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Western Railroad Discussion > Coal industry meltdown ripoffs


Date: 07/09/19 09:42
Coal industry meltdown ripoffs
Author: fbe

This article pretty much lays out the whole story about how bankruptcies leave top executives wealth while costing employees jobs, pensions and health insurance. Small unsecured creditors loose it all and governments at all levels never collect millions of $$$ in deferred taxes. Don't worry, it is all legal, lobbyists and good politicians have seen to that.


https://www.google.com/amp/s/www.vox.com/platform/amp/energy-and-environment/2019/7/9/20684815/coal-wyoming-bankruptcy-blackjewel-appalachia



Date: 07/09/19 10:03
Re: Coal industry meltdown ripoffs
Author: railstiesballast

Thanks for sharing ths history repeats endlessly.
In today's reporting on the passing of Ross Perot, we were reminded about how he very quickly got crosswise with General Motors CEO Roger Smith after GM bought his Electronic Data Services.
Perot complained that the pension fund for GM employees (and now his friends from EDS) was dangerously underfunded as compared to the executive pension fund which was robustly funded.
 



Date: 07/09/19 11:23
Re: Coal industry meltdown ripoffs
Author: tomstp

Quite an article.  Nasty owners.



Date: 07/09/19 11:52
Re: Coal industry meltdown ripoffs
Author: richs

.....May want to do just a little research into VOX.
Rich S 



Date: 07/09/19 12:10
Re: Coal industry meltdown ripoffs
Author: fbe

Accept the challenge.

https://www.google.com/amp/s/mediabiasfactcheck.com/vox/%3famp

I can't say I find any liberal bias in the linked Vox story, crooks is crooks, period. They are running off with other people's money and that is reported in the regular news media and court documents.



Date: 07/09/19 12:44
Re: Coal industry meltdown ripoffs
Author: shipsbell

Just remember wells fargo, upper upper management wants more sales so front line people start committing consumer fraud by taking customer information and opening new accounts. They get caught and wells fargo fires 5000 front line employees and gives massive bonuses to the upper upper management then they leave. You'll never convince me that there wasn't a directive from those upper upper management people to front line to employees to commit that fraud. I am sure nothing in writing. Patrick

Posted from Android



Date: 07/09/19 13:42
Re: Coal industry meltdown ripoffs
Author: Lackawanna484

Many corporations establish trusts to hold assets for promises to senior management. Perfectly legal, and the firm can pick and choose who gets what. It shows up in filings which are searchable on the SEC database

As long as the promise isn't guaranteed or outside funded, it's legal.  You can read the agreements, pension make ups, funded supplemental health insurance, rights to use corporate aircraft, etc. These agreements are usually filed as material contracts, addendum to the corporate proxy.

It can get dicey if the firm fully funds the promise, or transfers funds to a trustee AFTER a material change in the company's finances. Or spins it off to avoid having the money clawed back in bankruptcy.

Don't get too upset. Many unions have similar plans for their leadership. Religious groups, too. You want an agreement which doesn't cost a lot of money up front, but has enough hooks in it to keep an exec in the fold.

Google "rabbi trust benefit" and "NQ Executive benefit" for more info.

Posted from Android



Edited 1 time(s). Last edit at 07/09/19 18:33 by Lackawanna484.



Date: 07/10/19 16:26
Re: Coal industry meltdown ripoffs
Author: tomstp

You bet Wells Fargo pushed employees to get customers to open more accounts.  I put up with and denied their requests MANY times.



Date: 07/11/19 07:45
Re: Coal industry meltdown ripoffs
Author: MSE

What does this have to do with railroading?



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