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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.
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.
Simple indeed for a blind bot on auto response
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.
Simple indeed for a blind bot on auto response
Please show where I was incorrect in my post.
Simple indeed for a blind bot on auto response
Please show where I was incorrect in my post.
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
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.
....really...
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.
The U.S. Treasury Department, under the tutelage of Timothy Geithner, may have been....
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.
Simple indeed for a blind bot on auto response
Please show where I was incorrect in my post.
First, GM and Chrysler owed billions of dollars to the union's Voluntary Employee Beneficiary Association (VEBA) when they went bankrupt. The union and the auto makers created VEBA in 2007 to assume responsibility for the UAW's generous retiree health benefits. The benefits allowed UAW members to retire in their mid-50s with minimal out-of-pocket health-care expenses for the rest of their lives. GM owed $20.6 billion and Chrysler owed $8 billion to VEBA as unsecured claims.
A bedrock principle of bankruptcy law is that creditors with similar claims priority receive equal treatment. If you owe $1,000 each on two credit cards, in bankruptcy you cannot choose to pay $900 to Citi and only $200 to Chase. Each of the creditors is entitled to an equal percentage recovery.
In the auto bankruptcies, however, the administration gave the unsecured claims of VEBA much higher priority than those of other unsecured creditors, such as suppliers and unsecured bondholders.
At the time of bankruptcy, GM owed these unsecured creditors $29.9 billion, for which they received 10% of the stock of "new" GM, which went public in November 2010, and warrants to purchase 15% more at preferred prices. Yet VEBA got 17.5% of new GM and $9 billion in preferred stock and debt obligations. Based on GM's current stock price, VEBA collected assets worth $17.8 billion—$12.2 billion more than if the administration had treated it like the other unsecured creditors.
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.
Yeah...really.
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.
Simple indeed for a blind bot on auto response
Please show where I was incorrect in my post.
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.
Simple indeed for a blind bot on auto response
Please show where I was incorrect in my post.
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
phew, the racism, ignorance....so dangerous when morons try to think
Get the fuck out of here you piece of shit propagandist..
