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

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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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  -I Am Hearing Precious Little About Pensions And Healthcare For Retired GM & Chrysler Workers Dinger  May-31-09 08:53 PM   #0 
  - Because you don't listen?  BlooInBloo   May-31-09 08:55 PM   #1 
  - Well Then Tell Me  Dinger   May-31-09 08:57 PM   #2 
  - Here  sandnsea   May-31-09 08:58 PM   #3 
  - Isn't it true that GM is supposed to pump a great deal...  CoffeeCat   May-31-09 09:02 PM   #5 
     - Workers owning the company?  sandnsea   May-31-09 09:05 PM   #6 
     - Maybe I'm not fully understanding the deal...  CoffeeCat   May-31-09 09:34 PM   #8 
        - Well that's the risk with owning a company  sandnsea   May-31-09 09:54 PM   #10 
     - Just think of the lucky people who owned shares of Enron stock.  AdHocSolver   May-31-09 09:50 PM   #9 
     - Maybe if a union rep were on the board  sandnsea   May-31-09 09:56 PM   #11 
        - The union leadership has been outmaneuvered at every turn for the last 25 years.  AdHocSolver   May-31-09 10:20 PM   #13 
     - I'm new to this forum and looking for information  confussed   Jun-10-09 06:48 PM   #16 
        - Welcome to DU. We have a forum specifically devoted to Labor where you might  cbayer   Jun-10-09 07:39 PM   #17 
  - I agree that this is such an important....  CoffeeCat   May-31-09 09:00 PM   #4 
  - Here's what happened to me, and thousands of others.  Dr.Phool   May-31-09 09:57 PM   #12 
     - Did you inadvertently misspell "Steal" (for Steel), or did you mean to imply "theft"?  AdHocSolver   May-31-09 10:33 PM   #14 
     - So maybe stock isn't a worse deal?  sandnsea   May-31-09 11:14 PM   #15 
  - Here:  elleng   May-31-09 09:28 PM   #7 

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