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I have been reading about the Pension Benefit Guaranty Corporation and the airline industry - who hasn't been reading/seeing this stuff on every media format? The WSJ had a front page article about a retired pilot who was taking home $12,000 a month and that has now been reduced to about $2,000!

Who I really feel for are the GM/Ford/auto makers employees/retirees. The healthcare benefits and retirement income simply will be wiped out one of these days. I can't, in my wildest dreams, envision any other scenario. These companies can't pay the pension obligations they owe.

When I hear the union reps speak their tough talk, that may be good for a 2-minute sound bite on CNBC - but when it comes down to it - the auto industry is heading to the exact same place the airline industry current is....


Collins & Aikman Files for Chapter 11

By MITCHELL PACELLE and NEAL BOUDETTE
Staff Reporters of THE WALL STREET JOURNAL
May 17, 2005; Page A3
http://online.wsj.com/article/0,,SB111630251285535526,00.html?mod=home_whats_news_us

"Collins & Aikman Corp., one of the nation's largest auto-parts makers, sought Chapter 11 bankruptcy-court protection today, making it the largest of a string of Chapter 11 filings roiling the auto industry.

Collins, which reported $3.9 billion of sales last year, has been struggling for months as industrywide financial pressures ratcheted higher...."

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