Friday, May 13, 2005

United Airlines - Fly the Deadbeat Skies

Ah, the joys of being a deadbeat corporation. After losing $5.8 billion dollars since it entered bankruptcy in December 2002, United Airlines has been given permission to walk away from its pension obligations covering 120,000 active and retired employees. Nice going boys. Despite all that free money after 9/11 and millions paid to United executives for "retention" bonuses you made less money in the last 2 and 1/2 years than my nephew's once a year lemonade stand. Good thing the corporate bankruptcy rules are so accommodating as to let United default on its obligations to creditors. And when some of those United employees themselves file for bankruptcy - a statistical certainty - the new personal bankruptcy laws won't allow them to do the same thing. We should bronze the two laws and make them bookends. Beat the rush and send your thank you cards now, while you still can afford it, to the Republicans for that brave bit of lawmaking. Libraries have already moved the book Animal Farm - "All animals are equal but some animals are more equal than others especially if you are a big corporation" to the non-fiction section.

1 Comments:

Blogger scott heiman said...

James:

Love the United blog. You couldn't be more on track with the comparison of corporate bankruptcy laws versus the personal ones.

Glad, Mark passed along your blog info.

10:52 AM  

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