General Motors of Canada

General Motors of Canada

Salary Pension Plan from a retiree perspective

"my thoughts, beliefs and opinions"


NEW --- GM Canada Class Action Lawsuit


January 20, 2012

The original intent of this blog was to communicate information re GMCL's salary pension plan being underfunded. Currently GM salary pensioners are still vulnerable because the “salaried (pension) plan is 75% funded on a wind up basis, per the 2010 report”. There is however new legal developments re a class action lawsuit against GMCL that merits discussion on this blog.

Thanks to the the GENMO Salaried Pension Organization the following documents related to the class action lawsuit are available:

Just the Facts about the class action lawsuit:

1.) In 2007 and 2009 GMCL announced salary post-retirement take-aways, they would call them "modifications to certain post retirement benefits". "These post retirement benefits broadly consist of healthcare and life insurance."

2.) the class action lawsuit was initiated after GMCL implemented the new take-aways by reducing and\or eliminating salary retiree basic life insurance and health care programs.

  • The post retirement healthcare take-aways included modifications to dental, orthodontics, comprehensive medical long-term, hospital accommodation, prescription drug, out-of-province medical, optional group life insurance, supplementary group life insurance and more.
  • the life insurance take-aways were "basic life insurance was reduced to a maximum of $25,000 effective January 1, 2010 and will be further reduced to a maximum of $20,000 effective July 1, 2010" (Reference GMCL letter of September 30, 2009 from Elise Grenier)

3.)The class action lawsuit seeks:

4.) The 'alternative claim' which only applies to surviving spouses and dependent children would only proceed if the salary retirees are unsuccessful in their breach of contract claim by reducing and/or eliminating post-retirement benefits. (Reference Notice of Class Action Certification)

5.) The named plaintiff, Joseph O'Neill, in the class action lawsuit (Statement of Defence Sc 18)

6.) Joseph O'Neil's intentions are admirable because no doubt as lead plaintiff in the class action lawsuit he is putting himself out there at great personal cost to himself.

7.) If the class action lawsuit is not successful, "the members of the class other than Mr. O'Neil, will NOT be responsible for any legal costs of the class action lawsuit and will NOT have any other financial obligation because of the class action lawsuit (failure)." (Reference Notice of Class Action Certification)

8.) Joseph O'Neill while he has 'liability' in the event that the class action lawsuit fails; it will be at no financial cost to himself as "The Class Proceedings Fund (CPF) has agreed to indemnify Mr. O'Neill for any costs ordered against him by the court in the event that GMCL is successful at trial." (Reference Notice of Class Action Certification)

9.) The Class Action lawsuit is being paid for for the most part by the GENMO Salaried Pension Organization out of membership funds and by donations from GENMO members and that would include Joseph O'Neill's donation

From the class action lawsuit 'Claim' and 'Defence', here is what we know about Joseph O'Neill:

1.)"prior to retirement (he) was Powertrain Resident Manager at GMCL's Oshawa Truck Plant" 2.) In the event that the Class Action lawsuit fails, Joseph O'Neill as the named plaintiff has 'liability' for all costs ordered against him by the court; however, these costs will be paid for out of the Class Proceedings Fund. "Mr. O'Neill has been granted indemnification and funding from the Class Proceedings Fund (CPF). The CPF is was established by the Law Foundation of Ontario to provide financial support to class action plaintiffs for disbursements. The CPF has agreed to indemnify Mr. O'Neill for any costs ordered against him by the court in theevent that GMCL is successful at trial."

If successful at trial CPF gets 10% of any award and a return of funded disbursements. (Reference Notice of Class Action Certification)

January 20, 2012 cont'd

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IMHO the Class Action Lawsuit against GMCL stands little chance of succeeding because:

1.) GM will do their usual legal burn out with stall, 'running the clock' and discovery evidence overload tactics making it prohibitively expensive to carry the class action lawsuit through to fruition. GMCL has a well established legal team because litigation is just part of doing business. The legal costs to proceed with this class action lawsuit are being born by GENMO members; this is not your usual damage claim that is being conducted by Sack Goldblatt Mitchell LLP with 'no settlement / no fee'. ("To date, the legal fees in this case have been reimbursed by GENMO Salaried Pension Organization ("GENMO") out of its membership funds. " Reference "Notice of Certification")

2.) The class action lawsuit claims for damages for "breach of contract" and "negligent misrepresentation" $500M and punitive damages $50M lack legal foundation because GM retirees and current active service employees have always accepted GM's right to "amend, modify, suspend or terminate any of its programs and policies without notice". GM' s current active service and post retirees salary employees have a long history of never challenging GM's "right" to make and modify policy.

2.) The plaintiff's "Statement of Claim" constitutes a fishing expedition in as much as the claims for damages are:

  • without prima face documentation
  • lacking any legal foundation
  • based on subjective reasoning
  • based upon an exaggerated rendition of the facts
  • based on defective logic
  • an emotional knee jerk response to GM doing yet again what it wants to salary and salary retirees

In Sc 11 Statement of Claim "in respect to basic group life insurance benefits, confirming and committing to the continued provision of certain amount of such benefits to class members for the remainder of their lives" is an extraordinary rendition of the facts and certainly not my understanding. Only the most naive employee or retiree would ever believe that GMCL would provide anything "for the remainder of their lives". Nothing was ever vested! Meaning "When a right has vested, the person is legally entitled to what has been promised and may seek relief in court if the benefit is not given."

3.) Specific to Statement of Defence:

(a) I'm a GM salary retiree and based on my experience and documentation from GM over the years, GM of Canada has always published all salary benefit information packages with the statements like "we have the right to bend, staple, fold and mutilate salary benefits at our discretion" or in legalese "GMCL reserves the right to amend, modify, suspend or terminate any of its programs and policies without notice ---". (reference any of your GM salary benefits booklets or information packages pre October, 2008, GMCL letter of Sept. 30/09 from Elise Grenier, etc.)

So in GMCL Statement of Defence to the Class action lawsuit of Dec. 11/11 they are exactly correct in:

  • Sc 9 "At all times GMCL had the right to modify or terminate the post retirement benefits."
  • Sc 10 "GMCL never promised that post retirement benefits would remain unchanged or unreduced, or that the benefits would be guaranteed at a certain level throughout retirement."
  • Sc 11 "GMCL's right to modify or terminate post-retirement benefits was regularly communicated to salaried and executive employees ---"

(b) Salary employees and salary retirees have historically received and gladly accepted what they were given and nothing was ever negotiated and as much as salary personnel and retirees whined and complained to one another and their mothers nothing ever changed in what we were given because we had no negotiating rights. We accepted the facts that GMCL had "the right". So in reference to Sc 8 "GMCL voluntarily established the post-retirement benefits program at issue (and that would include pre-retirement benefits) including various health care, life insurance and executive benefits." I agree salary personnel and retirees had no input; GMCL did what they wanted because they had "the right"!

(c) Over the years changes were made to the merit increase program, suggestion program eligibility, stock saving purchase program by GMCL because they could --- there was no negotiations and GM salary accepted the changes because as GM says (Reference Sc 12 "GMCL was entitled to make these modification")

(d) In reference to 'alternative claim' that may or may not proceed, GM is exactly correct in saying Sc 21 "it denies it entered into direct contracts with surviving spouses and dependent" (sic) Without a legal contract they have nothing to take to court as prima face evidence, further, GMCL is correct when they state "GMCL only voluntarily provide post retirement benefits to surviving spouse and dependant Class members."

(e) As with any GMCL salary or executive program whether the merit, bonus, stock savings purchase or retirement benefits, salary personnel were only ever eligible for what "GMCL only voluntarily provide"d --- there was no negotiation; HR and benefit programs were always known to be subject to change and never set in stone.

(f) No denying

  • Sc 23 "Since the inception of the (salary) benefit programs (merit, bonus, stock savings, retirement) GMCL had the right to modify or terminate post-retirement benefits."
  • Sc 24 "In providing post-retirement benefits, GMCL did not intend for those benefits to vest at any time, including during the employees employment and at retirement."
  • GMCL vested nothing ever PERIOD

(g) GM salary only whined and complained among themselves and never legally challenged GMCL's right to change salary benefit policies or retirement benefit policies. They have no history of legally challenging GMCL right to amend policy.

  • Sc 25 "At all relevant times, GMCL expressly retained the right to modify or terminate the post retirement benefits (and the pre-retirement benefits). At all relevant times, based on the communications and GMCL's conduct (think about all the take-away(s) as salary employees compared to hourly) the Class (as in salary sheep) knew or ought to have known that GMCL had reserved this right" (to bend. staple. fold or mutilate salary benefits at will)
  • Sc 26 "Class members never had a guarantee of, nor a right to, the continuation of benefits (as current active service employees) on retirement or following retirement, or to any given level of benefits, as these were always benefits payable at GMCL's sole and absolute discretion."
  • Sc 28 "GMCL always had the right to modify or terminate post retirement benefits (or for that matter active service benefits). It never made promises or acted in a contrary fashion."
In fact, because with few exceptions the active service salary benefit policies were continuously eroded with take-aways from the 1980 on, I along with my peers fully expected salary policy to be modified with 'whipping-boy' gusto or terminated especially whenever they were trying to establish some sort of precedence for contract negotiations with the CAW. Of course salary employees whined and complained to one another and on the few occasions the complaints went to higher levels --- any initiative to get answers at those higher levels would be marginalized when the management response was "Why are you complaining nobody else is?" "Be happy to have a job" "Salary benefits have no linkage to CAW contracts" "I think we have it pretty good --- be positive" "Stop being negative"

IMHO salary retirees long ago lost their right to proceed with a class action lawsuit for take-away damages when they did nothing in their illustrious careers to try to retain lost current active service salary benefits. The salary flock always had their heads up their ass and accepted the facts that:

  • "GMCL's right to modify or terminate --- benefits was regularly communicated to salaried and executive employees ---" Sc 11 with either their written communications or their actions!
  • "GMCL did not intend for those benefits to vest at any time, including during the employees employment" Sc 24
  • "GMCL expressly retained the right to modify or terminate the post retirement benefits" Sc 25
  • "members never had a guarantee of, nor a right to, the continuation of benefits" Sc 26
  • "GMCL always had the right to modify or terminate post retirement benefits" Sc 28

(h) GMCL will have no problem producing reams of discovery documentation to verify their "right to modify or terminate --- benefits was regularly communicated to salaried and executive employees" while the class action legal team will not be able to produce any hard copy verifiable proof to the contrary. I would expect that in pre-trial that the justice would recommend that due to lack of discovery evidence by the plaintiff that the class action lawsuit does not proceed to trial. Because without any verifiable legal documents to the contrary, it will be deduced by the Court that GM salary and retirees by their actions or lack thereof accepted the fact that "GMCL was entitled ( and had "the right") to make these modification."

(i) "GMCL's relies upon the Ontario Limitations Act and pleads, --- Class members' claims are statute barred insofar as they relate to modifications made before May 6, 2008 (the plaintiff having commenced proceedings on May 6, 2010)" Sc 63 Statement of Defence

my opinion
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Article: "GM pension monster born of bad legislation" By TOM GRAHAM as reported by The Toronto Sun 5/14/2009 mirrors my own experiences

February 8, 2010

What does it mean to GM salary retirees that "Ontario is to bail out Nortel pensioners"? to the tune of about $200M

Nortel Pension Facts:

  1. Currently Nortel's pension plan is about 30% underfunded
  2. Nearly 17,500 retired Nortel workers at risk of losing their pensions.
  3. Ontario's Pension Benefits Guarantee Fund (PBGF) doesn't have enough money in it to cover the difference.
  4. The Ontario Government will pay into the (PBGF) so that Nortel pensioners will receive up to $1,000 per month.
  5. Ontario is the only province with a pension guarantee fund.
  6. The PBGF, applies only to retirees who worked in Ontario,
  7. The PBGF kicks in when a pension plan fails to provide its full benefit, or any at all.
  8. Pensioners earning $12,000 a year would benefit but would do little to help those pensioners receiving > $12,000 per from the pension fund.

Ontario Pension Benefits Guarantee Fund (PBGF) Facts:

  1. The PBGF is funded by premiums paid by employers who maintain defined benefit plans.
  2. The Fund ensures that a minimum guaranteed level of benefits will be paid to Ontario plan members and pensioners when a plan winds up with insufficient funds and the employer is unable to bring the fund up to full funding.
  3. The PBGF tops up the shortfall but only to a limited extent: only $1000/month is fully covered.
  4. Benefits are only available to citizens of Ontario
  5. The plan last reported a deficit of $102 million

If only $1000 per month is fully covered by the Ontario PBGF --- What does that mean?

For example, if a worker has a pension benefit of $2,000/month and their pension plan is only 60% funded; then the retiree will be receiving $1,200/month i.e. $2000 X 60% = $1200

  • on the first $1,000/month there is a shortfall of $400 and the employee receives only $600/month from his Company DBP pension. This is where the PGBF tops-up the pension by $400 representing the pension shortfall, guaranteeing the pensioner that the first $1,000 of his pension is covered.
  • no guarantees on pension shortfall beyond that 1st $1,000 of pension income.
  • So in this example there is a shortfall of $400/month on the first $1,000/month. The PGBF adds the $400 to the company's payment of $1,200 (60% of $2,000/month) and the retiree ends up with a pension of $1,600/month (20% less than promised).
  • That pensioner must also be a resident of Ontario to receive any PGBF top-ups on their pension.

The General Motors of Canada pension shortfall situation dates back to 1992:

  1. This is when the NDP government of Bob Rae allowed GM Canada to go on a pension contribution holiday; GM was allowed this exemption from the normal pension funding rules under the so-called "too big to fail policy". Other companies received the exemption also at that time because there was a minor recession in the early 90's and employers wanted some flexibility to trim their pension plan contributions. When the good times returned, they presumably would top up the plans. Sadly, this was not the case with GM Canada.
  2. This meant that GM Canada could ignore their solvency tests, that is, the assets didn't necessarily have to cover their liabilities, assuming they were to be wound up at any point in time. In exchange, the companies made higher contributions to the PBGF. But the extra payments were insignificant compared with the tens of millions in savings from the effective contribution holiday. Reference: http://www.globalresearch.ca/index.php?context=va&aid=13215
  3. Back in November, 2008 before the bottom fell out of the market in December, 2008, the salary pension plan had "$2.3B versus liabilities of $2.9B, a $500-million shortfall." With about 69 per cent invested in stocks, the assets in the salary pension plan will have shrunk dramatically! So here we are today, and it is estimated that today the GMCL Salary Pension Plan might only have a 50% funded ratio.

So what will I receive, if at some time my GM Pension is cut by 50%:

Considering that I am a "fat cat" GM retiree over 65 and my GMCL pension had already been carved out for CPC and OAS:

  1. My pension from GM is currently at $4,000 per month. At 50% GMCL pension funding my pension at some point may be reduced 50% to where instead of $4,000 per month my pension is reduced to $2,000 per month. due to the pension shortfall.
  2. Because the Ontario PBGF already has a reported deficit of $102 million and if all the active GM retirees residing in Ontario are looking for a top-up on that 1st $1,000 of pension it simply will not happen because the plan is morbidly underfunded.
  3. If there was PBGF funds to top up my pension the most that I would receive is $2,500. This represents a $500 top-up on the 1st $1,000.
The question then is would the Ontario government do for GM retirees what they did for Nortel retirees by paying into the PBGF?
  1. Probably not because the Ontario taxpayer can not afford such a bailout and because there is only political points to be lost and not gained by such a move.
  2. Right now the Canadian taxpayer is pissed about the auto bailout --- by the time GM has completed its restructuring, it will employ 5,500 hourly auto workers in Canada --- with the Federal and Provincial government's infusion of $10.6 billion in public funds to save those 5,500 CAW jobs --- then the public's cost of each job saved comes to a little under $2 million --- the last thing the public wants to hear is more $ billions to cover legacy costs!
  3. Canada and Ontario now owns 11.7% of GMCL --- this is the largest ponzi scheme in Canada ever and good old mother GM pulled it off --- just imagine a little under $2 million to save each CAW job after restructuring!!!!!
  4. If the Nortel PBGF bailout cost $200M then a GM bailout to the PBGF would have to be in the $2B plus range.
Here are some numbers to consider: - GMCL hourly retirees 25,000 - GMCL salary retirees 8,000 Total GMCL retirees 33,000 (close enough for calculation purposes)

If the GMCL pension plans (both hourly and salary) are only 50% funded then there would be a shortfall of$500/month on the 1st $1000 of GMCL retiree pension. The Ontario Pension Benefits Guarantee Fund (PBGF) is designed to top-up any Ontario retirees defined benefit pension plans to a limited extent by covering the 1st $1000 of pension income per month. The PBGF last reported a deficit of $120 million; so, you just know that it will not be able to cover a GMCL pension shortfall. But, lets go through some basic ball park estimates as to what a GMCL short fall would be:

- 33,000 GMCL retirees

- $500 per month shortfall on the 1st $1000 of pension income

- $500 Ontario PGBF payment per retiree to cover that 1st $1000 of pension income per month

- 33,000 retirees X $500 per month = $16.5 million per month shortfall

- PGBF payment to GMCL retirees per year would be $198 million per year

So actuarially speaking $2 billion would be a reasonable cost to the Ontario PBGF to cover a GMCL pension short fall considering a 50% solvency ratio.

For those who would say that is too low the GMCL pension funding is closer to 75% then the annual Ontario PBGF payout would be $99 million per year to cover GMCL retirees $250 pension shortfall on that 1st $1000 of monthly pension. Just where is that $99 million per year to come from when the PBGF already has a deficit of $120 million? Then when you have found $99 million for that 1st year --- then do it over again until actuarially you have covered all the retirees in ther GMCL defined benefit pension plan --- to the tune of $1 billion plus --- I don't think so!

My recommendation to GMCL salary retirees is to:

  • 11 million Canadian workers, or 60 per cent, of Canada’s workers have no pension at all --- worth repeating that is 1 in 3 Canadians retire with no company pension at all
  • 45 per cent have no registered retirement savings plans (RRSPs)
  • An estimated 260,000 seniors live in poverty, by the governments own definition

Ontario's deficit is almost $25B; therefore, each Ontario household's share of the total provincial debt is $13,500

Canada's Federal deficit is almost $60B; therefore, the Ontario household's share of the Federal debt would be around $10,900

Each Ontario household's total Federal and Provincial debt load is currently at a staggering $24,000




An estimated 260,000 seniors live in poverty, by the governments own definition. One in three retire without any savings.


Are these unfortunates the one's who should have to contribute to GM's pension shortfall?



The Canadian taxpayer simply can not afford to bailout GM salary pensioners. Everybody is hurting if you give it to GM pensioners then the door is open to guarantee income supplements for seniors and the working poor. There is no end to the "me to's" If you have been listening to the grape vine the NDP pinkos even want a mandatory pension insurance program; what next a guarantee RRSP insurance program.


Responsibe Government in Action

Industry Minister Tony Clement continues to reject any notion that Ottawa would step in to make up a multibillion-dollar shortfall in General Motors of Canada Ltd.’s pension plan.

“I have been very clear from the outset -- we are not in the business of bailing out pension plans or legacy costs such as that,” “We have been there for interim loans in terms of the [car companies’] operating costs, but that does not extend to the pension issues.”

Reference: "Ottawa won't bail out GM pension plan" By Paul Vieira,
Financial PostMay 13, 2009


October 22, 2009


Its worth repeating "Get your head out of your ass" GM salary retiree.

GM retirees are not the only ones to take a hit on their pensions. Many company pension plans have been left badly underfunded by market volatility and more pressing demands on their cash resources, leaving retirees with smaller plans. But the most dramatic impact on employees and pensioners has been at failed companies where pensions have evaporated in bankruptcy proceedings. To name a few Eatons, Stelco, AbitibiBowater Inc., Nortel Networks Corp, Slater Steel and now CanWest. But GM Canada is special and its pension plan failure for the most part is a legacy of the Bob Rae's NDP government in the 1990's. Since that time, GMCL has been allowed an exemption from the normal pension funding rules under the so-called "too big to fail policy". With the Ontario Provincial Government's approval GM was allowed to not fully fund their pension plan obligations. Neither Ford or Chrysler exercised this option to not fully fund their pension plans; they took the responsible high road.

Reference Actuarial Information Summary for GMCL Salaried Employeees for 11/30/08 shows that the GMCL Salary Pension Plan (Reg. No. 0340950)had a very seious defecit even before this current financial crisis. As of November 30, 2008 the Plan had:

- solvency deficiency $1169M

- Wind-up deficiency $1303M

- a funded ratio (i.e. assets divided by liabilities) of 0.678 or 67.8%

It is estimated that today the GMCL Salary Pension Plan might only have a 50% funded ratio.

Now if you are still wondering Who Represents GM Salary? Well suprise suprise GMCL say they do!

Ontario Regulation 321/09 General Motors CL Pension Plans

Look, nobody twisted the salary worker's arms to seek employment there and to stay on there! I like the majority were complacent and compliant! Now while I'm on the "C" word --- I like every other GM salary was complicit in this pension scam with our passivity and naïveté. Our favourite position was a kneeling genuflection position encouraging GM Canada to back door us --- and that's what good old mother GM did!

Time to say it again marshmallows you never did anything to educate yourself about your GM pension prior to your retirement because "Being fat, dumb and happy, I never really gave it (my GM Salary pension) much of a thought".

Time to get real and face the facts, the Canadian taxpayer can not afford to supplement your pension loss from your anticipated $4000 plus per month pension from mother GM.

  • Ontario deficit now $24.7B
  • Canada's Federal deficit almost $60B
  • 17.6 million: Number of people in the Canadian work force.
  • 11 million workers, or 60 per cent, of Canada’s workers have no pension at all
  • 8 million or 45 per cent, have no pensions or registered retirement savings plans (RRSPs)
  • No pension safety net for self-employed

The hard-pressed Canadian taxpayer does not owe you a living or a pension. Time to suck it up and move on!




October 20, 2009

Well whiners by now you have received your early Christmas present from GM detailing your new and redeuced:

  • Health Care
  • Insurance, and
  • Pension Benefits

You may have noticed also that:

------------------------------------------------------------

NOTE: General Motors of Canada Limited (“General Motors”) reserves the right to amend, modify, suspend or terminate any of its programs (including benefits) and policies at any time without notice by action of its Canadian Executive Committee or other committee expressly authorized by the Canadian Executive Committee to take such action. The programs, benefits and policies to which a salaried employee/retiree is entitled are determined solely by the provisions of the applicable programs, benefit or policy. Absent any express delegation of authority from the Canadian Executive Committee, no one has authority to:

• commit the Corporation to: any program, benefit, policy or provision under a program, benefit or policy not provided for under the written terms of applicable programs, benefits or policies; or

• change the eligibility criteria or any other provisions of such programs, benefits or policies.

Reference:

1) http://www.gm.ca/inm/gmcanada/english/about/RetireeInfo/docs/Pension%20Benefits%20in%20Retirement.pdf

2.) http://www.gm.ca/inm/gmcanada/english/about/RetireeInfo/docs/GMCL%20Sal%20Retirees%20prior%20to%201995.pdf

----------------------------------------------

In other words GM has the right to bend, staple, fold, mutilate and modify your salary benefits by kicking you to the curb at any time they want. These words do not appear on the GM Hourly benefits package because all changes must be negotiated.

Your early Christmas ends with Ms. Elsie Grenier saying "I would like to thank each and every one of you for your support during these unprecedented times --- thank you for your continued support."

Thank you / Thank you / Elvis has left the building!

CURRENT AND FUTURE STATUS OF PENSIONS is by far and away the best discussion paper and a must read as to why General Motors of Canada has been allowed to fail both their salary and hourly retirees to where we are at risk of loosing the better part of our pensions. This discussion paper was written and published ( Spring 2009) by: Michael J. Hill CIM, CFP; Branch Manager; De Thomas Financial Corp.; Windsor, Ontario.

It is my recommendation, that Mr. Michael J. Hill, Branch Manager of De Thomas Financial Corporation, Windsor should be on retainer by both the CAW and the salary GENMO organization because of his knowledge and negotiating skills that he would bring to the table in any pension discussions with both General Motors of Canada or the Provincial Government. Certainly from my perspective as a salary retiree I don't want any "fat, dumb and happy" marshmallow retirees without the necessary skill set representing me.

Mr. Michael J. Hill can be reached at 300 Giles Blvd. East, Windsor, Ontario, N9A 4C4 Telephone (519) 973-5719

GENMO Salaried Pension Organization According to this site at http://www.genmo.ca

GENMO is a "salaried Pension Organization is a not-for-profit corporation dedicated to promoting the protection of the pensions, benefits and other common interests of its members and surviving spouses."

Well where have these sheep been over their careers at GM. I would expect many members of this TOO LITTLE TOO LATE organization were the same people who carried the GM banner and promoted the the take away salary policies over the years. Yes, the potential loss of salary pension(s) has become the great equalizer and the zealot dogs that management sent out to bully and intimidate the errant sheep have now become themselves part of the flock with the organizing a Salary Pension Organization (GENMO).

The few attempts that I am aware of that salary personnel attempted formation of even the most fundamental discussion group was met with heavy handed threats, intimidation and reprisal. The salary leaders were quickly sent to the gulag and the few followers quickly headed back into the closet or on to the safety of the hind tit where they suckled contently and repeated GM's mantra for the day as in ba ba.

(click on ba ba to hear the latest GM Salary mantra)
_________________________________________

Just Imagine CAW wannabes a "Car voucher" on retirement 6/24/09

Ever wondered what to do with your GM car voucher on retirement. Just kidding CAW wannabes but this is real issue for CAW retirees in Canada. Check out the myGMpension site. This CAW site goes through the retirement options for GM hourly workers who have received an offer from GM to retire before the scheduled plant closure in the summer of 2010, many have been given up to 16 choices as to what they may do for retirement options. Just imagine marshmallows, you were given "take it or leave it" and in my day the big offer was to lie by taking a one year layoff and collect EI as a pension bridging benefit.

What personal integrity we had is it any wonder that that GM could kick us to the curb when ever they wanted.

Reference: http://www.mygmpension.info/

Hang tight - re. legacy cost bailout June 1,2009

GM will not file for bankruptcy protection in Canada -because it got what it wanted - sound familiar. There was a $10.5-billion bailout with taxpayer money: $7-billion from Ottawa and $3.5-billion Ontario. This is in addition to the $7-billion in taxpayer money already advanced to GM Canada.

For those retirees looking for a legacy cost bailout:

Still believe in the "tooth fairy"? May 31, 2009

GM salary retirees are analogous to a huge marshmallow "fat, dumb and happy"


Why should the Canadian taxpayer maintain your pension? Its just not going to happen!


  • Federal Industry Minister Tony Clement said "that any money lent from the federal government to the struggling company will not go toward topping up GM Canada's pension shortfall."

  • Premier Dalton McGuinty said "that Ontario has no plans to bail out GM pensioners. He warned in April that the province's pension guarantee fund isn't big enough to cover the automaker's retirees if the company goes under."
  • Ontario is the only province to guarantee pension funds; however, it is only to a limited degree and the plan already has a $102-million deficit.
  • GM is the only remaining company in Ontario that is not required to fund pensions for the possibility of a company failure. READ AS NOT LEGALLY RESPONSIBLE UNDER PROVINCIAL LAW


Considering that there will be more than 6 times the number of GM retirees as compare to current active service employees by 2010 where and who would pay for the fat cat GM retiree pension bailout when the majority of Canadians don't even have a company pension plan

"Automotive bailout is nothing more than a giant ponzi. The total amount of aid in the GM restructuring plan comes to somewhere between $6-billion and $7-billion. The automaker already has announced that it will preserve, at most, 7,000 Canadian jobs by the year 2010. In other words, the company is asking for about a million dollars per worker or about $420 for every person in Canada who pays income tax. THE CANADIAN TAXPAYER SAYS ENOUGH IS ENOUGH --- LET THEM SWIM OR DROWN!

"Simple fairness dictates that pension benefits should be reduced --- the Canadian taxpayer will not tolerate paying their way by giving GM retirees a free ride."

I can hear the dreamers now saying "Well if the tooth fairy will not save us maybe the Easter bunny will" OR "maybe we will be allowed to top up our pensions by collecting EI" --- dream on in your career "fat, dumb and happy".

GM (US) bankruptcy Monday June 1, 2009, What will GM Canada do?

Reference:

http://www.cbc.ca/canada/toronto/story/2009/05/25/gm-workers-vote.html

http://gmcanadaponzi.blogspot.com/

http://www.thesociety.ca/files/mylocal/24/Globe%20Article%20GM%20Pensions.pdf

We reap what we sow! 5/21/09

Interesting that the lap dogs of management, 8th and 8th unclassified, now want to be part of the GENMO organizing effort in order to "protect their pensions and benefits", when in their "group think" career they were totally intolerant of any kind of constructive criticism because they were conditioned to perceive it a negativism.

The reality is"only 38 per cent of employed Canadians are covered by workplace pensions".

Well it time to give it up and be rational! Does GENMO and the CAW really think that the Canadian taxpayer should make up the difference in their defined pension and benefits (DBP) when 62% of Canadians aren't even covered by a RPP and only17 per cent of workers in the private sector have a DBP. Consider a GM hourly employee retiring after 30 years service as early as 48 years of age, they would have higher earning in their retirement if they lived to 85 years than they made in their working career. Sorry salary "me to wanna be" because there is no COLA on salary pensions.

Get real GENMO members "you've got your head up your ass again"; no government could sell a program to 62% of Canadians that they have to make up the difference on fat cat GM salary retiree pensions to minimum $3000 per month when all they can ever expect to receive is CPP and OAS because they have no company pension.

  • we took our career chances with GM
  • we had good years and although there was problems with GM salary take a ways we had it better than many of our neighbours and friends who did not work at GM
  • most salary lap dogs never complained no matter how many beating we were expected to take in order to establish a CAW standard or some kind of statistic for public consumption
  • Yes, most salary would "bleed the pig" because we knew how to play the game
  • most never presented any constructive criticism of GM because we did not want to appear to be negative or a non team player
  • we whined to one another, whimpered in the corner, went home and told mother about the beatings that GM doled out to salary but we healed quickly and came back in the next day all due to cognitive dissonance. What this means is that we were in denial of disconfirming evidence to the contrary, confirmation bias and ego defence mechanism --- but enough of that Freudian psychoanalytic mumbo jumbo it is what it is and we are what we are in a time and place of our own making!

"Well we reap what we sow!"; "What goes around comes around!"; "Your actions all have consequences!" and all those other clichés. You are fucked the good times are over, time to:

  1. get a job
  2. have a garage sale
  3. sell your house and move into an apartment
  4. sell the cottage or the FL condo --- in some cases both!
  5. do a reverse mortgage
  6. don't renew your golf membership
  7. forget the estate and make yourself number one priority
  8. if you have been retired for any length of time you already know how to cut back and use your reserve because without COLA on your salary pension your pension return has been declining slowly --- in my case I'm at 70% purchasing power as compared to when I retired.
  9. Just stop the whining and do something for your self that you never did in your illustrious career at GM. Because if there was a salary union, we at least would have a legitimate seat at the table during GM's anticipated bankruptcy negotiations.

Auto pension plans bailouts' Achilles' heel

GM's current pension shortfall is probably close to $6-billion. And, it is going to get much worse.

GM has 34,000 retirees versus only 14,000 active employees, and each time the foundering company throws workers overboard to try and keep the sinking ship afloat, most of those workers climb back on board as pensioners.


GM Canada's vice-president of corporate and environmental affairs, David Paterson, said: “Instead of carrying one work force like our competition at Honda and Toyota, we're effectively carrying three additional work forces out there, and those will grow further.”

Grow indeed. GM's bailout filings predict that its work force in Canada will drop by half next year to 7,000, and most of those laid off will be added to the pension fund. So, for every active worker, GM will need to pay pension costs for almost six retirees.


GM Canada's request bailout request is around $7-billion (Canadian). Using their projected 2010 employment number of 7,000 yields a bailout cost of a whopping $1,000,000 per worker. That also represent $420 on every Canadian's income tax tab.
(With information published by the G&M March 2, 2009 )


Pre-bankruptcy Preparation?

On March 1, 2009 the The Detroit Free Press reported that GM has been raiding "employee's pension fund to buy out United Auto Workers employees and pay into their health care fund". This move may very well be pre-bankruptcy preparation because the US federal government like the Ontario provincial government "will stand surety for much of GM’s pension obligations, it thus makes sense for GM to dissipate the pension pot, knowing the taxpayers will refill it." I don't think that GM Canada will be able to raid the pension fund after the Conrad Black / Dominion Stores precedent back in 1984 but something to watch for because we know that GM of Canada is an opportunist when it comes to taxpayer money and that Dalton is a sheep in wolf's clothing.

Typical GM Salary Retiree "Being fat, dumb and happy, I never really gave it much of a thought,"

In reference to Janet McFarland G&M article "Who's Responsible" (3/6/09)

This article quotes a GM salary retiree as saying, "Being fat, dumb and happy, I never really gave it (my GM Salary pension) much of a thought,". From my experience this is a typical GM salary response whether current active service or retiree --- You just have to wonder why these mama's boys had their heads up their ass over their illustrious GM career. No doubt good employees who performed their job well but most, like the individual quoted in this Globe and Mail article , were totally inept at securing their retirement future "by thinking that "mother, GM would always look after them".

Just plain dumb in missing the trail marker that good old GM Canada laid out for you:

  • took away the salary COLA in the 1980's
  • no COLA on pensions, just the BS "stipulated increase", which means GM discretion for nothing
  • cancellation of merit increases in years when GM was making money simply because they wanted to make an example of salary employees for CAW contract negotiation purposes
  • then there was the year when 10% of the employees in any one department got no increases regardless as to one's performance appraisal
  • salary staff replaced with rentals who for the most part were paid more than the salary person that they replaced
    • and who could forget the EI scam, where GM used EI as a pension bridging benefit around 1995-8, where salary retirees were so called "laid off" rather than retired in order to save on the first years pension benefits at the taxpayer expence. They never played this scam with the CAW; however, some (but not all) dumb salary staff jumped at the opportunity because it gave them an extra year's seniority for pension calculation purposes when they officially retired after the year of EI scamming.
    • This is not a company with a great deal of integrity in the way they create and implement salary policy and if you happen to be "fat, dumb and happy" they are more than happly to kick you to the curb as far as benefits go --- IMHO.

    The ongoing disparity between salary and hourly benefits, based on my experience over 30 + years was because salary people by and large were and continue to be "fat, dumb and happy".

    • took away the "spa days" and "PPH days" because they could while CAW members retained them
    • Skilled trades hourly wage rate over a 40 hour week exceeded Level 6 engineer's salary and in some case Level 7, Sr. Engineers
    • salary not eligible for suggestion awards because "that's your job!"
    • health care benefit takeaways
    • no legal benefits
    • no day-care benefits



    The article goes on to state that "salaried retirees, who recently formed a group aimed at winning a voice at the table", the question begs why did this group of "fat, dumb and happy" retirees not have the balls to form a group when they were active service employees of GM. They claim "We were victims of this". My opinion being a GM retiree who has a pension equivalency of about 70% purchasing power of what it was when I first retired due to COLA erosion --- these people were willing victims and deserve everything they get or in this case not get. Further GM Canada will never recognize this so called, Genmo, group of retirees looking for recognition and respect, simply because it doesn't have to! If they ever recognized this Genmo Salaried Pension Organization, it would set a precedent to recognize salary groups in general and this smells a lot like union activities that GM would be opposed to.

    The Genmo Salaried Pension Organization's future is just another Tim's once a week grip group composed of "fat,dumb and happy" whining GM salary retirees.

    Posted February 21, 2009

    "Faint Hope" for GM
    news related to GM's continuing presence in Canada and specifically GM's pension &other legacy costs after GM's survival plan submission to both the Federal and Provincial governments on Friday 2/20/09.


    But don't get caught up in any "faint hope" hype because GM of Canada's plans for sustainability can be summarized completely by:
    "One U.S. auto analyst, who said yesterday that GM shares are overpriced even at the 1934 level they dropped to yesterday, pronounced GM's rescue blueprint "worthless" for its failure to deal with reduction of debt, legacy costs (retiree pensions and other benefits) and labour costs higher than those of foreign automakers operating in the U.S."     D. Olive, Toronto STAR
    2/21/09

    The following will bring you up to speed with excepts from numerous articles:

    1.) James Daw from Toronto STAR 2/21/09 "GM says it can't afford pension, medical plan" at http://www.thestar.com/article/591000 , in this article he quotes GM OF Canada reps as saying:
    -     'it can no longer afford its pension and medical benefit plans'.
    - 'the total obligations (or debt) represented by GMCL pensions as they are
    currently structured are no longer sustainable'.
    - 'GM plans to cut its total workforce in Canada to 7,000 by the middle of 2010. The job reductions would leave it with five retirees for each active worker'.
    - 'It is becoming increasingly difficult to service GMCL's legacy cost (or
    pensioners' benefits) due to an increasingly large retiree population, high
    health-care cost, health-care inflation and poor pension asset returns stemming from a recessional market'.
    - 'GM Canada notes it had $10.2 billion in pension commitments as of Nov. 30, 2007 and only $8.8 billion in assets. But it would owe more if it were to cease operations. With about 69 per cent invested in stocks, the assets in the plans for hourly and salaried worker would have shrunk dramatically since then.

    The article goes on to reiterate information that a knowledgeable salary retiree should already know providing that they are vertical and breathing:
    "GM plans to cut its total workforce in Canada to 7,000 by the middle of 2010. The job reductions would leave it with five retirees for each active worker" This may or may not consider GM is closing the a pickup truck plant in Oshawa this spring - 2600 jobs and the Windsor transmission plant is set to close by 2100 maybe earlier - 1400 jobs.
    David Paterson, GM Canada's vice-president of corporate and environmental affairs is quoted as saying "We really need to get at those disproportionate legacy costs that our competitors do not share and find ways to stop the growth in those costs."
    http://www.cbc.ca/money/story/2009/02/20/carbailouts.html
    "An operating company cannot legally cut pension benefits earned to date. Pensions may only be cut to the extent the pension is short of money when the sponsoring company is forced into bankruptcy. Pensioners then become unsecured creditors."
    "Ontario has a Pension Benefits Guarantee Fund intended to cover any shortfall for the first $1,000 of a monthly pension. But the insurance plan is now in deficit."

    2.) Tony Van Alphen from Toronto STAR 2/21/09 "Automaker says it needs at least $6B" at http://www.thestar.com/wheels/article/591083
    "In December, GM sought up to $3.4 billion in loans from the federal and Ontario governments", NOW "Minister Michael Bryant confirmed (2/20/09) it is between $6B and $7B"
    "Bryant said everything, including repayment schedules, pensions and other legacy costs "is up for negotiation."
    " In its plan, GM revealed it has discussed a long term refinancing of its legacy costs for salaried and hourly workers with the Ontario government."

    3.) Dave Olive, Toronto STAR 2/21/09 "Auto firms short on detail, long on faint hope" at http://www.thestar.com/article/591066
    "It would be an exaggeration to say these plans aren't worth the paper they're printed on. But with their lack of detail – the Canadian plan doesn't even place a dollar figure on the bailout sum sought from Ottawa and Queen's Park".
    GM is quoted as saying 'they also say they expect a further drop in North American vehicle sales this year, on top of the stunning 18 per cent drop in 2008 sales' - "That's false hope" for any kind of turnaround and additional plant closures.
    Finally someone says it "GM persists in its ludicrous plans to revive the 1970s muscle car Camaro, to resume production in Oshawa."
    GM "has long proved itself incapable of changing with the times". The problem, in a nutshell, is that Detroit has made these same promises for at least two decades. That it will cut an overcapacity of brands, plants, employees and dealers that has only grown as the North American market share of GM and Chrysler has relentlessly shrunk – in GM's case, from 28 per cent in 2000 to a current 19 per cent."

    4.) Keenan, Howlett, McCarthy & Wingrove, Globe and Mail 2/21/09 "GM, Chrysler make plea for $10-billion to stay afloat" at http//www.theglobeandmail.com/servlet/story/LAC.20090221.RAUTOS21//TPStory/Front "General Motors of Canada Ltd. said the Canadian governments' share should be between 17 per cent and 20 per cent of the $30-billion (U.S.) its parent company needs if its worst-case scenario comes to pass. At 20 per cent, the figure would be $7.3-billion (Canadian), based on the Canadian dollar trading at about 80 cents (U.S.)."

    Looks like it could be higher than the $6B to $7B confirmed yesterday by Michael Bryant Minister of Economic Development, Ontario.

    "In return for the funding, GM is pledging stability for its Canadian manufacturing operations and research facilities, and five new models
    for its Ontario assembly plants in Oshawa and Ingersoll. It said it has no plans to close any additional plants in Canada beyond those already slated for closure." as reported by     Nicolas Van Praet And Paul Vieira, Financial Post, at http://www.financialpost.com/story.html?id=1313285

    Faint Hope BS from GM of Canada again considering that:
     car sales may not have yet bottomed out
    current production levels in Canada are in excess of
    demand
    the Camaro muscle car is planned for Oshawa contrary to
    their "leaner / greener" proposals
    Hummer, Saab, Saturn and Pontiac brands are dead
    150 to 200 GM dealerships to be shut down plus "61
    Saturn dealerships in Canada"
    Is there anybody out there who thinks that GM can repay the money with     continuing weak sales far into the future?
    GM's only credible spokesman, Bob Lutz, Vice Chairman, is set to retire later this year
    "A deepening recession, particularly in their U.S. home base but also in other markets, has further soured the outlook for auto sales since GM appeared on Capitol Hill before Christmas to make their initial plea for help."

    5.) GM is again living up to its well deserved name corporate welfare bum. "In addition to aid from the United States and Canada, GM is seeking funding from the governments of Germany, the U. K., Thailand and Sweden."
    http://www.financialpost.com/story.html?id=1313285&p=2

    6.) PM Harper seems to be on the right page when he told reporters during an appearance in Toronto 2/20/09. "That's not to say... there will not be job losses. Because we know there are some tough decisions to be made."
    http://www.financialpost.com/story.html?id=1298273
    The rest of the politicians in Toronto are in their comfort zone --- head-up-the-ass when the "plans aren't worth the paper they're printed on"
    as evidenced by Economic Development Minister Michael Bryant saying in the Legislature 2/20/09 "It's a very serious plan and very serious efforts have been made by GM".
    http://www.thestar.com/Wheels/article/591067

    7.) Maurino and Owram, The Canadian Press, TORONTO (Feb 21, 2009 at http://www.thespec.com/News/Business/article/517664
    Federal Industry Minister Tony Clement welcomed the GM proposal and aid it's a good first step towards a successful restructuring of Canada's largest carmaker. "I'm encouraged by their goal of no further GM Canada
    plant closures, "the minister told a news conference in Toronto.
    He added that all stakeholders, including the Canadian Auto Workers union, will have to be part of the solution to the industry's problems."
    Does anybody wonder how the GM of Canada salary group will be represented at the table and not made to be GM's whipping boy once again    ???
    Clement also told reporters, that the government is looking at fully repayable loans."We expect the money to come back on commercial terms. We're sticking to our guns when we mean it's a loan".
    Well that's sets the record straight, its got to be true neither GM or our politicians have ever lied to us!
    "    In a plan the big auto company presented to the Ontario and Federal governments late yesterday, GMCanada said it will also cut executive salaries by 10 per cent" well big deal look at how the suits bleed the pig in the past when they were loosing money at
    http://www.companypay.com/executive/compensation/general-motors-corp.asp?yr=2008

    8.) Nicolas Van Praet and Paul Vieira, Financial Post 2/17/09 "GM, Chrysler ask for more government aid" at
    http://www.nationalpost.com/story.html?id=1299543

    Chrysler Chairman Nardelli has said:
    "it would cost even more in debtor-in-possession financing to let the company go bankrupt and resurrect it"
    "It's not an issue of whether you buy the car or don't buy the car. The fundamental issue here is who's going to come up with $20-billion to $25-billion dollars [that it would take us to work through bankruptcy protection]"
    "seeking bankruptcy, as some are urging for Chrysler, would also severe the automaker's responsibility for accounts payable (as well as pensions and health care), which would put unbearable stress on suppliers and trigger "a cataclysmic effect on the auto industry."
    "It will cost each American taxpayer US$60 to $70 to fund Chrysler's US$9-billion aid request while funding its liquidation would cost each working citizen US$1,200 because of pension liabilities and health care costs"

    Just imagine what it would cost to fund a liquidation of GM!


    This is deep caca that salary retirees are mired in --- my recommendation is to review your finances because your pension $ at some point will be reduced because:

    The recession that we are in will be here for some time to come.

    the salary pension plan holds "$2.3B versus liabilities of $2.9B, a $500-million shortfall." and that was in November, 2008 before the bottom fell out of the market in December, 2008. With about 69 per cent invested in stocks, the assets in the salary pension plan will have shrunk dramatically!

    The reason for that $500 million shortfall in contributions to the salary pension plan is that they have been on a "contribution holiday" since the
    1990's when the Rae government proclaimed that GM was not required to finance its pensions on a solvency basis because it was "TOO BIG TO FAIL".

    Faint hope that GM will survive!

    Any hope that the Ontario's Pension Benefits Guarantee Fund will cover your ass is shear fallacy because it would only cover the shortfall on up to $1,000 of a person's monthly pension. And that Plan is already underfunded to the tune of $102- million thanks to Bob Rae and if you don't know what that means see later sections of this blog.

    The majority of Canadian taxpayers would not want to contribute a dime to who they perceive as fat cat GM retirees

    Simple fairness dictates that pension benefits should be reduced --- the Canadian taxpayer will not tolerate paying their way by giving GM retirees a free ride.

    "GM has been rewarded for repeatedly holding the provincial government at knifepoint" ref
    https://secure.globeadvisor.com/servlet/ArticleNews/story/gam/20090122/RDECLOET22     do you think that this BS can go on forever? The reality is "General Motors has been in trouble for years. It is just pure fiction to say that the
    reason why the auto industry is now in trouble is because of the financial crisis".

    GM has a huge problems with their product offerings, labour contracts, management direction and a culture that says "bleed the pig". The years of management incompetence must come to an end and a good start would be Richard Wagoner departure.
    ------------------------------------------------------------

    Richard Wagoner aka GOD



    Is this the man you trust with your pension? --- considering that mother GM has not turned a profit in years --- And this was the Man in charge when the zero emission electric vehicle the EV-1 was killed in the early 2000's.

    Article: "GM seeks government pension aid"

    February 19, 2009
    Hot Off The Press, Globe and Mail 2/19/09 "    GM seeks government pension aid" by Greg Keenan and Karen Howlett at http://www.theglobeandmail.com/servlet/story/LAC.20090219.RGM19/TPStory/Business

    Good old GM is not going to make it easy for GM retirees, they want to put them "on the dole"

    According to the forementioned article:

    • "GM Canada's pension funds had a shortfall of $4.5-billion as of November, 2007 - before 2008's stock market collapse."

    • That shortfall number of $4.5-billion is a low ball
      number considering that "GM's investment plan called for
      nearly 70 per cent of the cash to be invested in stocks      , and we all know what has happened to those last year. The deficit may have grown to $6-billion or more. When the bean counters are finished with the calculations, it's possible that the largest plan, which covers hourly workers, will be only 50-per-cent funded on a solvency basis."

    • "General Motors of Canada Ltd. wants financial help from Ottawa and Ontario to help relieve it of pension and retiree health care costs that are crippling its competitiveness" These are AKA "legacy costs".
    • "The company's ratio of retirees to active workers is more than two-to-one with 34,000 retirees and about 14,000 active employees. That will climb even higher after the closings of a pickup truck plant in Oshawa, Ont., this spring and a transmission plant in
      Windsor, Ont., next year."
    • "A senior Ontario government official said yesterday that the legacy costs under discussion include the considerable shortfall in GM Canada's pension funds. The legacy costs are a "big issue" for
      the company, he added."

    The question begs, What will be the taxpayer reaction to the Ontario Government and possibly the Federal Government providing existing and new GM retirees with a guarantee on their defined benefit pension $ when the majority of Ontario and Canadian citizen do not have any pension program what-so-ever other than CPP and OAS. Please understand also that:
    "The pension shortfalls do not include any liabilities the company has for things such as dental care or drug plans, which are funded on a pay-as-you-go basis, but are, nonetheless, an obligation, so the amount owed to pensioners would be higher."

    Just because we are currently receiving both pension and health care benefits from GM of Canada, doesn't mean that this will be the status quo into the future --- everything is up for a negotiated take-away if GM is to continue with a manufacturing presence in Canada. The alternative is receivership in Canada which would be called Chapter 11 bankruptcy in the US :

    • Receivership / Bankruptcy in Canada is where the receiver is a third party appointed by a court through a court order or by a secured creditor through a letter of appointment to:
      take control of property; supervise liquidation proceedings; and
      remit the proceeds according to priorities established by common or statutory law. Reference:       http://www.cra-arc.gc.ca/tx/bsnss/tpcs/lf-vnts/bnkrptcy/rcvrshp-eng.html
      Chapter 11 Bankruptcy rules in the US and Receivership in Canada is "bad news for pensioners because under Canada's insolvency laws pensioners are unsecured creditors and would stand behind the banks and other secured creditors for unpaid contributions. That means pensioners could be left holding the bag for shortfalls."














    The GM of Canada's "defined benefit pension" trough is draining quickly!

    This will be the great equalizer!

    It will not matter whether you were the grand poobah schmoozing around the office in your Gucci's or the janitor in Adidas who emptied your garbage can, both of you may be SOL with no pension money coming in from those good old days at GM.
    This is because:

    • General Motors of Canada has a huge pension contribution shortfall,
    • bankruptcy is looming, and
    • the $1000 per month safety net being Ontario's Pension Benefits Guarantee Fund is severly depled.

    The result of this cluster f--- is no pension for retirees and good luck to current service employees.

    And for those who think that the Federal government will provide you with a pension cheque, think again because there is no Federal Government program to make-up for failures in private pension plans that it regulates. And if you are so naive as to think that legislation would be passed to give you some protection --- Do you really think that your next door neighbour(s) would be willing to pay additional taxes to provide you with a company pension when they don't have one themselves; get real, you've got your head back up your ass.



    Read on because:
    "Among other things, you'll find that you're not the first person who was ever confused and frightened and even sickened by human behavior. Many, many men have been just as troubled morally and spiritually as you are right now." (J.D. Salinger, The Catcher in the Rye, Chapter 24)

    While this blog is from the perspective of a General Motors of Canada salary retiree because that is where I am, there is considerable overlap as to a GM of Canada hourly retiree. While both groups of retirees receive a pension from GM, the respective pension plans are totally separate entities. However, for the benefit of those not familiar with the GM salary / hourly demarcation:
    - salary retirees (employees) are non union; hourly retirees (employees) are members of the CAW Union
    - salary retirees are wannabe members of the CAW, due to improved benefits i.e. COLA protection on there pension, health care benefits etc.
    - in my days at GM, when we were summonsed to the board room for a beating there would be spontaneous singing of "Cum bye yah, my Lord,
    Cum bye yah," by the core group of salary supporters
    - the higher that you ascended into the GM management hierarchy, it was my observation, the better one becomes at genuflection, saying "yes'um
    master" and extending one's head into their rectum
    - its always been easy for GM management to kick salary employees to the curb because by and large they have no balls and do little more than
    whimper
    IMHO the GM salary employee has always been an easy target for GM to bully because without union representation they are easily intimidated, making it next to impossible to form any groups of resistance.

    Introduction:

    Certainly, I am not a pension expert but what I do understand is that pension plans are like "giant RRSP's and contain hundreds of millions of dollars". The profit earned by investing the fund money is used to pay out retirement benefits". In order for me to come to some basic understanding of the General Motors of Canada pension crisis that is unfolding, I have cut and pasted in this blog, relevant bits and bites from the available information out there on the ethernet into digestible packets of information .

    Every attempt has been made to give credit as to the source for the information that I have gleaned from the referenced documents and a hyperlink has been provided.

    The digestible information packets or crisis categories for review are as follows:

    1. General Motors of Canada has a huge pension contribution shortfall
    2. Bankruptcy is an option for General Motors
    3. Ontario's Pension Benefits Guarantee Fund is severely depleted

    1. General Motors of Canada has a huge pension contribution shortfall due to pension contribution holidays they have taken over the years and falling stock market prices during the current recession crisis:

    • "General Motors of Canada is sitting on a pension shortfall of $4.5-billion, according to the company", last November, 2008
    • "In meeting, November 19, 2008 with the Globe and Mail's editorial staff, senior GM executives were unable to say how short the pension plan is, as the last evaluation was done a year ago before the world markets plunged. Back then, the shortfall was $4.5 B, the official said."

    • "GM was allowed to take advantage of a special exemption (read as Pension Contribution Holiday) inserted into legislation ( by the Bob Rae NDP government) during the deep recession of 1992"; the former legislation required companies to eliminate solvency deficiencies within five years.

    • "GM has been rewarded for repeatedly holding the (Ontario) provincial government at knifepoint. The company (along with other firms) threatened to take its future investment elsewhere unless it got easier pension rules, and the Rae government relented. It has pushed, over and over again, for government loans and other favours in return for putting new money into its plants (as have the other auto makers). And now that it's all coming apart, and U.S. auto sales are crashing, there's the implied threat of another huge bill for the public if a bailout doesn't succeed."

    • "GM's two pension plans (one each for salaried and hourly workers) had about $8.8-billion in assets at the end of 2007, or roughly $4.5-billion less than needed to meet its pension promises, if the company had to wind up the fund. The numbers are even worse today. GM's investment plan called for nearly 70 per cent of the cash to be invested in stocks, and we all know what has happened to those last year. The deficit may have grown to $6-billion or more. When the bean counters are finished with the calculations, it's possible that the largest plan, which covers hourly workers, will be only 50-per-cent funded on a solvency basis."
    • "GM revealed its pension shortfall in editorial board meeting with the National Post. The defined benefit plan of its hourly workers is only 64% funded, said John Stapleton, CFO of GM. The plan holds $6.5B versus $10.4B in liabilities, a shortfall of $3.9B. Its salaried workers plan holds $2.3B versus liabilities of $2.9B, a $500-million shortfall."
      "The pension shortfalls do not include any liabilities the company has for things such as dental care or drug plans, which are funded on a pay-as-you-go basis, but are, nonetheless, an obligation, so the amount owed to pensioners would be higher."
  • "If GM could make no further contributions (to the hourly pension plan), the deficiency would be $4.9 billion, or the equivalent of about $112,000 per plan member."
  • "the General Motors of Canada Ltd. pension funds aim to have 69 per cent invested in stocks, according to actuarial reports obtained by the Star. If GM's funds tracked the performance of major stock and bond indices up to the end of November (2008), the plans for hourly workers would have been short nearly 55 per cent and for salaried workers about 40 per cent, leaving a potential hole in Ontario incomes of about $7.5 billion should the company fail."
  • "The GM plans have a target of 69-per-cent equities and 31-per-cent fixed-income instruments, Mr. Stapleton said. That kind of ratio almost certainly means the assets in the plans have plunged, pension industry sources and others said yesterday, based on the crash of North American equity markets and studies showing that the value of assets held by pension plans in publicly traded companies has fallen by between 15 and 20 per cent."

  • "last year's global stock market crash cost private pension funds in Canada 21%of their value"

      • 2. Bankruptcy is an option for General Motors:

      Chapter 7 Bankruptcy Code in the US provides for liquidation, i.e. the sale of a debtor's non-exempt property and the distribution of the proceeds to creditors.

      Chapter 11, (this is the one GM would apply for in the US), the debtor may seek an adjustment of debts, either by reducing the debt or by extending the time for repayment, or may seek a more comprehensive reorganization.

      • should GM go into Chapter 11 in the US. Here in Canada we call it receivership up here and we have different laws.
      Receivership / Bankruptcy in Canada is where the receiver is a third party appointed by a court through a court order or by a secured creditor through a letter of appointment to:

      Chapter 11 Bankruptcy rules in the US and Receivership in Canada is "bad news for pensioners because under Canada's insolvency laws pensioners are unsecured creditors and would stand behind the banks and other secured creditors for unpaid contributions. That means pensioners could be left holding the bag for shortfalls."

      • "The General Motors of Canada Ltd. pension funds had a shortfall of $4.5-billion as of last November (2007) - before the stock market collapse - creating a massive financial headache for the Ontario government and pension cuts for retired employees if the company falls into bankruptcy protection."
      • "GM's pension plan for current and former factory workers was in depressingly sick shape a year ago, with potential liabilities of $11.5 billion and a shortfall of $4.9 billion if it were to wind up without further contributions from GM."

      • If GM seeks Chapter 11 protection "This means that it acknowledges that it rightfully owes money to various parties but it doesn’t have the cash to pay those debts. This allows the company to keep operating, while a bankruptcy judge helps work things out. It is almost certain that current shareholders would be wiped out and the bondholders would become the new owners. Negotiated union contracts would be re-opened. It’s very likely that wages post-bankruptcy drop anywhere from a third to a half." It also means that "General Motors would not be responsible for making more contributions to its badly under-funded pension plans."

      3. Ontario's Pension Benefits Guarantee Fund is severely depleted:

      • Ontario is the only province to guarantee pension funds; however, it is only to a limited degree and the plan already has a $102-million deficit. If the Pension Guarantee Fund exceeds its ability to pay any claims, then the government has to decide if it wants to loan more money to the plan from consolidated revenue funds to cover such claims."

    • A Pension Benefits Guarantee Fund will cover the shortfall on up to $1,000 of a person's monthly pension.
    • "the Ontario guarantee fund, which is supposed to cover losses on the first $12,000 of an annual pension" i.e. $1000 per month
    • "GM is the only company in Ontario that is permitted to make annual payments into the province's Pension Benefits Guarantee Fund instead of being required to finance its pensions on a solvency basis" The legacy of Bob Rae lives on!
    • "A failure by GM would drain the guarantee fund unless the government lent it money. The cost of a GM failure to the fund could be as high as $7.5 billion (Canadian)"

    • "The fund insures pensions up to $1,000 per month – a level that hasn't changed in almost 30 years. The commission recommends increasing this to $2,500 per month. Even then, Ontario's Pension Benefits Guarantee Fund would provide only about half the level of coverage provided by the Pension Benefits Guarantee Corp. in the U.S."

    • "Ontario is also the only province with a Pension Benefits Guaranty Fund and a record of making loans to that fund when it is short of money"
    • "It seems to me (the GM shortfall) is far beyond anything the government would want to cover," said actuary Paul Duxbury of Cambridge."
    • "GM is the only remaining company in Ontario that is not required to fund pensions for the possibility of a company failure."
    • "GM is the only Ontario company not required to eliminate its funding shortfall, and its fund will be harder hit by falling stock prices than most."

    • "You might ask how the situation could get so bad, and the answer is: Bob Rae. In the early 1990s, Mr. Rae's NDP government, under pressure from manufacturers who'd been gutted by recession, gave a few of the biggest ones an exemption from the normal pension funding rules, under the so-called "too big to fail" policy. (Harry Arthurs, the prominent lawyer who just finished a report on Ontario's pension system, has another phrase for it: "ill-advised.") GM took advantage."

        • Health Care Benefits In Canada Are The Next To Go The Way Of The Dodo:



        • "As GM recovers from its worst quarterly loss in more than a decade, $1.1 billion, executives have targeted health care as a top opportunity for cost cutting."


        • "G.M.’s decision to halt health care benefits for salaried retirees at age 65" will affect "about 100,000 of its white-collar retirees".
          G.M. has estimated that eliminating the white-collar retiree medical benefits will save the company about $1.5 billion annually. Union contracts prevent the company from revoking coverage for former factory workers". "To help retirees pay for their new coverage, G.M. is raising monthly pension payments by $300, which typically means $240 or $255 after taxes."
          http://www.nytimes.com/2008/11/10/business/10gm.html
          also
          http://www.gm.com/corporate/employees/retirees/pdf/Retiree+Q&A.pdf

        • It has already happened at former GM subsidiary --- "Troubled auto parts supplier Delphi Corp. has asked a bankruptcy judge to allow it to cancel health care and life insurance benefits for current and future salaried retirees, citing the steep downturn in the overall auto
          industry in recent months. The request filed Wednesday with U.S. Bankruptcy Court in New York seeks to cut those benefits to 15,000 salaried retirees as soon as April 1. The Troy, Mich.-based company said the moves would save about $70 million annually, or $200 million through 2011." as reported by Associated Press 2/6/09 ref
          http://www.google.com/hostednews/ap/article/ALeqM5gXNypy_TgxFkYxIbyhH42mjkcjBAD9663O9O0


        In the Final Analysis:
        1. ) All General Motors salary retirees must understand that something bad is going down and the idyllic status quo that we have been living will not last. Now is the time to review your individual financial situation with the family as to where you can squeeze your assets in order to provide the make-up monies that you will need to maintain your current life style. For some of us, it may be a new post retirement job "WELCOME TO WALMART" or "WOULD YOU LIKE FRIES WITH THAT". For me, the shuffleboard classes are going to have to go.

        2.) The Province of Ontario is at fault for allowing the GM pension plan to fall so far behind in its funding. This is because:
        "GM was allowed to take advantage of a special exemption (read as Pension Contribution Holiday) inserted into legislation (Bob Rae) during the deep recession of 1992",
        "GM is the only company in Ontario that is permitted to make annual payments into the province's Pension Benefits Guarantee Fund instead of being required to finance its pensions on a solvency basis." Thank you Bob Rae and every provincial government since for allowing this Pension Contribution Holiday to continue to where it is today.

        3.) Simple fairness dictates that pension benefits should be reduced --- the Canadian taxpayer will not tolerate paying their way by giving GM retirees a free ride.

        4.) The General Motors of Canada salary pension plan is thought to be in better shape that the hourly plan. The "salaried workers' plan holds $2.3-billion versus liabilities of $2.9-billion, a $500-million shortfall." This is a smaller shortfall based on a percentage basis than the hourly pension plan.

        5.) The best case scenario is outlined in Globe and Mail's article "GM Canada beset by pension crisis" by Greg Keenan and Murray Campbell, Nov. 19/08 at http://www.theglobeandmail.com/servlet/story/LAC.20081119.RAUTOSGM19/TPStory/Business "Retirees would take a hit in a GM bankruptcy because the provincial fund covers only a portion of the monthly payments up to the first $1,000."
        Scenario #1 GM retirees under 65 years of age receiving $3000 per month with out OAS or CPP "If, for example, a pension plan held assets equal to 80 per cent of liabilities when it was wound up, a retiree receiving $3,000 a month before the wind-up would get $800 of the first $1,000 a month, financed by the assets in the plan. The Ontario fund would make up another $200. But, the remaining $2,000 a month would be reduced to $1,600 a month - based again on that 80-per-cent figure - leaving a shortfall of $400 a month because of the $1,000 cap on the fund."
        * Scenario #2 same as #1 except the GM pension plan held assets equal to 50% of liabilities then a retiree receiving $3,000 a month before the wind-up would get $500 of the first $1,000 a month, financed by the assets in the plan. The Ontario fund would make up another $500. The remaining $2,000 a month would be reduced to $1,000 a month - based again on that 50-per-cent figure - leaving a shortfall of $1000 a month because of the $1,000 cap on the fund.
        Scenario #3 GM retirees over 65 years of age receiving say $2000 per month after the OAS or CPP carve out on his original pension when he / she was under 65 years. "If, for example, a pension plan held assets equal to 80 per cent of liabilities when it was wound up, a retiree receiving $2,000 a month before the wind-up would get $800 of the first $1,000 a month, financed by the assets in the plan. The Ontario fund would make up another $200. But, the remaining $1,000 a month would be reduced to $800 a month - based again on that 80-per-cent figure - leaving a shortfall of $200 a month because of the $1,000 cap on the fund.
        * Scenario #4 same as #3 except the GM pension plan held assets equal to 50% of liabilities then a 65 year old retiree receiving $2,000 a month after the OAS or CPP carve out would get $500 of the first $1,000 a month, financed by the assets in the plan. The Ontario fund would make up another $500. The remaining $1,000 a month would be reduced to $500 a month - based again on that 50-per-cent figure - leaving a shortfall of $500 a month because of the $1,000 cap on the fund.
        * Best Scenario "When the bean counters are finished with the calculations, it's possible that the largest plan (pension plan), which covers hourly workers, will be only 50% funded on a solvency basis." (Ref Globe and Mail Jan. 22, 2009 "Isn't it time to clean up the GM pension fiasco?" by DEREK DeCLOET https://secure.globeadvisor.com/servlet/ArticleNews/story/gam/20090122/RDECLOET22 )
        In other words: if GM Canada were to go belly-up tomorrow, there might be only 50 cents available for every dollar needed to pay for future pensions. The Ontario government, through its Pension Benefits Guarantee Fund (PBGF), would have to make up some (not all) of the difference.

        6.) "Ontario is the only province to guarantee pension funds; however, it's only to a limited degree and that plan already has a $102-million deficit. If the Pension Benefits Guarantee Fund exceeds its ability to pay any claims, then the government has to decide if it wants to loan more money to the plan from consolidated revenue fund to cover such claims." Reality Check: Do you really think that Joe citizen in Canada would want to pay more taxes to fully fund the Pension Benefits Guarantee Fund; so that, the so called FAT CAT GM RETIREE can continue to enjoy his full pension.

        7.) "the Canadian federal government has no pension insurance system for the defined benefit plans it regulates." http://www.thestar.com/comment/article/551912

        8.) "GM has been rewarded for repeatedly holding the provincial government at knifepoint. The company (along with other firms) threatened to take its future investment elsewhere unless it got easier pension rules, and the Rae government relented, back in the early 90's. It has pushed, over and over again, for government loans and other favours in return for putting new money into its plants (as have the other auto makers). And now that it's all coming apart, and U.S. auto sales are crashing, there's the implied threat of another huge bill for the public if a bailout doesn't succeed. https://secure.globeadvisor.com/servlet/ArticleNews/story/gam/20090122/RDECLOET22

        9.) GM is the classic ``corporate welfare bum``, a tern coined by Ralph Nader back in 1966. ``Canadians have handed out more than $182 billion — or $13,639 per taxpayer — in business subsidies, bailouts and loans over the past dozen years`` and GM is one of the leaders in the pack. However to GM of Canada's credit they (recently) turned down the Canadian government’s offer for a $3 billion loan. GM representatives say they are focusing their efforts on “self-help actions to conserve capital.” Good for GM, but wait! GM spokesperson Stew Low says GM could still require the loan as their ‘self-help’ efforts are for the short term.`` Sounds like bafflegab to me!http://www.bclocalnews.com/tri_city_maple_ridge/tricitynews/opinion/38664079.html
        "GM can still change its mind, it has until Feb. 20, when the offer expires. However, much like the U.S. bridge loans, the aid package isn’t merely a hand-out; in order to receive the money, a restructuring plan must be submitted for approval. The government has various demands, chief of which is reducing labour costs to equal those of its Japanese rivals."
        "The manufacturing operations of GM Canada Ltd. have not been profitable for several years"; so, you have to wonder what is GM's game plan for Canada
        or, given that GM got big money from Washington, ("GM was awarded about $11B in TARP bailout money in December, 08" and another $5 billion to GMAC Financial Services)....maybe they are not allowed to close any plants in the USA, and will close most of the Canadian plants instead.....Thus they could not meet Ottawa's criteria for the loan......to not close the plant's in Ontario? http://blogs.carpoint.ca/2009/01/thanks-but-no-thanks-gm-canada-turns-down-3b-canadian-federal-emergency-aid/comments/page/2/
        or, as reported by the Windsor Star 2/5/09 GM has told the CAW:http://www.windsorstar.com/cars/naias/looks+cutting+pension+increases+retirees/1256635/story.html
        (a) "If the company does not get enough labour savings to make the automaker profitable again, the company has told the union it will stop investing in Canada. No new product would be allocated to its Canadian plants, and GM would eventually wind down its remaining operations here"
        (b) "GM told the union in its meeting it intends to restructure its worldwide operations so that each region and division is profitable on a standalone basis"

        10.) No chance that GM will stop mainlining government handouts long into the future ---``Ontario Finance Minister Dwight Duncan confirmed yesterday (Nov. 19, 2008) that taxpayers would be on the hook for `billions" in pension guarantees if General Motors declares bankruptcy. "This is one reason we believe the continued operation of General Motors is important to the overall economy," he said at the Ontario legislature in Toronto`. ``http://www2.canada.com/montrealgazette/news/business/story.html?id=2f211c0c-eddb-4215-b13a-de8caec28d2d

        11.) Changes coming: "In its report, A Fine Balance, released Nov. 20, the Ontario Expert Commission on Pensions recommends a new process to address underfunded pension plans in hard times. Employers in distress would approach the representatives of affected plan members (a union or employee group). Together, the employer and the members would reach an agreement about the measures best suited to deal with the problem. The pension regulator would have the authority, under the commission's recommendations, to approve the deal and vary the funding rules as necessary." http://www.thestar.com/comment/article/551912

        12.) It is interesting to note that "General Motors has told the Canadian Auto Workers union
        "it wants to end cost of living increases for retirees to solve the $4-billion shortfall in the company's pension fund, sources with knowledge of the industry's bailout talks" http://www.financialpost.com/news/story.html?id=1253895 ; this won't affect salary retirees because ewe never got COLA on our pension instead we got "stipulated increases" which is a BS term for No COLA. Essentially salary pensions are reduced by the annual COLA to where after 10 years your pension is has only 80% purchasing power compared to when you retired. [In fact, GM took away COLA from the salary back in 1985, BUT they have not had the balls to negotiate the take-away from the CAW membership, almost 25 years later]
        "GM has also told the CAW it needs major reductions in benefit", well what do you know the salary whipping boy has already had his benefits reduced with a please or thank you!

        13.) Lets not loose sight of the fact that the difference in labour costs between the Detroit Three and the Transplants is the burden of paying for retirees. The transplants have not been in business long enough to have retirees to any significant level. The easy way for GM to stop this cash flow drain is not fund their pension plan fully as allowed by our Ontario government.

        14.) One thing is a given the executive suite knows how to bleed the pig --- last year "
        Richard Wagoner        , chief executive of General Motors, made $14.4 million, much of it in stock, options and other non-cash benefits. He earned a $1.6 million salary." And Wagoner has been able to pull this heist off by marketing products have been poor in all respects, from design and driveability to safety and fuel efficiency. According to Automobile magazine, “it’s been 50 years since GM built a car that was the standard of the industry in any category.”

        15.) All the talk about the GM Volt to be introduced to the market in 2011 Model Year; Do you remember the GM electric car of the 90's ?
        "General Motors reluctantly built the car ( EV-1) to comply with California zero-emission regulations which required auto makers to sell a certain percentage of zero-emission vehicles in that state. When the regulations were dropped due to pressure from the car makers and oil companies, GM abruptly pulled the plug on the EV1. The cars were all leased vehicles, so GM took all of the cars back from their owners and had the cars crushed and destroyed. End of story. http://www.aa1car.com/library/who_killed_electric_car.htm
        Lets not forget that Wagoner was the same sucker who killed GM's electric vehicle the EV-1 in the 1990's. Reference http://www.chemistry.oregonstate.edu/courses/hc399/The%20EV1.ppt

        16.) It will be interesting spectator sport in the next couple of weeks; I can hardly wait to see what the Detroit 3 have to say on February 17, 2009 when they are back before Congress
        "One might question whether the recent urgent requests for financial assistance do not diminish consumer confidence at least as much as would a bankruptcy filing designed to reorganize the company and lead to financial viability . . . filing under Chapter 11 could boost consumer confidence in the troubled automakers."
        "It’s T minus 11 days before Congress does the thumbs-up thumbs-down thing on the artist formerly known as the world’s largest automaker. GM is up shit creek without a paddle. The United Auto Workers aren’t going to agree to parity with the transplant assembly workers, as required. The bondholders aren’t going to exchange debt for equity, as required. The company doesn’t have a clue what to do about its brands or products, as required. There is no way whatsoever for GM to prove to your elected officials that it has a hope in hell of repaying the $13.4b loans already made—never mind the $100b or so needed to keep the ailing American automaker in business for another year. So GM CEO Rick Wagoner is doing the only thing he knows how to do, that he can do: cutting expenses. This time, it’s white collar workers for one simple reason: that’s all that’s left. Bloomberg tells of the $14m per year CEO’s decision to throw his remaining management to the wolves . . .
        The company will include the plans in a Feb. 17 progress report to the U.S. government, said the people, who asked not to be named because the plan isn’t public. The total may match the more than 5,000 salaried positions eliminated last year, the people said. GM started offering buyouts to 62,000 union workers this week and is in talks with the United Auto Workers about trimming benefits.
        “They need to be very aggressive,” said Dennis Virag, president of the Automotive Consulting Group Inc. in Ann Arbor, Michigan. “They need to prove they can be viable. To do that, they need significant cutbacks of both salaried and union workers.”
        Horseshit. The key to success: take in more money than you spend. While GM’s CEO has been a ruthless cost-cutter, Wagoner and his mob have done sweet FA to increase GM’s ability to earn what’s commonly known as profit. It’s time to cut bait and fish." http://www.thetruthaboutcars.com/bailout-watch-378-gm-to-sacrifice-1000s-of-white-collar-jobs/

        17) Latest news 2/10/09 http://www.google.com/hostednews/canadianpress/article/ALeqM5j0lI3PMnZul9OHegMGf3tXHJsoSg

        ENDNOTES for Referenced Document Sources:
        http://www.thestar.com/article/471472
        http://www.thestar.com/article/537478
        http://www.theglobeandmail.com/servlet/story/LAC.20081119.RAUTOSGM19/TPStory/Business
        http://www.theglobeandmail.com/servlet/story/RTGAM.20090121.wdecloet0122/BNStory/crashandrecovery/?query=
        http://www2.canada.com/montrealgazette/news/business/story.html?id=2f211c0c-eddb-4215-b13a-de8caec28d2d
        http://www.financialpost.com/news/story.html?id=974300
        http://www.upi.com/Business_News/2008/11/19/Report_GM_Canada_pension_fund_well_short/UPI-29881227097425/
        http://canadiandimension.com/articles/2008/11/19/2202/
        https://secure.globeadvisor.com/servlet/ArticleNews/story/gam/20090122/RDECLOET22
        http://www.stcatharinesstandard.ca/ArticleDisplay.aspx?e=1421355&auth=PETER
        http://www.thestar.com/comment/article/551912
        http://www.cbc.ca/money/moneytalks/2008/11/michael_hlinka_1.html
        http://www.google.com/hostednews/ap/article/ALeqM5gXNypy_TgxFkYxIbyhH42mjkcjBAD9663O9O0
        http://www.financialpost.com/news/story.html?id=1253895
        http://blogs.carpoint.ca/2009/01/thanks-but-no-thanks-gm-canada-turns-down-3b-canadian-federal-emergency-aid/comments/page/2/
        http://brandinsightblog.com/2008/12/08/marketing-lessons-from-gm-—-will-a-30-billion-bailout-buy-them-some-focus/
        http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/20081119/mcguinty_autos_081119?s_name=&no_ads=
        http://www.windsorstar.com/cars/naias/looks+cutting+pension+increases+retirees/1256635/story.html
        http://www.voxeu.eu/index.php?q=node/2574
        http://www.chemistry.oregonstate.edu/courses/hc399/The%20EV1.ppt

        Disclaimer: "without prejudice" All CCRF, 1982 Sc2(b)
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