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How United Airline Workers' Savings Were Hijacked by ESOPs
Workers World 
[Opinion] May 4, 2007 Excerpt: In July 1994, the Air Line Pilots Association (ALPA), the International Association of Machinists (IAM), and non-union employees at United 'purchased' 55 percent of the company in the largest ESOP in history. They gave the company concessions valued at $5 billion over six years, including wage cuts of 12 to 15 percent. The stock itself could not be sold, and workers who quit prior to retirement paid heavy penalties and taxes. |
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