The pension guaranty corp isn't exactly a straight taxpayer funded corp. All corps with employe pension funds pay insurance premiums to the PGC and those fund out the retirement pay of those who get caught in a bankruptcy. Also, I believe that when a corp does go belly up, the pension funds are transferred to the PGC to help out those in that corp who go into that pool. A corporation isn't allowed to touch pension funds for operations. The only drawback is that a corporation can make investments on behalf of the fund to try to grow it for the retired employes. The GM hourly pension fund is approximately 10% underfunded and the salaried pension fund is about 10% overfunded, so those separate accounts would go to the PGC in case of bankruptcy.
Also, there now two tiers of both hourly and salaried workers. The old time UAW members up to a certain date get higher pay and pension funding, while newer employes get less hourly pay and have to pay their own 401k retirement plans. Pretty much the same for salary.
Yes, GM is in a world of hurt right now, some self-inflicted, and some just simply due to low car sales and inability to make the elephant nimble enough in the short time span since the market melted. I guess we'll all find out tomorrow, huh?
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Today's Featured Article - It Can't Be Done! - A Tractor Story - by Neil Campbell. I'll never forget the time back when I was a boy baling hay on our Farm in Big Rapid, Michigan. The most memorable event that took place was a trip up the steepest incline on the farm pulling an old New-Idea baler with a pony-motor for power and a haywagon. I had just talked my Dad into buying an old John Deere B with 6-speeds ahead and I was real proud of it, except it was a little smaller than the Case tractor that we normally
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