Report: Treasury Behind Delphi Pensions Debacle

The Daily Caller says it has emails that prove that the pensions of 20,000 salaried retirees at Delphi were terminated "solely because those retirees were not members of labor unions." The emails, says the conservative website "contradict sworn testimony, in federal court and before Congress, given by several Obama administration figures. They also indicate that the administration misled lawmakers and the courts about the sequence of events surrounding the termination of those non-union pensions, and that administration figures violated federal law." In 1994, GM spun off its parts business into Delphi.  In 2005, the company went Chapter 11.  Later, parts of the business was sold, wound down, or sold back to GM. Says the Daily Caller: "Twenty thousand of its workers lost nearly their entire pensions when the government bailed out GM. At the same time, Delphi employees who were members of the United Auto Workers union saw their pensions topped off and made whole." In sworn testimony, former Treasury official Matthew Feldman and former White House auto czar Ron Bloom, stated that the Pension Benefit Guaranty Corporation (PBGC), and not the administration, "led the effort to terminate the non-union Delphi workers' pension plan," the Daily Caller says. "The emails TheDC has obtained show that the Treasury Department, not the independent PBGC, was running the show." from The Truth About Cars http://www.thetruthaboutcars.com

Put the internet to work for you. via Personal Recipe 680102