Mr.Nick
VIP Member
- May 10, 2011
- 9,604
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Get the fuck out of here you piece of shit propagandist..
Please dont shoot me
Oh I see guilty as charged then?
Shoot you? you're the gift that keeps on giving...
You're a poster boy...
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Get the fuck out of here you piece of shit propagandist..
Please dont shoot me
Simple indeed for a blind bot on auto response
Please show where I was incorrect in my post.
I can tell you exactly where you are incorrect. The non-union Delphi workers did not get bailed out with taxpayer dollars while the union members did get bailed out with taxpayer dollars, by way of VEBA.
Read this: James Sherk and Todd Zywicki: Obama's United Auto Workers Bailout - WSJ.com
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.
So your claim that the UAW picked up the tab is wrong. The taxpayers picked up the union members' tab.
Obama has proven time and time and time again that he will do ANYTHING the unions ask of him. He is completely beholden to union special interests.
The deliberate and false ignorance about how these matters are handled subject to law, by the extremist far right, is nothing new. The extrembots are sillybots.
Let's move along.
The deliberate and false ignorance about how these matters are handled subject to law, by the extremist far right, is nothing new. The extrembots are sillybots.
Let's move along.
Trajan, stop the ignorance. Go research it for yourself.
The deliberate and false ignorance about how these matters are handled subject to law, by the extremist far right, is nothing new. The extrembots are sillybots.
Let's move along.
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.
ahhhhh the race card, idiots will be....idiots.
Please show where I was incorrect in my post.
I can tell you exactly where you are incorrect. The non-union Delphi workers did not get bailed out with taxpayer dollars while the union members did get bailed out with taxpayer dollars, by way of VEBA.
Read this: James Sherk and Todd Zywicki: Obama's United Auto Workers Bailout - WSJ.com
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.
So your claim that the UAW picked up the tab is wrong. The taxpayers picked up the union members' tab.
Obama has proven time and time and time again that he will do ANYTHING the unions ask of him. He is completely beholden to union special interests.
Never trust a corporation they welsch on their debts.
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.
Is lying about it under oath also a normal part of bankruptcy?
that may be true , however remember the old line; 'the gov. pick winners and losers'?
well they picked; delphi lost, the uaw won......the point being obama doesn't have a leg to stand on when it comes to mewling over co's that crash pension benefits etc...he cannot have it both ways.
The deliberate and false ignorance about how these matters are handled subject to law, by the extremist far right, is nothing new. The extrembots are sillybots.
Let's move along.
It is why I dont debate them or try to educate them, they dont care about the truth, not at all
They are simply outraged that we have a Black prez, it is that simple
nothing you say has any value to it, at all...when you criticize obama from the right vs the left, you are exposed as a hypocrite, a liar and probably a racistThe deliberate and false ignorance about how these matters are handled subject to law, by the extremist far right, is nothing new. The extrembots are sillybots.
Let's move along.
It is why I dont debate them or try to educate them, they dont care about the truth, not at all
They are simply outraged that we have a Black prez, it is that simple
Strawman.
It is you who does not care about the truth. The Obama Administration rescued union workers with our money, and let the non-union American workers sink. This from a guy who promised transparency and no special interest coddling.
You cannot dodge that truth.