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A Warning on Motown's Pensions
The Truth About Cars Jan. 11, 2009 "The Detroit News and The Wall Street Journal are reporting that Motown automakers' pensions funds are no longer fully-funded. 'The outgoing director of the U.S. Pension Benefit Guaranty Corp. warned Friday that Detroit's Big Three automakers face a $41 billion pension shortfall. 'We're not trying to tell people that the pension house is on fire,' quoth E.F. Millard in the DetN. 'The point is that in many ways this has a similar look to other situations, such as a Bethlehem Steel.' Not surprisingly, the WSJ has an even more alarming sound bite. 'An awful lot of people seem to think these plans are well funded or overfunded. Each of these plans is significantly underfunded [and] in three years I don't want people coming back and saying, 'How come the PBGC never told us that?' Let's drill down, then." |
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