>>>>>Yep, for all the bonuses the workers have received for all these years, and all the stock they got every now and then instead of actual retirement money. I bet they own at least half of the GM by now (as they were quoted as the most important cost, which has clogged the flow of milk and honey), specially with all the bonus stock they were getting as their share of the bailout.
>>>>
>>>>
>>>>Those poor auto workers who got paid a lot of money just to screw in nuts and bolts. They had it tough.
>>>>
>>>>Anyone can be sarcastic.
>>>
>>>Sure, and deservedly so. What happened with the sanctity of contract?
>>
>>I don't know. The last time a company tried to honor their contract, the president and the politicans started to play good-cop/bad-cop and started to beat their chest in outrage claiming they didn't know.
>
>So, contract with the CEOs and contract with the workers(' union) have the same weight - a contract is a contract is a contract. If some of it can't be paid out, then IMO everybody gets the same proportion. If there's now money left for only a quarter of it, so be it - everybody gets a quarter (and owns a piece of paper theoretically worth the remaining three quarters), regardless of who's who.
>
>Yet in all these negotiations - last two years, mind you, not just this - I've heard this tired argument that it's the labor cost that's killing the company (each of the big three, IIRC), and if they could just get the workers to sod off, give up on their unreasonable caprices and just take a dignified stand while suffering a loss, everything would be back to normal... while, of course, promising that the new manager, paid dozens of millions, will save them. His millions are somehow guaranteed and he's never told to take a dignified stand while suffering a loss nor is he told to pick the week's pay on his way out. His contract is, of course, more equal, comrades, we must protect our cadre.
>
>BTW, last time I looked, if all the retirement funds debt and future debt would vanish momentarily, that would influence the price of Detroit cars by about 1%. May need to get fresher numbers from somewhere - or maybe someone already has them? Total cost of this, that and the rest.

One thing needs to be clarified in this situation. Contract is sacred unless both sides agree to abrogate it, or, in case of bankruptcy, judge has power to nullify contracts. The latter happens regularly.