GM, DuPont, Delta Lobby Against Bush's Proposal to Restructure Pensions --
Now they want all of industry to subsidize $29.00 airfares via the bankruptcy courts. Let's talk more about activist judges legislating from the bench? The airlines lose the debt and still can fly planes to compete with the LLCs and of course keep capacity in the system. That is the red herring they don't want to talk about. And let's not forget about FAA "culture" and its lowest cost, scorched earth, environmental policy- not to mention the FACA violations via the RTCA..
I'm thinking that all airline and general aviation passengers should pay a fee and repay the US government fully for the airline pension obligations and outstanding loans to the Airline Stabilization Board. That's only fair because we do live in an "ownership society," don't we? If I were DuPont, GM, and Chrysler, my lobbyists would be all over Senators Isakson and Rockefeller and anyone else in Washington who thinks the airlines deserve any more corporate welfare from the U.S. Treasury.
******************************************************GM, Delta Lobby Against Bush's Proposal to Restructure Pensions April 25 (Bloomberg)
-- President George W. Bush and big companies, normally the best of friends, are on a collision course over pensions. Just last week, the PBGC agreed to take over $6.6 billion of Elk Grove, Illinois-based UAL Corp.'s United Airlines pensions. The company, struggling to exit bankruptcy, had underfunded pensions by $9.8 billion -- leaving employees with a $3.2 billion reduction in their benefits. The airlines are pressing Congress to renew an exemption expiring this year that would allow them to continue the suspension of their defined-benefit plans and also spread out large payments due in coming years over a 25-year period. Last week, Senator Johnny Isakson, a Republican of Georgia, introduced legislation containing the proposal.Delta Air Lines Reports Results for March 2005 Quarter
Reports a first quarter net loss of $1.1 billion, or $7.64 loss per share.
Excluding the special items described below, reports a first quarter net loss of $684 million, or $4.89 loss per share. Is achieving the targets set forth in its transformation plan, as demonstrated by a 12.7 percent year over year reduction in mainline unit costs, excluding fuel expense and the special items described below. 1 Including fuel expense and special items, mainline unit costs increased 11.9 percent compared to the March 2004 quarter.Minnesota Congressman Wants Amtrak to Disclose Subsidy
U.S. Representative Mark Kennedy offers amendment that would force Amtrak to print amount of taxpayer subsidy on each rail ticket. Rep. Mark Kennedy U.S. Representative Mark Kennedy (R-Minnesota) wants Americans who use Amtrak rail service to know exactly how much of their ride is being paid for by the taxpayers. He drafted legislation that would force Amtrak to print the exact amount of subsidy that goes into each trip on every ticket. Kenendy offered this as an amendment to the $6 billion Amtrak authorization bill that passed the the House Transportation Committee today.Legislative Record
The News Journal, DE - 1 hour ago
... To Governor. HJR 7 (Smith) - Extends the reporting date of the Philadelphia Airport Air Traffic and Quality of Life Issues Action Group until June 1, 2006. ...