- March 23 2013
By David Shepardson | Detroit News Washington Bureau | 2013-03-22 16:10
Washington — The long-running lawsuit by Delphi Corp. salaried retirees over the Pension Benefit Guaranty Corp.'s decision to assume the bankrupt auto supplier's pensions hasn't been cheap. ~ the PBGC says it has spent nearly $2 million to pay an outside contract law firm. As many as 50 lawyers have been going through 1.5 million pages of records that PBGC may have to turn over to lawyers for the retirees that are suing, consuming hundreds of hours of attorney time. ~ Lawyers for Delphi's pension recipients want a federal judge to force PBGC to turn over more documents in a more timely fashion. They note that PBGC has withheld nearly 30,000 documents. ~ Read more… Detroit News article
Delphi retirees whose pensions were seized at the behest of Treasury. ~ Ask them how "rescued" they feel.
- November 6 2012
Truth about auto bailout skirted in both presidential campaigns
Daniel Howes | Detroit News | 2012-11-06
There are lots of legitimate ways to criticize Team Obama's execution of the auto bailouts, who they favored (union coffers and their members) and who they didn't (dealers, bondholders and Delphi Corp.'s salaried retirees). ~ conveniently ignored in the campaign by the president, his Treasury Department and his proxies are myriad dirty little secrets of the bailouts. ~ the Delphi retirees whose pensions were seized by the Pension Benefit Guaranty Corp. at the behest of Treasury. ~ Ask them how "rescued" they feel. Ask the Delphi retirees demanding to know who inside the administration decided to use public dollars to treat union and non-union retirees differently in bankruptcy. Read more... Detroit News article
- March 5 2013
Dayton Daily News | Thomas Gnau | 2013-03-05
A trio of events may prove critical in the ongoing fight between Delphi salaried retirees and the government over the retirees’ pensions.
This month, attorneys for the retirees will question officials of the Pension Benefit Guaranty Corp., or PBGC, during depositions under oath. The retirees sued the PBGC in federal court more than three years ago after the agency agreed to take on the retirees’ pensions from a then-bankrupt Delphi in July 2009.
A report from the Office of the Special Inspector General for the Troubled Asset Relief Program (also called SIGTARP) in its own probe into the matter is expected to be released soon.
In February, U.S. Reps. Mike Turner, R-Dayton, and Tim Ryan, D-Niles, announced the creation of a congressional task force to unify several committee and sub-committee investigations into the federal government’s treatment of pensions of more than 20,000 retired Delphi managers and engineers.
- November 4 2012
Lisa Myers | Talesha Reynolds | NBC News | 2012-11-04
Delphi salaried retirees' stories retold by NBC News ~ “We were the group that was just kicked to the curb like yesterday’s trash” ~ two congressional committees and the Special Inspector General for the Troubled Asset Recovery Program (SIGTARP) are investigating the basis and motivation for this decision. ~ “Inside our [retirees] organization we have lots of people that have seen their homes foreclosed,” “They’ve had to declare personal bankruptcy. There’s been some families that have broken up over the stress associated with this. There’s even been a couple suicides.” The DSRA retirees are a politically diverse group – Republicans, Democrats and Independents – but regardless of political stripe, many of them believe the Obama administration betrayed them. ~ “what really happened was that this administration simply wanted to take care of their political base” Read entire article… NBCNews.com | NBCNews Video
- Non-union retirees: Bailout no big success
- Personal Stories from Delphi Salaried Retirees Harmed by the Obama Administration
- The man [Obama] threw tens of thousands of retired Delphi workers - and their families - under the bus
- Auto Czar Rattner: “We had lots of discussions about whether to top off all of the pensions,” Rattner said. It came down to necessity.