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Reply #10: Well that's the risk with owning a company [View All]

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Home » Discuss » Archives » General Discussion: Presidential (Through Nov 2009) Donate to DU
sandnsea Donating Member (1000+ posts) Send PM | Profile | Ignore Sun May-31-09 09:54 PM
Response to Reply #8
10. Well that's the risk with owning a company
Honestly, people praise the idea of worker ownership around here all the time. Then when the downside comes along - it's employees taking all the risk?? How come nobody ever thinks of that when they're praising collectives?

GM spent $103 billion in 15 years according to that Time article. The Employee Benefit Association has $9.4 billion in assets which would only last 3 years. GM owes it $20 billion. Instead they are taking a 17% stake and a seat on the board. If GM goes totally bankrupt, the health care goes too. This seems like a good deal to me. I just hope the workers are making sure the union stays accountable to them with the profits.
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