Treasury stonewalling over Delphi salaried pensions invites Congressional subpoenas

By Daniel Howes | Detroit News | 2012-09-28

A Dayton congressman and the chairman of the House Oversight and Government Reform Committee, Rep. Darrell Issa, R-California, are upping the pressure on the Treasury Department to produce documents detailing the feds’ involvement in a series of decisions that “encouraged” the quasi-governmental Pension Benefit Guaranty Corp. [PBGC] to seize the assets of Delphi Corp.’s salaried pension fund. The move, part of a complex series of transactions designed to push General Motors Corp. quickly through bankruptcy in the summer of 2009, caused some Delphi pensioners to see annual pension payouts cut by more than 60 percent. ~ Read more, Daniel Howes article