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They're not allowed to go out of business. They have pensions and healthcare to cover for hundreds of thousands of retirees. That's their only purpose in existi
by yostrovs 6y ago
They're not allowed to go out of business. They have pensions and healthcare to cover for hundreds of thousands of retirees. That's their only purpose in existing it seems.
- noja 6y agoAre you saying that GM's pensions are not pre-funded? Where did the pension payments go?
- steveBK123 6y agoLOL.. of course not. This is a poorly run American company that comes close to bankruptcy every 20 years. Very quick search finds a 2017 WSJ article when they were selling European assets- “The company has European pension liabilities of $9.8 billion on its balance sheet, of which $6.5 billion is underfunded, Mr. Stevens said during an analyst call Monday. There will be an annual cash requirement of about $300 million to fund the U.K. and German pensions that remain with GM, he said.“ And that’s just the European unit.. “In the U.S., GM’s pension plan at the end of the fourth quarter 2016 had a deficit of $7.2 billion, a decrease of $3.2 billion compared with the previous quarter, according to a company transcript.”