Delta to dump pension plans

[Omaha Steve]

Full story: http://money.cnn.com/2006/06/16/news/companies/delta_pensions/

Delta to dump pension plans
Letter from Delta CEO says that bankrupt airline will terminate pilots' pension plan Monday, effective Sept. 2; federal pension agency could take biggest hit ever if other Delta plans follow suit.
By Chris Isidore, CNNMoney senior writer
June 16, 2006: 5:59 PM EDT

NEW YORK (CNNMoney.com) - Delta Air Lines will move to terminate its pilot pension plans Monday, attempting to shift responsibility for the future benefits to the federal agency that guarantees such payments.

The decision, which was not unexpected, was announced in a letter from Delta CEO Gerald Grinstein to Sen. Johnny Isakson, R-Ga., Friday. Delta intends the termination of the plan to take effect Sept. 2.

sakson has been backing legislation supported by Delta that would have helped it keep its pension plans operating. CNNMoney.com obtained a copy of the letter.

"I want to be sure you are aware of a necessary but difficult step Delta must take, why that step is essential to the long-term survival of our company," said Grinstein's letter.

The government agency that could be stuck with plan, the Pension Benefit Guaranty Corp., did not have an immediate comment on Friday, nor did the Air Line Pilots Association, the union that represents 6,000 pilots at Delta.

Delta's latest 10K filing with the Securities and Exchange Commission estimates that the pilots' plan has an underfunding of $6.3 billion by itself. It covers about 13,000 pilots, retirees and surviving spouses.

[DainBramaged]

1. The whores running the Airlines have buried the members in concessions

it's maybe time to just shut them down, And Mineta wants to sell the airlines to foreign interests now. Just great. Our lifelines to our troops and to keep our borders safe, and the clowns in the BFEE want to sell off the airlines.

Pathetic

http://transcripts.cnn.com/TRANSCRIPTS/0603/17/ldt.01.html

http://pacific.bizjournals.com/pacific/stories/2006/06/05/daily38.html

U.S. to allow more foreign control of airlines

The United States is moving toward a new policy of allowing increased foreign investment in U.S. airlines, over the objections of Sen. Daniel Inouye.

Congressional conferees Wednesday rejected a motion by Hawaii's senior senator to delay implementation of the policy for four months for further study.

Republicans on the conference committee, according to the Thursday online edition of Aviation Now, said Inouye's amendment would be a setback for a deal that the Bush administration has reached with the European Union.

United Airlines CEO Glenn Tilton has for years been giving speeches in favor of allowing foreign interests to invest in U.S. airlines, which he says will give U.S. airlines access to foreign capital.

Whores, all of them