U.S. told GM to selectively fund pensions -former official

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.

Read more - Full Reuters article

PBGC fights order to release documents for Delphi salaried retirees

Janet Rogers, Reporter | WFMJ OH |  Mon 2013-09-02

DETROIT, Mich. - The Pension Benefit Guaranty Corporation is fighting an order from a federal magistrate to release thousands of documents which 22,000 Delphi and GM salaried retirees hope will lead to the restoration of their pensions.

The PBGC has filed emergency motions asking Judge Mona Majzoub to stay her ruling (reported 2013-08-22) so that the PBGC has adequate time to argue why she should reconsider her order to produce census information and other documents sought by the retirees. The judge ordered the documents to be turned over by September 30.

The PBGC claims that delaying the order won't substantially harm the retirees, but would do irreparable harm to the PBGC.  [but retirees are aging and dying while waiting over 4 years through the PBGC's repeated delays and ceaseless roadblocks!!!] ~~

Read full WFMJ article | PBGC Motion for Stay | PBGC Motion for Reconsideration

Additional Witnesses Called to Oversight Committee Hearing

Updated to include additional witnesses - Barbara Bovbjerg and Nicole Clowers, GAO

Committee release announcing all witnesses

Media reports indicate that the following witnesses are being called to testify at the Oversight Subcommittee Hearing - Examine Treasury’s Role in Delphi Deal from 2009 “Detroit Bailout” this Wednesday 2013-09-11 at 1:30 PM EDT.





Former auto czar Rattner will testify before House on Delphi
Detroit News | David Shepardson | 2013-09-09 | Extract

Testifying will be Steven Rattner, who was the former head of the president’s auto task force. Two members of the task force also will testify: Harry J. Wilson and Matthew Feldman.

Christy L. Romero, special inspector general for the Troubled Asset Relief Program also will appear before the committee, as will two officials of the U.S. Government Accountability Office

House panel will hold another hearing on Delphi pensions
Detroit Free Press | 2013-09-09 | Extract

Steven Rattner, who headed the task force, is set to testify Wednesday before the House Government Operations Subcommittee, as are Matthew Feldman and Harry Wilson, who also were part of the group.

Live stream of the hearing (during the hearing) | Previous article | Hearing Release

Fed study boosts pension fight of Delphi's salaried retirees


Detroit News | Daniel Howes | 2013-08-27

Vindication may be drawing closer for the former Delphi Corp.’s dogged salaried retirees.

Next week, the Treasury Department is to begin releasing documents detailing how President Barack Obama’s task force worked with the Pension Benefit Guaranty Corp. to seize the auto supplier’s salaried pension fund and reduce payouts by as much as 70 percent for roughly 22,000 retirees — even as union employees saw their pensions “topped up” by a then-bankrupt General Motors Corp. ~~

Read more - Full Detroit News article