The Yum Thong blog refers to a local newspaper story regarding the decline of Goodyear under Sam Gibara. For most people, reading these stories doesn’t really have a serious impact. Once in a while, though, we encounter things that make events in the news a little more personal.
My wife and I were at an attorney’s office today. While we were waiting, an elderly gentleman came in to leave some information for his attorney. The gentleman had come down to the office to let his attorney know that he had canceled his telephone and they would have to contact him by mail. He went on to tell the secretary that he had canceled his phone because he was a Goodyear retiree and he was worried about what might be happening in the future.
He went on to talk about how canceling his phone service would save him $500 a year. He also talked about being proactive with his finanaces because he is worried about his pension. According to the newspaper article, Goodyear has an estimated $2 billion dollar shortfall in their pension fund due to poor investment decisions under the leadership of Sam Gibara.
It’s hard for most of us to fathom $2 billion. To this gentleman, though, it means at least $40 a month.