whitehouse strips nonunion members of their benefits and gives them to union employee

Discussion in 'Politics' started by Grampa Murked U, Aug 7, 2012.

  1. Grampa Murked U
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    Grampa Murked U Diamond Member

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  2. Grampa Murked U
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    Grampa Murked U Diamond Member

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    The U.S. Treasury Department, under the tutelage of Timothy Geithner, may have been behind the termination of roughly 20,000 pensions of salaried retirees at Delphi auto parts manufacturing company,*The Daily Callerreports.The decision, according to the DC, was based solely on the fact that the 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,” the*DC’s*article says.“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,” he adds.A quick history lesson: Delphi is owned by General Motors. Back in 2009, when the Obama administration was “saving” the auto industry, 20,000 non-union Delphi employees saw their pensions get wiped out.However, unionized Delphi workers had no problem with their pensions. In fact, they saw their pensions “topped off and made whole,” as the DC puts it.Now keep in mind the White House and the Treasury Department claim they had nothing to do with the pension terminations. They say the Pension Benefit Guaranty Corporation (PBGC), a fed agency that takes care of private-sector pension benefits, made the call all on its own.“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,” Former Treasury official Matthew Feldman testified on July 11, 2012.
     
  3. uscitizen
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    uscitizen Senior Member

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    This is a normal part of bankruptcy. Corporat pensions that the company defualts on are picked up on the taxpayers dime by the PBGC.
    Union members pensions are handled by the union which did not declare bankruptcy.
    Simple.
     
  4. Grampa Murked U
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    Grampa Murked U Diamond Member

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    Simple indeed for a blind bot on auto response
     
  5. uscitizen
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    uscitizen Senior Member

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    Please show where I was incorrect in my post.
     
  6. uscitizen
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    uscitizen Senior Member

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    Paper | June 4, 2009

    The Tripling of the PBGC’s Deficit: What Does it Tell Us?

    StumbleUpon Print The Pension Benefit Guaranty Corporation (PBGC) recently announced a tripling of its deficit from $11 billion to $33 billion. This is a striking increase, especially over six months, and is significant even in these days of huge financial rescue packages. While it is bad news that the PBGC is now $22 billion deeper in the hole, it is not fundamentally surprising news. Numerous studies, including some of my own, have shown that the premium rates set by Congress are insufficient to cover the risks, which themselves are heavily influenced by Congressionally mandated minimum funding rules. Further, the deficit tends to grow in jumps, staying stable or modestly declining in good economic times and soaring when conditions sour.

    The Tripling of the PBGC
     
  7. uscitizen
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    uscitizen Senior Member

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    The Pension Benefit Guaranty Corporation (PBGC) is an independent agency of the United States government that was created by the Employee Retirement Income Security Act of 1974 (ERISA) to encourage the continuation and maintenance of voluntary private defined benefit pension plans, provide timely and uninterrupted payment of pension benefits, and keep pension insurance premiums at the lowest level necessary to carry out its operations. Subject to other statutory limitations, the PBGC insurance program pays pension benefits up to the maximum guaranteed benefit set by law to participants who retire at age 65 ($54,000 a year as of 2011).[2] The benefits payable to insured retirees who start their benefits at ages other than 65, or who elect survivor coverage, are adjusted to be equivalent in value.

    During fiscal year 2010, the PBGC paid $5.6 billion in benefits to participants of failed pension plans. That year, 147 pension plans failed, and the PBGC's deficit increased 4.5 percent to $23 billion. The PBGC has a total of $102.5 billion in obligations and $79.5 billion in assets
    Pension Benefit Guaranty Corporation - Wikipedia, the free encyclopedia
     
  8. Grampa Murked U
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    Grampa Murked U Diamond Member

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    You don't find it odd that one pension disappears while another suddenly grows?

    Obama took money from shareholders and gave it to the unions.

    Fuck these 20k retirees because they aren't union right? Bogus
     
  9. theDoctorisIn
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    theDoctorisIn Senior Mod Staff Member Senior USMB Moderator

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    I bet they wish they had joined UAW...
     
  10. Trajan
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    Trajan conscientia mille testes

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    :lol:....really...:lol:
     

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