KEY TESTIMONY BY GAO AND SIGTARP AT CONGRESSIONAL HEARING ON DELPHI SALARIED PENSIONS - SEPTEMBER 11, 2013
“I’d like to conclude with a few thoughts about these pension terminations. Under pension insurance laws, when companies go bankrupt and leave their plans with large unfunded liabilities, some participants may not get the full benefits promised to them by their employer. This unfortunately is not unusual. What makes the Delphi terminations different is the linkage to the GM bankruptcy and GM’s role as a pension benefit guarantor. Additionally, Treasury’s multiple roles in this process, as SIGTARP just noted, has led to concerns about transparency to Congress and to the public. Although Treasury has established policies to separate its multiple interests, we believe the most effective means of addressing concerns about these different roles is for Treasury to be as transparent as possible about its activities.”
Barbara Bovbjerg, Managing Director of Education, Workforce and Income Security, U.S. Government Accountability Office; Testimony during Hearing.
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“Our point is just be transparent. Just say it and let the American people judge, like yourselves, and all of us who funded the bailout, do we agree or disagree. But the point is don’t hide behind roles or don’t try to downplay your involvement. Just tell the truth because you know what, the American people are pretty smart. We know there was a crisis. We know something had to be done with GM. And we understand that their role (Auto Task Force) was monumental and they had to do something to restructure GM. If you just be transparent and tell the truth, then the American people will decide."
Christy Romero, Special Inspector General for TARP; Testimony during Hearing.
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