When corporations go bankrupt, it’s generally their workers who get screwed, regardless of their contracts, not the executives. From Eric Peters at ericpetersautos.com:
You may have seen the story about the GoFundMe effort launched by TikTok “influencer” Samuel Weidenhofer on behalf of an 88-year-old former GM worker who had to work at a grocery store until just recently on account of his GM pension and promised health care benefits disappearing after GM went bankrupt in 2009.
Ed Bambas worked at GM for 40 years prior to his retirement at age 62 back in 1999. Ten years later, the pension he’d counted on to provide for him in retirement disappeared, along with a lot of other people’s pensions. These pensioners bore most of the cost of GM’s mismanagement, which was also paid for by the American taxpayers who bankrolled GM’s “restructuring,” which led to even more mismanagement – in battery powered devices – under CEO Mary Barra.
Barra has been paid something in the range of $30 million each year for this. Meanwhile, 88-year-old Bambas had to work at a supermarket to keep from being homeless.
What’s most loathsome about this is that contractual obligations were not honored – for the workers who believed they had a legally binding contract with GM that amounted to part of their agreed-to compensation. Put another way: When these workers agreed to work for GM, they did so on the basis of GM’s agreeing to pay them “x” in wages and also “x” in benefits. These benefits – including the pension – were in other words part of what GM agreed to pay the workers. Would these workers have agree to the same pay in wages absent the promised benefits? Of course not, as that would have meant agreeing to work for less.
Government Motors is the official car of dear leader messiah the Chicago Jesus, the ONE!