Smoke And Mirrors, Or Transparency And The Rule Of Law?

[bitterlyclingin]

[Delphi UAW pensioners made whole, while the salaried, non union workers were left holding the bag with only 30%. Gotta keep the Union goons happy, by all means. What else is new in this nation of equals where some are preeminently more equal than others? Sorta like NASA or the Southern Defense Command, highly paid, highly educated ....and white. Gone! And then the machinations used to cover the whole thing up, reminiscent of the scene in the Wizard of Oz where the Wizard's identity is discovered. James Carville was right. In order to get re elected Obama will have to run the dirtiest, nastiest re election campaign ever, with the Nation ungovernable later, as a result.]

"Union-represented Delphi retirees were treated differently than salaried retirees when the PBGC terminated the Delphi pension plan in 2009. Monies from U.S. taxpayers were provided by the Auto Task Force in its $50 billion bailout of GM so the automaker can today top-up the lower PBGC pensions being paid to union-represented Delphi retirees, making their pensions whole.

“Some say this was done because GM was contractually obligated to honor its 1999 labor agreements with labor unions,” said Charles Cunningham, chair of DSRA’s legal committee. “But GM’s bankruptcy court found in 2009 that the ‘new’ GM was not obligated to honor any of ‘old’ GM’s contracts. We want the government to re-examine its discriminatory treatment of us vs. the union-represented Delphi retirees.” We are glad that the Union workers received this “top up” and have been spared the harm and suffering the salaried workers have had to endure. All we want is equal treatment with those people, most of whom we worked side-by-side during our careers.”

Vice President Biden recently told a TV news reporter in Youngstown, Ohio, “We were able to help the hourly folks.” (See it [here])."

Michelle Malkin » Finally: Delphi retirees break through Obama stonewall on UAW bailout

 

[waltky]

PBGC $34B in the hole...

Pension fund agency in $34B hole
WASHINGTON, Nov. 17 (UPI) -- The federal safety net for pension plans for private U.S. companies said its budget deficit hit a record $34 billion as of the end of its fiscal year.

The Pension Benefit Guaranty Corp., which takes over private sector pension plans when they fail, has asked Congress to allow it to set its own premiums, "the way other government and private insurers do," agency Director Joshua Gothbaum said in a statement.

Congress has rebuffed PBGC's request to set its own premiums in the past, as this would raise the cost of the pension protection, which might force some businesses to close or to give up on their pension plans, The Washington Post reported Saturday.

Congress, which determines rate hikes for the agency, has not raised PBGC rates in recent years, the Post said. The agency is funded by insurance premiums, investments on $85 billion worth of assets and funds absorbed from bankrupt companies. PBGC assets grew by $4 billion during the past fiscal year but its long-term liabilities grew by $12 billion. "PBGC may face for the first time the need for taxpayer funds. That is a situation no one wants," Gothbaum said.

The deficit comes as an increasing number of Americans are concerned about retirement. A recent study by the Boston College Center for Retirement Research found 53 percent of Americans have retirement plans that will not support their current standard of living.

Read more: U.S. agency that protects pensions plans seeks new funding approach - UPI.com