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

[Remodeling Maidiac]

Report: Tim Geithner Killed Non-Union Pensions at Delphi | TheBlaze.com

And you guys get mad when we call this administration out for being the bullies they are.

No boundary they won't cross

 

[Remodeling Maidiac]

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.

 

[uscitizen]

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.

 

[Remodeling Maidiac]

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

 

[uscitizen]

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.

 

[uscitizen]

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

 

[uscitizen]

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

 

[Remodeling Maidiac]

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.

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.

**** these 20k retirees because they aren't union right? Bogus

 

[theDoctorisIn]

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.

**** these 20k retirees because they aren't union right? Bogus

I bet they wish they had joined UAW...

 

[Trajan]

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...

 

[EriktheRed]

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...

Yeah...really.

 

[ClosedCaption]

The U.S. Treasury Department, under the tutelage of Timothy Geithner, may have been....

*buzzer*

Tell us Gramps how unfounded allegations really really chaps your ass...this time make it believeable

 

[g5000]

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.

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.

 

[g5000]

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...

Yeah...really.

Not.

See my previous post.

 

[ConzHateUSA]

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.

you are arguing with someone who hates our prez for being Black

 

[Mr.Nick]

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.

I wonder if people can put 2 and 2 together by now?

Stimulus goes to states and the states hire union workers.

GM bailout AKA "UAW bailout."

Cash for clunkers - give people tax money to buy new cars which UAW manufactures - not to mention smash the **** out of perfectly good autos that a person on a limited budget could afford.. No Obama wants them to take out loans and buy new cars they cant afford because it will stimulate the ******* UNION and make the banks richer..

Repeat ....

If you're not a union worker and make over 35k a year Obama will steal from you and torture you as much as possible...

 

[Listening]

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.

**** these 20k retirees because they aren't union right? Bogus

Wow....looking out for the little guy.

Oh, wait.

That was supposed to be Obama.

Why am I confused here ?

 

[ConzHateUSA]

phew, the racism, ignorance....so dangerous when morons try to think

 

[Mr.Nick]

phew, the racism, ignorance....so dangerous when morons try to think

Racism??



Do you progressives just post from a script???

I wonder how much they pay you to post that ignorant bullshit?

Let me guess you got a job off craigslist and the title read "progressive grass roots - make a difference."

Get the **** out of here you piece of shit propagandist..

 

[ConzHateUSA]

Get the **** out of here you piece of shit propagandist..

Please dont shoot me