« Would You Hire The People At Homeland Security? | Main | Nurse Ratched, Senator Reid Is Ready For The Rubber Room »

United Airlines Pension Fund Crashes And Burns

The airline union chickens are coming home to roost. United Airlines has agreed to turn over its obligations to its four employee pension plans to the Pension Benefit Guaranty Corporation, the federal agency, created by the Employee Retirement Income Security Act of 1974, that guarantees pensions. The deal will release United from $3.2 billion in pension obligations, which cover about 134,000 people, over the next five years, thus becoming the largest pension default in the thirty-one year history of the PBGC.

The employees' unions must have hired Laura Bush's joke writing team to come up with their response to the pension default. The straight line...The unions threatened to strike. What is wrong with these union people? Obviously none of them graduated with a degree in common sense. Strike United Airlines, already operating in bankruptcy protection, and all the current employees will be out of a job faster than you can say Braniff Airlines. I remember flying into Dallas Fort Worth Airport in 1982 and seeing all the Braniff jets sitting idle on the tarmac. It was quite a sight. Go ahead...STRIKE! I heard Burger King is hiring.

The punch line...The unions also cautioned that employees' attitudes would suffer. Is it possible that the 'friendly skies of United', which haven't been that friendly for years, could really become less friendly? This would only be funnier if Laura Bush delivered the joke herself.

Read more about it here.

Posted by Rick | May 11, 2005 03:40 AM

eXTReMe Tracker