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Geithner Sacrificed Pensions Of Non-Union Delphi Retirees
Back in 2009 when the government sacrificed GM and Chrysler bondholders just so labor unions (read voters) can be made whole, the media, for various reasons, decided not to pursue the decision-making process that left some workers with their pensions wiped out, while others were made whole and suffered no losses (with a comparable lack of investigation being conducted as to the decisions that shuttered some Chrysler dealers, but left others operating, a topic Zero Hedge had some say over). In fact, as the Daily Caller reminds us "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...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." Turns out they lied... Under oath.
The Daily Caller has more on this less than shocking revelation: "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."
In other words, since the sanctity of the labor union would be untouched with their pension loss, those workers were expendable. Not so much the unionized workers, and potential re-voters. Of course this reminds us of an analysis presented here previous debating whether Labor Unions are the "New, Old Superpacs." Because while one or two billionaires may have enough money to buy a lot of GM and Chrysler bonds if they so desire, a million UAW workers collectively are more than capable of inverting the superpriorty waterfall structure embedded in every bankruptcy which in turn could easily make said billionaires into millionaires or far less.
DC continues:
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.
Somehow, despite potential evidence to perjury, we doubt the the outgoing Trasury Secretary who has at most a few more months in his current position before he shifts to a cushy position in some university or Wall Street bank, will lose much sleep over the prospect of appearing in court and having to defend why he may have lied to Congress. After all, as the head of the Eurogroup will gladly remind us every so often, "when it becomes serious, you have to lie."
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Union members are getting poked in the whiskers too, while exec's rob the pension funds legally. Trying to get contracts enforced is like trying to get the regulators to do their job. It ain't happening. The only contracts that are enforced are the likes of Greenberg/AIG on ur tax dime.
This is so very sad and so morally wrong.
My godparents were both non-union Delphi retirees. They lost their pensions and their home. After living with my mom and dad for about a year, they went out to dinner one night and instead of coming home to thier loved ones afterwards decided to commit suicide together in a dark f-cking Applebees parking lot.
These people should spend years behind bars. Sadly they never will...
This was tough to read.
I'm very sorry for this.
The Republic cries.
Sorry to hear about your parents, mate. That really blows.
What assholes. From Geithner axing these life savings of hard working people, to Romney closing the plant that gets a hard working guy canned, loses his health insurance which leads to his wife not getting care and dying.
The Baby Boomers have gone soft, man. If they think my generation, raised on Call of Duty and Noble Savage plot like "Avatar", are gonna simply take this shit lying down.....
.....well "They've got Another Thing Comin'."
The Call of Duty generation belittling the Call TO Duty generation for 'going soft'.
Respawn only works in games, son.
The military doesn't use live ammo on each other during training exercises. So, yes, there appears to be a RL equivalent to a respawn point while training. I've also been fortunate enough to do hard core raids in the virtual world, and sadly it's military equivalent in RL as well.
You know what? I've had better AAR's (after action review) with a virtual raiding party than most military units I was assigned to. The planning and strategy required is something most people who don't game are aware of, but it is an amazing thing to be a part of, plan for, and execute.
Strategy, teamwork, leadership - all valuable skills no matter where you learn them. But then again nothing beats tilling a field, repetitive manual labor, killing chickens for supper, or whatever it is the "Great" generation did for learning the same skills.
No, you won't take it lying down- you'll take it sitting on your couches with controllers in your hands listening to rap songs talking about being tough and the harshness of street life none of you ever experienced.
America voted your parents (and countless others chasing ghosts in the desert) dead in exchange for racketeering and extortion by uncle sam to save the rich man's bank account.
Mission Accomplished.
Cheer up, a lot of very rich people got paid with the monetization of your parents.
Just remember "we saved the banks but lost America."
- Tim Geithner
Sorry to hear about your godparents.
My Uncle also retired as a non-union retiree from Delphi and he too lost his pension. After he passed, my aunt moved to an assisted living center and is barely scraping by. House is gone, no pension, and very little SSI is her reality. Since their largest investment was GM stock, I think she is using it now for toilet paper.
Sad to see the "Greatest Generation" be treated this way!
You're right, they won't spend time behind bars... they will hang from the gallows or face the firing squad... http://tinyurl.com/cd5cyjo/
Just as sad as you god parents deaths is the mentality they were saddled with... that their worth was somehow measured by the numbers of zeroes in their bank account, the size of their residence, or their physical wealth. I'd happily live under a bridge and eat squirrels before I got upset about my money or lack thereof and left my loved ones in the lurch.
Sad, but I wish they'd gone Bonnie and Clyde against those responsible instead. UAW union heads, crooked politicians, lawyers, bankers...instead two decent people who lost hope (check that, who had hope brutally stolen from them).
so them blindly thinking that they would be treated fairly by a company or a government and you want to blame the people that organize against all the things that this blog always wishes they rises up against
envy that you can't be part of anything that fight anything
scabs - sorry but how can anyone complain when they ignore reality.. you think justice is ever free?
Timmy will be chained to the Golfer-in-Chief and Brenanke when the rat pack of traitors to the Constitution is finally ARRESTED EN MASSE and paraded in front of the cameras... http://tinyurl.com/cd5cyjo/
Thats racist!
Obama ruins more peoples' lives every day. 20,000 at once = efficiency in government.
<priced in>
The government of the few, by the few, for the few.
Carry on comrades .....
There is an appalling lack of vigilantes these days; can there have been many times in history when they were more needed and justified?
I'm pretty sure you just committed a hate crime. You are just intolerant.
Gay pride is much more important than justice or fiscal soundness or fixing any problem whatsoever of anyone not fag.
All gays all the time, anything else is a hate crime!
Obama to Joe the plumber to paraphrase ... we intend to spread the wealth around a little bit.
How true. Real close to the tipping point. Real close.
All animals are equal, but some animals are more equal than others.
Geithner is a thoroughbred liar.
And the face of the administration.
What more needs to be said about the administration!!!!!!
so what if the u.s. federal government is the largest union in the world -- it's a socialist/ communist thingamajig 'nwo' prerequisite for planet earth
Sign ze papers, or I will put this cigarette in your eye.
Ieeeeeeee......
Speaking of government meddlers and con men, it's former steelworker union boss Ron Bloom while government-appointed to steer the GM wheel who helped lead us up this primrose path to fascist socialism, after having relieved Obama’s former disgraced Car Czar Steven Rattner (journalist turned multimillionaire investment banker) who lost control of the entrepreneurial wheel, albeit highly praised by Boss Geithner. (Rattner in 2010 agreed to pay $10 million to settle influence-peddling allegations in New York.)
In a recap of Bloom from February 2009 to August 2011, Wikipedia reports: “Ron Bloom served as a senior official in the Obama Administration. From February 2011 to August 2011, Bloom served at the White House as the Assistant to the President for Manufacturing Policy. Prior to holding that role, Bloom served at the Department of the Treasury, first as a Senior Advisor to the Secretary of the Treasury and member of the President’s Task Force on the Automotive Industry and subsequently as Senior Counselor to the U.S. President for Manufacturing Policy…
“On October 16, 2011, The New York Times reported, "the National Association of Letter Carriers announced that it had hired Mr. Bloom and Lazard (upon graduation from HBS, Bloom joined the investment banking firm of Lazard Frères & Co. where he divided his time between mergers and acquisition), the financial advisory and asset management firm, to develop a strategy to revitalize the deficit-laden [U.S.] postal service", currently facing a deficit of nearly $10 billion.[28] The union is looking to Mr. Bloom to help expand and explore possible solutions needed to address the service’s immediate fiscal crisis as well as a range of long-term business strategies. The national president of the union, Fredric V. Rolando, commented about Bloom and Lazard: 'They have experience in analyzing large, financially complex institutions and crafting creative solutions.'"[29]
According to the Baltimore Jewish Times, Bloom says that his time spent with a Labor Zionist youth movement "was a broader sense of identifying with the underdog, and of observing the world through a lens, through people who don’t have as much and aren’t as lucky.”
Says Wikipedia, referencing the Washington Examiner: In 2008, Bloom spoke to an audience at the sixth annual Distressed Investing Conference held at the Union League Club and said, among other things. Bloom said, "Generally speaking we get the joke. We know that the free market is nonsense. We know that the whole point is to game the system, to beat the market, or at least find someone who will pay you a lot of money because they're convinced that there is a free lunch. We know this is largely about power, that it's an adults only, no limit game. We kind of agree with Mao that political power comes largely from the barrel of a gun. And we get it that if you want a friend, you should get a dog."
According to the Wiki Ron Bloom bio, Bloom grew up in Swarthmore, Pennsylvania, and as a child attended Camp Galil a summer camp of the Labor Zionist youth movement, Habonim Dror. It was there, according to the Jewish Times, that he developed an engagement and desire to improve the world, as well as the motivation to be an activist and a leader in the wider Labor Movement.
Bloom previously worked as the special assistant to the President of the United Steel Workers based in Pittsburgh. Before that he worked as an Investment Banker.
http://en.wikipedia.org/wiki/Ron_Bloom
If this isn’t Fascism, what is?
"Generally speaking we get the joke. We know that the free market is nonsense. We know that the whole point is to game the system, to beat the market, or at least find someone who will pay you a lot of money because they're convinced that there is a free lunch. We know this is largely about power, that it's an adults only, no limit game. We kind of agree with Mao that political power comes largely from the barrel of a gun. And we get it that if you want a friend, you should get a dog."
This is fascism speaking out loud its corrupt evil gibberish. The statement of a criminal.
So let me get this strait; Non-union worker don't vote and union workers (read voters) do. Looks like less than 7% of the working population will be voting this cycle.
Obama by a landslide, I guess.
Scabs get what scabs deserve.
Non-union workers are not guaranteed Democrat donors. By opening the Treasury to union members, the Democrats get both a happy union member (they suppose) that will vote for them, and an automatic return of a significant portion of the money back in campaign controibutions and political "activists." Like the ones bussed into Wisconsin to stalk state legislators. This money-laundering scheme from the Treasury to Democrats is what has kept this corrupt America and freedom hating organ alive for decades.
Wow, this is important. I am turning on CNBC. I am sure they will headline this within the next 10 minutes or so. After all, it is not about advertising, but the Truth.
:)
Adelphi pensions were used for sponsor logo on Man U jerseys
GM had the "best year ever" after stuffing the channels full.
The only reason government gets involved with companies is for cronyism or votes or both.
Unless they have to clean up some spill.
Here comes another executive order by the head crook Soetero. Jesus! Holder, Geithner, Gensler, Shapiro and many more... all blatantly corrupt, yet, no action is a=ever taken... Bad BO depends on the corrupt unions, welfare cheats, food stampers, and illegals to win... what a filthy roach we have in office...
Ummm... they will be behind bars soon. Sure as the sun will cross the sky, the MASS ARRESTS are coming... http://tinyurl.com/cd5cyjo/
No way they maked the unions "whole" if they did that the govt would lose their leverage over union workers and even if they did make their pensions "whole", they'd re-loot again, the people that run our govt and unions just don't leave money on the table-ever.
PAGING ERIC HOLDER.....ERIC HOLDER......COME IN ERIC HOLDER !!!!!!!
PLEASE ARREST TIMOTHY GEITHNER AT YOUR EARLIEST POSSIBLE CONVIENCE.....ONLY AFTER YOU FIND AND ARREST JOHN CORZINE FIRST.
LET MEXICAN DRUG LORDS HELP YOU.....AFTER ALL.....THEY HAVE ALL OF OUR FIREPOWER.
http://rense.com/general82/carrlin.htm
"....They'll get it. They'll get it all, sooner or later...."
It didn't end in 2009. The dry-rear-entry for white collar retirees is still going on
http://www.freep.com/article/20120621/COL07/206210454/Susan-Tompor-Financial-planners-say-GM-salaried-retirees-shouldn-t-fear-Prudential-annuity
Unions and OWS, the harmonic balance between two wind instruments could not be more perfect, The Blowers and the Tweeters.
"Unions and OWS, the harmonic balance between two wind instruments could not be more perfect, The Blowers and the Tweeters."
And brought to life by the same, unbridled, rapacious, crony. mafia style capitalists who have no fear of being policed and prosecuted by the government, the people, or the media titans of conservatism who are too busy looking for Barry's birth certificate.
If you do not want the disease.....first....do not engage in the behavior that allows you to more likely get the disease.
To state the obvious:
1. One cannot serve good by committing evil acts. There is no such thing as doing bad to do good.
2. People keep things secret for evil reasons. Good is never served through secrets.
C'mon, it's not like they lied about anything important, like what they took 10 years ago to get an extra 3mph on their fast ball. And besides, only 'little' people have to testify under oath or tell the truth under oath.
When the political/bankster crooks running this shit show believe they are out of options, what type of disaster will they unleash on us rum-dummies? I used to laugh at truthers who believed 9-11 was government orchestrated. I don't laugh any more.
oh wait you mean there was a benefit to a union? who would of thought?? You mean the individual won't just get steamrolled by the big machine like all the outsourcing and under employement that is rampant without unions?? wasn't everyone going to play fair without the need for dirty unions? big business and big government are always fair to the individual right?
Romney needs to feature some of the dispossessed pensioners from Delphi in an ad similar to the one Obama is running about Bain!!!