U.S. to assume Toyota/GM joint venture pensions

[NNN0LHI]

http://www.washingtonpost.com/wp-dyn/content/article/2010/03/03/AR2010030303096.html

By John Crawley
Reuters
Wednesday, March 3, 2010; 4:45 PM

WASHINGTON (Reuters) - The U.S. agency that insures corporate pensions will assume plans covering 5,800 workers and retirees of a joint venture in California between Toyota Motor Corp <7203.T> and General Motors Co <GM.UL> that closes at the end of the month. snip

GM pulled out of the venture, an independent company for the past 25 years, last year as part of its bankruptcy restructuring. Toyota is doing the same, saying the facility is no longer economically viable.

Despite efforts by California officials to persuade Toyota to keep the factory near San Francisco open, the automaker says its decision is final.

[jody]

1. We the People bailed out financial institutions so bailing out workers is proper. n/t

[Brickbat]

2. I wouldn't feel quite so bad about this if I knew that the PBGC was in better shape.

[luckyleftyme2]

3. woe to the anti- union movement

How foolish we were to let Reagan break the control tower operators union;
this was the beginning of the execution of opening our labor force to big business. In the next 20 years our social structure was eroded to bear existence of our populace! the wealthy shift was enormous for the haves and stifling to the have nots! the tax shift from business to populace has been staggering and it helped propel a mass exodus of our manufacturing base to leave with our pensions and security!
the union worker has been reduced by 50%-these workers help set a goal for all workers! they also are the arm of the work force that can help to keep existing laws favoring the work untouched by big business!
the right has been breached and now is a representative of business more than people!