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Fri August 16, 2013
Feds End Pension Benefits For Delphi Retirees
A report by the Office of the Special Inspector General for the Troubled Asset Relief Program shows the Obama administration played a key role in the General Motors bankruptcy in 2009 as pensions were cut for salaried Delphi retirees but not unionized workers and retirees.
The report stopped short of saying the administration's role was right or wrong and made no recommendations. 20 thousand Delphi salaried retirees - nearly half in Ohio - saw their pensions cut by as much as 70 percent during GM's bankruptcy. The report says administration officials indicated they acted quickly to avoid GM's failure. Assistant Treasury Secretary Timothy Massad says the decision was made by GM and was "driven by sound commercial reasons."