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Re: Wall Street- Bonuses top $20 Billion
i have a friend who flies for united. a few years ago they organized employee ownership of united across a number of unions. but guess what, they only negotiated common stock. now under bankruptcy protection, united has made that employee ownership disappear. using some well paid lawyers, only the *preferred* shareholders now own equity in united. who would have ever thought that bankruptcy can wipe out your legal ownership of something?
also, under bankruptcy, they are nuking the pension fund that everyone paid into. in europe, when a company declares bankruptcy, the pension fund is the 1st in line. Here in America, thanks to changes in bankruptcy laws, your pension can go bye bye at the snap of a finger. Who'd ever thunk that we'd allow that here?
Finally, I had a friend who sold property to a commercial interest. Instead of taking a lump sum, he negotiated a reverse mortgage of sorts. Guess what? The commercial interest successfully declared bankruptcy. They are still in business, but guess whose debt is off their books now?
Bankruptcy is a tool for the rich and powerful to screw hard working people. The laws behind it are extremely esoteric and non-obvious and are advantageous to only those folks who can afford an army of lawyers. I mean even the United union folks had lawyers who never saw this coming.
i have a friend who flies for united. a few years ago they organized employee ownership of united across a number of unions. but guess what, they only negotiated common stock. now under bankruptcy protection, united has made that employee ownership disappear. using some well paid lawyers, only the *preferred* shareholders now own equity in united. who would have ever thought that bankruptcy can wipe out your legal ownership of something?
also, under bankruptcy, they are nuking the pension fund that everyone paid into. in europe, when a company declares bankruptcy, the pension fund is the 1st in line. Here in America, thanks to changes in bankruptcy laws, your pension can go bye bye at the snap of a finger. Who'd ever thunk that we'd allow that here?
Finally, I had a friend who sold property to a commercial interest. Instead of taking a lump sum, he negotiated a reverse mortgage of sorts. Guess what? The commercial interest successfully declared bankruptcy. They are still in business, but guess whose debt is off their books now?
Bankruptcy is a tool for the rich and powerful to screw hard working people. The laws behind it are extremely esoteric and non-obvious and are advantageous to only those folks who can afford an army of lawyers. I mean even the United union folks had lawyers who never saw this coming.
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