Democrats seek to stall pension-takeover deals - Market watch

[rndmprsn]

http://www.marketwatch.com/news/story.asp?guid=%7B40C7B7F8-353A-47AD-942C-438D0DC86683%7D&siteid=google

fighting for us!

--

Reps. George Miller, D-Calif., and Jan Schakowsky, D-Ill., proposed a 6-month moratorium on pension handovers until Congress can pass some kind of pension reform. The legislation would include United's deal.

In the cash-strapped industry, United is being watched.

"United will force everyone to go back and do the math," said Bob Mann, of R.W. Mann & Co., an airline industry consulting firm in Port Washington, N.Y. "Even smaller carriers in bankruptcy have cast a long shadow." Mann pointed out that the advantages of the PBGC deal will not be lost on Delta Air Lines (DAL: news, chart, profile) , which this week called attention to its anticipated losses this year and liquidity issues. See full story.

Chicago-based United, like bankrupt US Airways, has been able to slash costs to levels that would have been near impossible outside of Chapter 11 protection.

"All the major carriers will look to the United agreement to see if they can cut their own costs by dumping their workers' pensions," Miller said in a release. "And after the airlines, other industries will look to do the same thing."

[orwell]

1. Crisis?

The looming pension crisis is far more serious than the manufactured SS crisis.

I'm sure "our fearless leader" of the "free" world is ready to do a 60 day tour around the country to offer his plans to deal with it.

I'm sure...

[CountAllVotes]

2. good!

:dem:

UNION YES!

:kick:

[politicaholic]

3. But...but...I thought corporations could regulate themselves...

and would inherantly be fair to their employees as a good faith gesture to the consumer.

:banghead:

[caty]

4. Oh--they regulated alright

Right $$$ into the pockets $$$ of the CEO's $$$ and top exectutives$$$.

[hedda_foil]

5. GO JAN!!!!!

I'm SO proud of my representative. But then, when Jan Shakowsky's your rep, it's almost impossible not to be proud of her all the time.