Rep. Mike Turner (OH) - The Untold Story of the Auto Bailout

The Untold Story of the Auto Bailout

Rep. Mike Turner (OH) Washington, 2013-02-20 -

Extracts from Rep. Turner's column - Today marks the anniversary of President Obama convening his most trusted allies and appointees to his Presidential Task Force on the Auto Industry. ~ the Auto Task Force itself issued recommendation and directives to the so-called independent Pension Benefit Guaranty Corporation (PBGC) under the guise of seeking to ensure the long-term viability of GM and the many companies in GM’s supply chain. ~ I want to shed light on the actions of the PBGC to discriminate against and unjustly terminate the pensions of Delphi’s salaried retirees, while making hourly retirees whole. The decision has left over 20,000 current and future salaried retirees with drastic reductions to their pensions and benefits. This process was done without transparency, without justification, and in my opinion, without respect for the men and women who dedicated years of service earning their retirement benefits. ~

That is why this month, with my colleague and fellow Ohioan, Congressman Tim Ryan, we have co-founded a working group of our own, the Congressional Auto Industry Pension Task Force.  The newly formed Task Force, dedicated exclusively to the uncovering the truth behind the hardship imposed upon Delphi’s Salaried Retirees, will seek to hold accountable those government officials from the U.S. Treasury Department, Auto Task Force, and the PBGC who chose to terminate these retiree’s hard-earned pensions and benefits.

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