United Airlines files for Bankruptcy

[outsider]

UA files for bankruptcy, and retirees get screwed (as well as Joe Taxpayer); Plus ca change....:

From PBS website FRONTLINE takes viewers inside the Chapter 11 bankruptcy of United Airlines. United dumped its pension plans, which were underfunded by nearly $10 billion, on the Pension Benefit Guaranty Corporation (PBGC), the Federal agency insuring pensions that is running a $23 billion deficit. Because the PBGC only insures pensions up to a certain amount, many United employees and retirees saw their pensions slashed dramatically... The change is already happening, as retirees find they are having to go back to work to make ends meet. Pat O'Neill, a retired United Airlines mechanic, is now driving a truck after his pension and benefits were cut. Winson Crabb and Gil Thibeau, two National Semiconductor retirees with widely different financial results from their company's 401(k) plan, are both still working in retirement. "What is the meaning of retirement if the only way you can live is to work?" asks Notre Dame professor Teresa Ghilarducci "The answer is there is no meaning to retirement anymore. We are now shifting from lifetime pensions to lifetime work. It's the end of retirement." Video: http://www.forbiddenknowledgetv.com/page/1522.html - Alexandra P.S. Forbidden Knowledge TV newsletters are allbacked-up on both Twitter: http://bit.ly/fleR5dand on Facebook: http://on.fb.me/e8DaBmThe FKTV site, itself contains many videos whichare not broadcast and can be navigated by category:http://www.ForbiddenKnowledgeTV.com P.P.S. Please share Forbidden Knowledge TV e-mailsand videos with your friends and colleagues. That's how we grow. Thanks. ============================================= Alexandra BruceForbidden Knowledge TVDaily Videos from the Edges of Sciencehttp://www.ForbiddenKnowledgeTV.com ==================================================Forbidden Knowledge TV2380 California St. San Francisco CA, 94115 USA To unsubscribe or change subscriber options visit:http://www.aweber.com/z/r/?jCysTAyMjLSsDMxsnAysbLRGtJxsrIzMnAw=