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Old 27th Sep 2002, 15:05
  #138 (permalink)  
gaunty

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Join Date: Jul 1999
Location: Australia
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My very first remark when I heard of the mass resignation was to the effect that the very very significant unfunded superannuation liability that was triggered when the pilots resigned would be causing some real terror and seriously lose bowels in the Government halls of power.
It had been and was still one of the main stalling points for any potential purchaser for the intended sale of the airline.
Super, accrued leave and retirement benefits had been provided out of cash flow as and when required in the normal course of events.
I suspect the Budgie was happy to back Abeles whilst it wasn't doing any harm to the Govt and didn't require any real risk to himself, but I dont think he ever dreamed that the unfunded liablility would come home to roost in one fell swoop, with the mass resignation.
Each in their own inimitable way was using the other for their separate agendas.
One political the other financial.
It changed irrevocably from the usual industrial issue that they were used to then, to somehing quite unexpectedly different and they would have had to dig really deep and increase the usually bloated Labour deficit to meet an unfunded liability incurred as a result of them backing a private companies agenda/vendetta.
It was one thing to grandstand for Abeles on the accord and labour propaganda, it was another entirely to cop the financial results of Abeles obsession.
The Bodgie then had no alternative but to crash through or crash.
They became inextricably bound together in a fight for their individual survival. The winners were not hard to pick when you suborn the Military, the Parliament and the Constitution to your personal ends.
IMHO it was one of the main drivers for the various crooks to resort to the desperately illegal measures they ultimately took as a result.
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