You hear it all of the time on the news, Company X closes its doors and retirees who paid into their pension plans are left holding the bag.
There should be a law that states; if you are a corporation and withdrew money from employees’ paychecks for their retirement contribution on a regular basis, and you file for protection, that your liquid assets be sold off in order to satisfy claims filed by the employees.
All too often, big companies file for bankruptcy in order to escape from paying employees their pensions while corporate officers grant themselves golden parachutes and stockholder dividends which should be illegal.
Call it what you want, corporate welfare is often abused leaving taxpayers and employees holding the bag and it is time that we stop feeling sorry for these corporations and start paying attention to those that helped them grow their business.
One look at what General Motors has done to its employees after receiving taxpayer money and you see what I mean. GM is not hurting, they just did not make as much money as they have before and are still making a profit. So why the plant closings and massive layoffs? Greed folks, greed.
Charles D. Carter