31 Mar '16, 1pm

The Big Coal Bailout of 2016

These are give-aways. What is hard to calculate is how big and costly they are. The UMW Pension fund, for example, protects more than 100,000 coal miners and former miners. It has $3.8 billion in assets, but must pay out about $600 million a year—so if it goes bankrupt, (ignoring the likely collateral damage to the whole U.S. pension insurance system) over a decade $6 billion could be transferred from the coal industry to the public—12 Solydras! How much are the reclamation costs being forgiven? Well, an earlier generation of mining reclamation costs are now estimated to cost $17 billion—34 Solyndras . And the pending defaults on self-bonded mining costs seem likely to run another $2.7 billion. So the total give-aways to coal companies as they race towards bankruptcy seems to be over $25 billion—almost 50 Solyndras. That’s quite a bailout—the GM bailout cost taxpayers only...

Full article: http://ecowatch.com/2016/03/31/big-coal-bailout-2016/

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