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Post by TonyV on Oct 10, 2011 23:27:03 GMT -5
Has Ford put in all of its commitment to the VEBA?
A-yes, Ford has lived up to their commitment to the scheduled contributions for the VEBA, something that has a significant bearing on the VEBA is the overall stock market is down including your safest investments such as company and treasurer bonds are down as well.
Now that the IUAW has realized that the VEBA is underfunded and not viable - it is asking it's members to fund it the rest of the way.
Bitch slap to the IUAW!! - If they were really concerned about the retirees - you would have picked a constant funding source!!! Profit sharing is hit or miss at best.(How many times in your Ford career have you got profit sharing?) They should have ripped COLA from Ford and got a percentage of COLA for the retirees. Now the retirees will suffer when VEBA FAILS due to underfunding their benefits! Shame on you!
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Post by ScottR@KTP on Oct 11, 2011 6:30:44 GMT -5
Thank you TonyV for taking time out of your life to educate the membership!
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Post by marcus on Oct 11, 2011 6:35:14 GMT -5
Good stuff
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Post by bo862 on Oct 11, 2011 6:49:45 GMT -5
This type of plan was used in the 1800’s and early 1900’s for retirees under union control. They had a 100% failure rate. Apparently everyone is dead from that era and we are repeating their mistakes.
Hopefully someone will be prepared with a backup plan when this fails.
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Post by kessinger on Oct 11, 2011 9:47:49 GMT -5
VEBA sucks. But you have to remember why it was done. Ford did nto go into bankruptcy but the other 2 did. If they had did that and there was no VEBA the retireess would get next to nothing. Research other companies that had pension obligations and filed bankruptcy. Now it didn't turn out to be a good deal for us since Ford did not file. But at the tiem it would have been a big gamble to play with the retirees lives. Hind sight is always 20/20
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Post by ktpsparky on Oct 11, 2011 10:10:46 GMT -5
OOOOHHHHHHHH................
So that's why the IUAW accepted company stock instead of cash for the VEBA payment obligations AFTER the company appeared to be out of the woods....
Yeah, I didn't think so.
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