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John Thomas graduated with a bachelor’s degree in biochemistry with honors and a minor in mathematics from the University of California at Los Angeles (U.C.L.A.) in 1974. He moved to Tokyo, Japan where he was employed by a medium-sized Japanese securities house. Thomas became fluent in Japanese... More
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  • Continental Pilots Trys to Cash Out Early 1 comment
    May 27, 2009 11:59 PM | about stocks: UAL

    Continental Airlines (NYSE:CAL) is suing nine of its former pilots, claiming that they entered into “fake” divorces in order to make early withdrawals from their pension funds. The aces in question took out up to $900,000 each, even though they continued living with their ex spouses and kept legal proceedings secret from their families. The pilots cashed in because they were afraid CAL would go bankrupt before they retired, wiping out any obligation to pay benefits. Do you suppose they know something we don’t? One has already returned the money. Do you suppose this is going on at General Motors (NYSE:GM) too?
     

    Stocks: UAL
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  • Patrick Bateman
    , contributor
    Comments (14) | Send Message
     
    I hear their salaries have really taken a hit. Maybe they're just trying to survive?

     

    Doesn't sound like Continental has much of a case, they found a loophole and exploited it. I mean, maybe now these pilots and their ex's are just "roommates" trying to cut down their living expenses in this recession. Good for them! These 9 pilots are smart and deserve some extra cash!
    28 May 2009, 02:16 AM Reply Like
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