I guess I get paranoid when companies do their "I am broke" thingy. A company can not control the price of it's vendors. They can not control the price for power in the form of electricity. There are many costs in running a business that the business itself can not usually control. But one thing a company can control in times of economic stress. And that is change the wage and benefit packages of the workers. When I saw in today's TS
Times-Standard Online - Palco's future starts Wednesday that the workers pension is 20 million dollars underfunded, I had a bad feeling. I hold out little hope that Palco will do the right thing for their workers. I hope I am wrong.
9 comments:
Actually, they control the vendor price of logs from Scopac and the cost of power which they get for next to nothing.
They will lose everything. I feel especially bad for anyone who's hung on for this long and was hoping to retire sometime in 2007-2008. Those people are not only screwed, they are violently molested!
Wait until the Chinese start shooting down our communications satellites!
12:37pm-Agreed in this case. Most other corporations do not have these components.
I keep thinking that if the employees left at Palco are in Scotia housing and they are owed pensions-can they cash out to buy their houses? How many houses are in Scotia-would this close the gap on the amount underfunded?
Get real guys...this is being done to restructure the big bonds they owe on. The locals will be fine and Palco will continue as did the airlines and the utilities.
Q. You mean by laying off more people, cutting wages, gutting pensions and providing less value to the end consumer through shoddier, more expensive products?
A. Yes, just like the airlines and utilities.
"Wait until the Chinese start shooting down our communications satellites!"
Why would they destroy them. They'll own them soon enough.
Post a Comment