations aren't thru the roof and nothing to be disappointed about because we only ourselves to blame....*L* You get my drift?
 
chefdennis

chefdennis

Veteran Expediter
ovm wrote:
You get my drift?
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LOL, you mean that you depend on yourself and if it all doesn't workout you ain't lookin for any "entitlement" government handout welfare check to get you though the night!?!? lol, if thats what you mean, yea i get your drift!! lol...
 
letzrockexpress

letzrockexpress

Veteran Expediter
OntarioVanMan said:
Ya know guys like you and I who have endured different business ventures and relied on no one to prop us up are in a lot better shape....expectations aren't thru the roof and nothing to be disappointed about because we only ourselves to blame....*L* You get my drift?
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I ride that wave every day my friend.....
 
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