U.S. told GM to selectively fund pensions -former official
- Published: Monday, 16 September 2013 13:37
Reuters | Jason Lange | Wed 2013-09-11 21:38 EDT
The former head of President Barack Obama's auto task force acknowledged on Wednesday that he instructed General Motors not to commit money to a pension fund for some former employees during the automaker's 2009 bankruptcy. ~~ "We concluded it was not commercially reasonable," Steven Rattner, who directed the bailout of the auto sector during the height of the nation's financial crisis, told a U.S. House of Representatives hearing. ~~ "The administration picked winners and losers," Congressman Michael Turner, a Republican from Ohio, said during the hearing.