Posted by Eric SEI on November 04, 2007 at 17:44:27 from (74.215.36.88):
In Reply to: Re: RANT...My Turn posted by ldj on November 03, 2007 at 17:13:18:
Back in the 40's and 50's the American car companies promised their workers pension and retiree health insurance, but instead of setting money aside then, they planned to pay out of future profits. That is why their costs are so much higher than Toyota's today. Toyota may be playing the same game, but they have not been here long enough to have retirees. In Japan everyone is in a government run pension plan, the employer does not contribute anything.
Studebaker actually did set aside money to cover future pensions, but did not set the plan up as a vested retirement plan. The New York moneymen decided that looting the pension fund was more profitable than building cars, so they shut down Studebaker, which was turning a profit at the time.
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