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Last Updated: Sunday, 09 September 2012 12:46
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Published: Sunday, 09 September 2012 12:46
Henry Payne | Detroit News | The Michigan View | Fri, Sep 7, 2012
"Romney was willing to let Detroit go bankrupt," said Joe Biden ~ But what Biden didn't mention was that the Obama administration itself let Detroit go bankrupt. ~ The fact that Obama took GM and Chrysler into Chapter 363 bankruptcy as opposed to the Chapter 11 managed bankruptcy that Mitt Romney proposed - went largely unmentioned ~ As for Delphi, White House empathy for the middle class was not extended to middle-class Delphi white collar workers who lost between 30-70 percent of their pensions in the White House-led reorganization. ~ Biden's favorite campaign slogan should read: "GM is alive. Delphi pensions are dead." ~ it is clear that the Obama administration only saw the industry's troubles from the perspective of saving a Democratic special interest, the UAW. Read full article
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Last Updated: Thursday, 06 September 2012 21:55
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Published: Thursday, 06 September 2012 21:55
Dems cite success at convention without hint of cost, losers
Daniel Howes | September 6, 2012
Detroit's auto bailout is doing a star turn at this week's Democratic National Convention, a nut-and-bolts reminder that one of Barack Obama's first tough calls as president proved to be more right than wrong. ~ End of story, right? Wrong. ~ In moving to get GM through bankruptcy, the task force and its bosses at Treasury effectively shafted 22,000 salaried retirees of the former Delphi Corp. ~ The net effect: Many retirees saw their annual payouts cut by as much as two thirds, even as union members were "topped up" with taxpayer dollars from the Troubled Asset Relief Program; their former colleagues at GM saw comparatively minor cuts to their pensions; and key members of the auto task force still won't tell congressional investigators who made the call to treat Delphi's salaried retirees differently than everyone else. Read full article