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Report disputes GM pension action

Delphi salaried retirees pleased with findings

August 17, 2013

A government inspector general says President Barack Obama’s administration played a key role in the General Motors bankruptcy in 2009 as pensions were cut for salaried Delphi Corp....

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(75)

liemonger

Aug-20-13 9:22 PM

Maybe 'their" not mad.

Just literate.

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DelphiRetiree

Aug-20-13 4:02 PM

Steve Rattner, an allegedly corrupt hedge fund guy, was the original head of Obama's Auto Task Force who set the stage for the bankruptcy process. It was clear that Rattner would favor UAW claims over less politically-popular claims by GM bondholders (as well as intruding to protect Delphi's UAW retirees over non-union Delphi retirees) despite the fact that all unsecured claims had the same legal standing.

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DelphiRetiree

Aug-20-13 4:02 PM

"From the beginning, the Delphi salaried retirees and certainly my Congressional office have pushed the administration because we believe the Administration picked winners and losers," said Rep. Turner. "The Administration has repeatedly denied they were involved in the decision making for both General Motors and the Pension Benefit Guaranty Corporation (PBGC) that resulted in Delphi salaried retirees losing their pensions. The report released today completely discredits the Administration's statement that they did not influence GM and were not involved in GM's or the PBGC's decision making."

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DelphiRetiree

Aug-20-13 4:01 PM

HOUSE OVERSIGHT REFORM COMMITTEE

"The Obama Administration said time after time that it would not play a role in the day to day operations of GM," said Chairman Issa. "The SIGTARP report finds, unequivocally, that Treasury usurped authority at GM and played a heavy hand in decision-making at the company. This is troubling news that lends credence to the fact that the federal government essentially took over a private company and made decisions that chose winners and losers."

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DelphiRetiree

Aug-20-13 6:09 AM

Apparently "someone" thinks that censorship is the way to the truth on this site...lol.

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liemonger

Aug-18-13 1:40 PM

"I can see by your post that you are a person of intelligence"

You can't see anything with those blinders on, lemming.

AND you wouldn't know intelligence if it slapped you in that thick, retarded skull.

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wonderwomen

Aug-18-13 9:57 AM

Future look at the wages of the union worker at Delphi now with all the tiers hardly a live able wage but you don't care about that Delphi retiree cause your not working... If their wages are low that means the salaried workers are as well. See that's what separates the mindset of management from a union worker I care about my union brothers and sisters all of them from all unions and I am concerned about the retirees and their benefits and am concerned with the people's wages that will come after me. To me these people are family even though I don't know them and that there is why the union workers succeed and you claimed to he robbed by the president there's alot to he said by the word solidarity and that's just something management has never had

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wonderwomen

Aug-18-13 9:53 AM

Nothing in life is guaranteed back in the day when the retirees were getting hired business in this area was plentiful. There were tons of jobs and taking a salaried job not a union job was done by choice. Back then the unions had so much power you could have chose to do the grunt work and be protected by this power but decided to be management. I am so tired of hearing how people clicked in or out others and all these things were going on. Lets be honest here if you were good at your salaried management jobs these things wouldn't have taken place cause that's your job to stop. In all honesty at least from what I see your beating a dead horse. But will continue to fight on no matter what the outcome is tons of jobs in this area are lost and will never return. They won't come back to this area and many of you blame unions for this truth of the matter is its due to the selfishness of the people everyone is so concerned about themselves and how they were wronged and never look at the..

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Goneforgood

Aug-17-13 8:25 PM

Reallytiredofit….“In every bankruptcy there are losers”

You would know tell me who was the loser when you filed bankruptcy?

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Goneforgood

Aug-17-13 8:25 PM

Reallytiredofit…“You would do your cause more good if YOU made an effort to be civil to people who post here. Try to remove the bitterness from your posts and learn to respect other posters opinions.”

There you go being a hypocrite again. I can’t believe you have the nerve to post something like that.

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jtoday

Aug-17-13 8:09 PM

EarlyRiser everyone would like EVERYONE to get what they earned. Steel workers have lost a lot of their pensions as have others. As I said before, it seems that the salaried folks are more mad that the union members got something. Good luck to you and all of the others from RG.

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EarlyRiser

Aug-17-13 7:39 PM

Delphi Retiree, I was a union employee at RG Steel (WCI Steel) I had 14 years which I will probably get nothing from PBGC by time I am 65, I am 50 now. I do agree with you about how the bankruptcy was handled, Even though I was union I can still see fairness unlike most of the people on this sight who are blind to Obama. I hope you win your fight and have your pension restored.

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Daniel

Aug-17-13 6:49 PM

"Delphi Salaried employees signed at the time of the spin off and the waiver form that the Delphi salaried retirees signed when they retired in order to receive their EXIT BONUS."

Well now, this changes everything. Delphiretiree forgot to mention this little fact and has been a liar the whole time. Somehow I doubt Obama would except her apology.

Took the money and ran and expect the tax payers to give them some free money. Not going to happen.

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jtoday

Aug-17-13 5:31 PM

DelphiRetiree I have no idea what is true or not, so tell me what was false in the article.

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CommonSense

Aug-17-13 4:46 PM

The divider-in-chief is the WORST PRESIDENT EVER.

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DelphiRetiree

Aug-17-13 2:50 PM

Molson - No, I'm not the individual that you refer to.

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DelphiRetiree

Aug-17-13 2:49 PM

Jtoday - Guess that's a lesson that you shouldn't believe all you read form the Plain Dealer.

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DelphiRetiree

Aug-17-13 2:48 PM

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jtoday

Aug-17-13 2:11 PM

'GM spun off Delphi as an independent company in 1999. It was risky and the unions wanted protection, so GM agreed to a guarantee: If Delphi faltered and the union pensions got cut, GM would "top up," or supplement, those smaller pensions so Delphi retirees could have the retirements they’d always expected. Not every union had this deal, nor did Delphi’s salaried workers.

Making such a promise brought GM labor peace. A disruption by Delphi could easily halt GM production. And at the time, Delphi’s pension plan for salaried workers was fully funded -- and its plan for hourly workers was not. That’s at least partly why there was no cry for salaried workers to get a similar top-up agreement at the time.'

From Friday's Plain Dealer

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Molson

Aug-17-13 12:24 PM

DelphiRetiree

Are you the guy that graduated from Howland in the late 60's (maybe 1968) and played in the band? The reason I ask is I know a guy (a Delphi retiree) fitting that description whose every second sentence is about his skill set from Delphi and how he is going to set up a consulting firm based on his skill set from Delphi.

Just curious.

Hey, if you are not that guy (but am betting you are) Packard/Delphi was good to both of us. You got a skill set which made you a wise investor, I got more than that and an monthly pension check.

Both of us did well. The 60's, 70's and even the early 80's at Packard/Delphi are times which will never be repeated in American manufacturing history due to the world economy and our American folly of not believing in semi-isolationism. We were both lucky to be a part of that historical time.

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DelphiRetiree

Aug-17-13 11:31 AM

Sorry, my last comment was directed at BOTH Molson & Stabt.

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DelphiRetiree

Aug-17-13 11:29 AM

Molson - Anniemae gave you the answer. The salaried gave up plenty over the years that the unions kept. If you're asking did we give up things voluntarily, the answer is no one did. Not the salaried, and certainly NOT the unions.

Regarding getting another job, I don't need one. I used my skill sets to invest wisely.

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dstabt

Aug-17-13 11:07 AM

*plenty

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dstabt

Aug-17-13 11:06 AM

Delphi, let me get this straight, you make a general comment stating that salaried workers gave up plent, but then when asked you won't answer. Then when you try to put me down it sounds like Turrets. I agree with Molson, go ahead and transfer that skill to WalMart.

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dstabt

Aug-17-13 11:03 AM

LOL MOLSON!

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