Patriot Coal seeks bonuses for execs as it screws retired miners out of pensions

[summerschild]

4. Such a simple plan. Has the "Bain Model" moniker been made official yet, or are we still waiting

on a proper, commonly understood descriptor for this theft?

The "necessary" bankruptcy was set up in 2007 when Peabody established Patriot in order to load it up with debt and relieve the employees of their pension money...

It's all the more vile when you consider the nature and danger of the jobs these employees do. The industry holds whole regions captive because there's so little work available other than mining, then these vultures connive to deprive them of the possibility of retiring before they die.

No. There's got to be a better name for it. "Vulture Capitalism" isn't graphic enough.