Ask non-unionized Delphi retirees about how Obama's so-called "shared sacrifices" are more about cronyism than patriotism

NLPC | Mark Modica | 2012-10-04

President Obama called for a "new economic patriotism" during last night's presidential debate. Well, hold on to your wallets as this new buzz phrase seems to be a euphemism for "wealth redistribution." Just ask old General Motors bondholders or non-unionized Delphi retirees about how Obama's so-called "shared sacrifices" are more about cronyism than patriotism. ~ President Obama is campaigning on a platform that constantly touts everyone "paying a fair share and having a fair shot." ~ Unfortunately  the Obama Administration gets to determine what is fair. ~ non-unionized retirees at GM's bankrupted parts maker, Delphi, had their pensions sacrificed as the Obama Administration saw to it that UAW pensions were protected.  Read more - full NLPC article

PBGC Rejected Mediation for Delphi Retirees - How People Act When They're Guilty

~ the Pension Benefit Guaranty Corp. rejected the nonbinding mediation with Delphi salaried retirees. ~ "This is not a surprise," said Bruce Gump of the Warren-based Delphi Retirees Group. "It's a little disappointing but the reality is this is how people act when they're guilty. ~ ''They deceive, they deny and they delay and that's exactly what they did here." Read TribToday article

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

Issa, Turner Press Treasury on Failure to Comply with Delphi Investigation

 If Document Requests are Not Fulfilled, Committee will Examine “Compulsory Process”

Washington | 2012-09-28

House Oversight and Government Reform Chairman Darrell Issa and Congressman Mike Turner, a senior member of the Committee, wrote to Treasury Secretary Tim Geithner demanding that his Department comply with document requests related to the Delphi pension scandal. ~ Despite requests of over a year ago, Treasury has yet to fully comply with the Oversight Committee’s investigation, and its effort to shed light on a decision overseen by the Department which picked winners and losers amongst American taxpayers.  Rep. Turner release | Rep. Issa / Rep. Turner letter | DailyCaller article