Fallout from the Auto Bailout: Delphi
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Thread: Fallout from the Auto Bailout: Delphi

  1. #1
    Senior Member Gerry Clinchy's Avatar
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    Aug 2007

    Default Fallout from the Auto Bailout: Delphi


    Pensions for 20,000 non-union workers simply evaporated. Union worker pensions survived. Another "cover-up"?

    “Despite our repeated requests for all responsive documents and communications, the Treasury Department has only proffered a limited number of documents, many of which were already publicly available,” Issa and Turner wrote in a Thursday letter to Geithner.

    Issa and Turner cited an early August report in The Daily Caller that included emails obtained and published showing that the Treasury Department and the White House drove the cutoff of 20,000 nonunion Delphi autoworker retirees’ pensions.

    “Documents recently made public under the Freedom of Information Act, however, demonstrate that the Treasury Department was ‘the driving force’ behind the decision to terminate the pensions of Delphi’s salaried employees,” they wrote, citing TheDC’s early August article. “Although the Treasury Department has maintained that [the Pension Benefit Guarantee Program] PBGC alone made the decision to terminate the pensions of Delphi’s salaried employees, these documents appear to indicate that Treasury Department officials and members of President Obama’s Auto Task Force played a large role in this decision.”
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  3. #2
    Senior Member Franco's Avatar
    Join Date
    Jun 2003
    DuLarge-Dulac-Cocodrie Metroplex, La.


    This is the kind of crap that happens when the government gets involved in areas they shouldn't.

    Two weeks ago, the UAW was asking Timmy G to sell the government's share of Government Motors. The wanted the tax payers to take a 40 billion plus bath on the stock. I doubt the tax payer will ever get their money back.

    This entire mess could have been avoided had the government allowed the private sector do what it does best!
    "All those things bother me: The populism, the lying and the scapegoating and the xenophobia bother me, but then there’s a layer of incompetence here. I suppose, in a way, we should be thankful: If he had a coherent ideology, he’d probably be more dangerous." P J O'Rourke

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