Union Negotiating Leaves Retiree's Without Healthcare
According to the Friends of ATR Blog:
It was George Santayana who said, “Those who do not learn from history are doomed to repeat it.” Well, apparently no one at GM or the UAW union ever heard this when they were agreeing to a $35 billion pension fund known as a VEBA last month.
In an effort to shift around $50 billion in pension liability off their books, GM agreed to give the UAW union $35 billion for them to manage for their member’s healthcare and retirement liabilities. Apparently forgetting that some years ago, Caterpillars $30 million VEBA went bankrupt after less than ten years, resulting in several lawsuits that are still pending and members healthcare funds dried up...click to continue.
