in_the_media

Has coal company broken pension promises?

Media Outlet: 

New Republic

Patriot Coal is seeking Chapter 11 bankruptcy, through which it will seek to limit or discharge pension and health obligations to 22,000 retired miners. Bruce Rader of Temple's Fox School of Business argues that allowing bankruptcy would "socialize the health care benefits since the miners’ ability to pay will not cover this obligation and then the health care burden will be shifted to the government. In essence we will all pay the costs."