Originally Posted by
iceman49
Bar, perhaps its because others fought those battles, DL and its employees are able to enjoy what they currently have, and despite all that we still went through BK.
Yes and no. The Delta pilots have held up their end of the house plenty of times and raised the bar for the profession. Not that anyone has seen true restoration, but which airline do you think is achieving gains faster than we are?
Once the PBGC was created, the die was cast and a bunch of consulting firms jumped in to help corporations fit the mold. Consider,
Originally Posted by NY Times
Pension Benefit Guaranty Corporation is taking action to prevent American Airlines from using bankruptcy protection to shed its pension plans; files liens of $91 million against some of the airlines' assets; agency would bear a $9 billion loss if American terminated all four of its employees' plans, which cover 130,000 people; American's parent company, AMR Corporation, contributed just $6.5 million to the pension plans in January, far short of the $97 million contribution it would need to make if the company were not in bankruptcy
So, if I understand American management shed $9,000,000,000.00 in liabilities at a hoped for cost of $6,500,000. They played the game for a recovery of 1,385%.
Frankly neither morality nor a labor union is going to be able to stop business like that from getting done if the US law allows it.