1-26-11: Auditors probe funding of Delphi pension plan

For your reference and interest, the following article was in the Automotive News this week.

Auditors probe U.S. role in GM funding of Delphi pension plan

WASHINGTON -- Federal auditors said they are looking at whether the Obama administration pressured General Motors to provide additional funding for Delphi Corp.'s pension plan for hourly workers.

The audit focuses on GM's decision after its 2009 bankruptcy to add to Pension Benefit Guaranty Corp. benefits for Delphi hourly workers without doing the same for salaried retirees.

Neil Barofsky, the special inspector general overseeing the $700 billion federal bailout of financial institutions and the auto sector, reported the audit today in his quarterly report to Congress.

A number of congressmen led by Rep. Christopher Lee, R-N.Y., have questioned whether political considerations played a role in GM's decision on behalf of hourly retirees..... click here for the rest of the article.......

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Thank you to Congressman Chris Lee for his support with having this audit conducted.