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Well this is interesting. Wonder if the media will address this?

Posted by on Aug. 7, 2012 at 8:17 AM
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Emails obtained by The Daily Caller show that the U.S. Treasury Department, led by Timothy Geithner, was the driving force behind terminating the pensions of 20,000 salaried retirees at the Delphi auto parts manufacturing company.

The move, made in 2009 while the Obama administration implemented its auto bailout plan, appears to have been made solely because those retirees were not members of labor unions.

The internal government emails contradict sworn testimony, in federal court and before Congress, given by several Obama administration figures. They also indicate that the administration misled lawmakers and the courts about the sequence of events surrounding the termination of those non-union pensions, and that administration figures violated federal law.

Delphi, a General Motors company, is one of the world’s largest automotive parts manufacturers. Twenty thousand of its workers lost nearly their entire pensions when the government bailed out GM. At the same time, Delphi employees who were members of the United Auto Workers union saw their pensions topped off and made whole.

The White House and Treasury Department have consistently maintained that the Pension Benefit Guaranty Corporation (PBGC) independently made the decision to terminate the 20,000 non-union Delphi workers’ pension plan. The PBGC is a federal government agency that handles private-sector pension benefits issues. Its charter calls for independent representation of pension beneficiaries’ interests.

Former Treasury official Matthew Feldman and former White House auto czar Ron Bloom, both key members of the Presidential Task Force on the Auto Industry during the GM bailout, have testified under oath that the PBGC, not the administration, led the effort to terminate the non-union Delphi workers’ pension plan.

“As a result of the Delphi Corporation bankruptcy, for example, Delphi and the Pension Benefit Guaranty Corporation were forced to terminate Delphi’s pension plans, which means there are Delphi retirees who unfortunately will collect less than their full pension benefits,” Feldman testified on July 11, 2012.

The emails TheDC has obtained show that the Treasury Department, not the independent PBGC, was running the show.

Under 29 U.S.C. §1342, the PBGC is the only government entity that is legally empowered to initiate termination of a pension or make any official movements toward doing so.

NEXT: Read the internal Pension Benefit Guaranty Corporation emails >>

by on Aug. 7, 2012 at 8:17 AM
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Replies (1-10):
Carpy
by Platinum Member on Aug. 7, 2012 at 8:19 AM

If you read it, read the whole thing.

imamomzilla
by on Aug. 7, 2012 at 8:52 AM

 Ohh. That's not good. Cutting the pensions of NON-union members. Something stinks.

shimamab
by on Aug. 7, 2012 at 8:58 AM
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What emails? What did they say exactly? Obtained how and from who? Sounds like the daily caller is pulling a Harry Reid. Show us evidence or stop making insinuations.
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Ednarooni160
by Eds on Aug. 7, 2012 at 9:37 AM
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Thought this was interesting..

It’s unclear how many additional meetings about the Delphi pensions took place, and whether PBGC staff were invited to participate in them. But Treasury excluded them from the meeting during which the discussions began, which is likely a violation of 29 U.S.C. §1342. Without a PBGC representative in the room, Treasury officials were legally prohibited from making decision about pensions — or even from moving toward them.

_Kissy_
by on Aug. 7, 2012 at 10:11 AM
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Hearsay.
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JakeandEmmasMom
by Gold Member on Aug. 7, 2012 at 10:52 AM
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 It's BS, but what are you going to do?  It's a risk to be non-unionized in a unionized industry.  The reality is, they would have cut EVERYONE'S pensions if there were no unions at all.  This is why, for the life of me, I don't get why some working class people are anti-union. 

I had a very interesting discussion this past weekend with my husband's uncle.  He owns a lumber mill and a construction company...non-union.  He is a completely self-made man.  He'd had a union job when he was first married.  He was saying that he was relieved that his employees hadn't unionized, but for the life of him he couldn't understand why they hadn't because he couldn't fathom how they lived on what he paid them.  From his perspective, he wants to keep the maximum amount of profit he can (after all, he's still completely supporting his four middle-aged children, even the one who actually works), but he wouldn't blame them if they tried to unionize.  It was very enlightening. 

godotherightthi
by on Aug. 7, 2012 at 12:02 PM
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Quoting shimamab:

What emails? What did they say exactly? Obtained how and from who? Sounds like the daily caller is pulling a Harry Reid. Show us evidence or stop making insinuations.

 Read the whole story - the emails and evidence is there.

shimamab
by on Aug. 7, 2012 at 12:03 PM
I clicked the link and only saw the same text as above. Guess I'll try again

Quoting godotherightthi:

 


Quoting shimamab:

What emails? What did they say exactly? Obtained how and from who? Sounds like the daily caller is pulling a Harry Reid. Show us evidence or stop making insinuations.

 Read the whole story - the emails and evidence is there.

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godotherightthi
by on Aug. 7, 2012 at 12:04 PM
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This is a big deal, but so is Fast and Furious and the Black Panther voter intimidation case.  I suspect this will get equal coverage.

tnmomofive
by Silver Member on Aug. 7, 2012 at 12:12 PM
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Sure ..of course...I bet they are scurring with ants in their pants..frothing at the mouth to be able to talk of this.So fair and balanced.

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