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“In the LTV steel case, there was never any question that coal miners and their surviving spouses would receive their full benefits under the Coal Act,” spokeswoman Alethea Harney. “This case involved bankruptcy principles and who would pay what into the fund.”
People read but apparently many of us do not understand what they have read.
What part of WHO PAYS confuses you guys?
Apparently all of it.
Q: LTV [Steel] went into bankruptcy twice. What is the significance of the LTV case Is there a template here? Are we seeing a kind of a pattern played out?
WARREN: LTV was one of the first big corporations that carefully moved all of its assets outside the reach of the employees. There have been plenty of corporations that had moved some of the assets away, but LTV took it to a new art form. ...
WARREN: When the company imploded the first time, they said to the employees, "You've got two choices here: No job and no pension, or maybe a job and maybe a little bit of pension," and the employees took maybe a job and maybe a little bit of pension. But they continued to operate the company fully tweaked up, with all the assets committed. ... After they sucked what was left of value out of LTV, a little at a time, they just started closing it down. The final Chapter 11 for LTV was really just a funeral. ...
Q: Who's calling the shots at that point? Is it the bankers? Is it JPMorgan calling the shots, or is it the management of LTV?
WARREN: It's the turnaround management of LTV. The old management of LTV, who knew the steel industry but not the bankruptcy industry, weren't in charge anymore. ... [T]he turnaround specialists ... are the people who understand the game is about pleasing the banks and other investors. Employees are a disposable item like paper towels. You use them and you throw them away when you don't have any more use for them. ...
LTV at one point had a surplus in its pension plan, but when the PBGC took it over, there was a deficit of about $2 billion. ...
There was a surplus in its plan under the rules of ERISA accounting and PBGC accounting. That doesn't mean there were real dollars there. ... If LTV had properly funded its pension obligations as it went along and properly segregated that money for the benefit of its employees when it later collapsed into bankruptcy, the employees and retirees would have been taken care of. That's the heart of the matter.
The essence of it is not primarily the bankruptcy; it's the corporation's behavior before it ever got to bankruptcy.
That's right, and it's the fact that the bankruptcy laws permit them to kiss off the promise to the employees while they can make new promises to the banks and other investors. ...
WARREN: Bankruptcy always pits the current employees against the past employees. It pits the young employees against the older employees. ... Anyone who is relying on a promise made in the past ... is the enemy of anyone who doesn't have any of those promises anyway and is hoping for a ... job in the new post-reorganization company.
Democrat Elizabeth Warren, who has made fighting for workers a focus of her Senate campaign, was a hired legal gun for a steel conglomerate trying to dodge paying health and pension benefits to thousands of retired coal miners, records show.
Warren represented LTV Steel in 1995, when she was a Harvard Law professor, aiding the bankrupt companys bid to overturn a court ruling forcing it to pay its former employees and dependents $140 million in retirement benefits.
In Warrens petition to the Supreme Court against the coal miners and the Clinton administration, she argued that the steel giant should be exempt from the Coal Act, a law passed by Democrats in Congress that required companies shutting down their coal mining operations to keep paying benefits to former workers.
Warrens campaign said in a statement that her work for LTV was limited to protecting the bankruptcy system, adding the Cambridge Democrat was not trying to get the Coal Act overturned."
Miner: Elizabeth Warren’s biz ‘hypocritical’ - BostonHerald.com
it was nice of her to not want to overturn the coal act.
she didn't want to fuck over all the retired coal miners, just the ones for which she was paid.
clearly, she'll fight for me.
fuck you, liz.
go back to oklahoma
your momma's callin you
the pemmican is ready
In 1995, Elizabeth Warren fought to keep LTV from being forced to keep its promises to its retirees.
11 years later, she excoriates LTV for the raping and pillaging of their retirees' pensions. "LTV took it to a new art form." Nowhere does she confess she took part in that raping and pillaging.
This woman hasn't a moral bone in her body.
In 1995, Elizabeth Warren fought to keep LTV from being forced to keep its promises to its retirees.
11 years later, she excoriates LTV for the raping and pillaging of their retirees' pensions. "LTV took it to a new art form." Nowhere does she confess she took part in that raping and pillaging.
This woman hasn't a moral bone in her body.
Gettin' kind o' desperate, huh??
elizabeth warren:fighter for the middle class?
Am I the only one trying to picture Elizabeth Warren in a bikini?
Why, because you picture Scott naked?
In 1995, Elizabeth Warren fought to keep LTV from being forced to keep its promises to its retirees.
11 years later, she excoriates LTV for the raping and pillaging of their retirees' pensions. "LTV took it to a new art form." Nowhere does she confess she took part in that raping and pillaging.
This woman hasn't a moral bone in her body.
Gettin' kind o' desperate, huh??
Hey, she's your candidate. Clearly, you don't give a shit about the small guy, but we do.
Elizabeth Warren: Liar from the upper class
Even though so many Republicans are the Middle Class and the poor, they've been brainwashed into hating the Middle Class and the poor. It's why the Deputy Prime Minister call the GOP the "Party of Crazies and Cranks". It's not just here. The entire world thinks the GOP has gone completely loony.
who brainwashed you into hating Republicans Dean?.....for that matter anyone who doesnt agree with you?.....who did this dastardly thing to you Dean?
Deany is as batshit crazy as a Batman villain, instead of penguins or cats Deany lost his mind over Republicans
brown is as much a tea partier as ms warren is a cherokee
.....the poor fucker.....and he just got the color Magenta....
elizabeth warren:fighter for the middle class?
Am I the only one trying to picture Elizabeth Warren in a bikini?
I think so.
elizabeth warren:fighter for the middle class?
Am I the only one trying to picture Elizabeth Warren in a bikini?
Why, because you picture Scott naked?
Am I the only one trying to picture Elizabeth Warren in a bikini?
Why, because you picture Scott naked?
Oh good grief, man! I don't don't need to see your whacking material!
She-man be truthful?......the guy wont even question anything the Democrats say or do.....how can he be honest?.....Gettin' kind o' desperate, huh??
Hey, she's your candidate. Clearly, you don't give a shit about the small guy, but we do.
What a topsy-turvy world liberals live in. When the TRUTH of someone becomes known, that is "desperation".
What is desperate is the attempt to continue to believe the web of lies woven by Warren than admit the truth.
.
Why, because you picture Scott naked?
Oh good grief, man! I don't don't need to see your whacking material!
to late......the model is a Republican too......imagine that....Dean beating off to a Nude Republican Man.....
