No talk of auto bailouts' ugly side

Dems cite success at convention without hint of cost, losers

Daniel Howes | September 6, 2012

Detroit's auto bailout is doing a star turn at this week's Democratic National Convention, a nut-and-bolts reminder that one of Barack Obama's first tough calls as president proved to be more right than wrong. ~ End of story, right? Wrong. ~ In moving to get GM through bankruptcy, the task force and its bosses at Treasury effectively shafted 22,000 salaried retirees of the former Delphi Corp. ~ The net effect: Many retirees saw their annual payouts cut by as much as two thirds, even as union members were "topped up" with taxpayer dollars from the Troubled Asset Relief Program; their former colleagues at GM saw comparatively minor cuts to their pensions; and key members of the auto task force still won't tell congressional investigators who made the call to treat Delphi's salaried retirees differently than everyone else.   Read full article