Basically he's worked for the company for over 30 years and was told along with others that they've list their pensions
Honestly, this is just American Greed at work.
After the Fed loaned money to GM in ‘08 and ‘09, Obama’s treasury did some awful things.
Delphi is (was?) a GM subsidiary that is largely non-union. To obtain repayment, Obama’s treasury raided the pension funds of the non-union employees.
It used to be that a union protected employees from the evil, rich, business owners. Here’s a case where a union would’ve protected employees from the federal government.
Also, the Feds cut in line ahead of Chrysler’s preferred bond holders to obtain loan repayment.
My dad lost half his pension because the company was invested in Enron.
I will never trust the private market over social security.
If we are aware of what is available for long-term retirement investments, we can make informed decisions. Enron and other companies influenced employees to invest in ONE company - their employer.