UA Pilots Protest Taxpayer Takeover of Pension

Details are still slightly hazy, but « United’s pilots are fighting the weird backroom maneuvering » which resulted in us taxpayers getting soaked with the responsibility of the pilots’ pension fund, thanks to United’s epic and clueless executive mismanagement:

‘Pilots at United Airlines will fight plans for an involuntary bail-out of their pension scheme, threatening to unravel agreements needed to bring the US company out of bankruptcy. Their angry reaction follows a surprise intervention last week by the Pension Benefit Guaranty Corporation, which runs a national insurance scheme for all US companies. The group fears being held responsible for $6.4bn of unfunded pension liabilities across United’s four pension schemes and decided to minimise losses by taking pre-emptive control of the pilots’ plan. But union leaders representing this highly-paid group accuse the PBGC of singling them out for “vindictive” punishment, as the early move means they will receive $140m less than hoped.

’… The union also questioned whether the quasi-government agency was deliberately seeking to wreck union agreements with the company. “We are equally concerned about the timing of the PBGC action in the midst of a pilot membership vote over the tentative pilot agreement. “We question whether the PBGC’s action may be designed to confuse the pilot group, undermine the membership ratification process and deprive the pilots of the benefits and protections of the tentative agreement.”

’… Separately, United announced on Monday it had reached “tentative” cost-saving agreements with two other unions, although it remains unclear if these include terminating their pension schemes as well.’

Well, since the Fascists have installed their minions in almost every corner of government, purging anyone who dissents, and since, subsequently, agencies such as the National Labor Relations Board have become very anti-worker, you can bet the move was a sop to United and Fascist Party benefactors in some way.

Too bad the pilots get left holding the (now-worthless) bag and taxpayers get stuck with any bills.

Ah. Life in the reign of Emperor George II. Ain’t all the higgledy-piggledy-ness grand?