Financial Services Industry
Industry: Email Alert RSS FeedPension role in a revival.(planning of Cerberus Capital Management L.P. to buy DaimlerChrysler AG. Chrysler Group)(Editorial)(Brief article)
Pensions & Investments, June, 2007
Speculation is that Cerberus Capital Management's deal to buy Chrysler Group from Germany's DaimlerChrysler AG will be a watershed moment, giving impetus for General Motors Corp. and Ford Motor Co. to change their pension and other employee benefit programs they have promised their employees.
Ultimately, the pension crises of the automakers, as well those at other legacy companies, show management can't promise more than it can realistically afford. Defined benefit pension promises are only as good as the vitality of the company sponsoring them. The plans at the big three automakers have become competitive albatrosses. Cerberus will undoubtedly try to curtail benefits as part of its effort to revive Chrysler in the competitive auto market. But Cerberus...
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