>From Michelle Malkin, your daily lesson in why not to allow the government to meddle in economic affairs.
http://michellemalkin.com/2010/09/22/special-report-the-delphi-disaster-an-economic-horror-story-obama-wont-tell/ --- Paul Dobosz of the Delphi Salaried Retiree Association, which represents the pensioners and is suing the feds, recounts how they got screwed: The Auto Task Force hatched a plan to dump their pensions on the federally run Pension Benefit Guaranty Corporation, which slashed their benefits. At the same time, the White House and Treasury officials devised a clever way to make the UAW pensions whole using GM and TARP money to accomplish it. The scheme was documented in sworn depositions (that) revealed that some groups of workers were more politically sensitive and would be afforded special treatment (i.e. subsidy using TARP money) while others less politically worthy would be left out. The PBGC, which had the fiduciary duty to represent the best interests of all the Delphi workers, helped sacrifice the non-union employees at the UAW altar. In other words: Obamas team of auto-crats stocked with Big Labor-friendly appointees and self-admitted know-nothings about the car industry decided to cherry pick (one Obama officials own words) which obligations the new Government Motors company would assume and which they would abandon based on their own political whims and fealty. Due process and equal treatment of union and nonunion workers be damned. Administration officials assert that the Delphi workers pension fund was underfunded, but two separate actuarial analyses undercut the claim. The Delphi workers sued the feds and will have a day in court on Sept. 24. They are not asking for a bailout. They are simply asking for fair treatment under the rule of law. Delphi supporters also point out that the very scheme used to top up the union workers pensions with taxpayer subsidies was challenged by the federal government and ruled illegal by the Supreme Court in the 1990s. A separate investigation by TARP inspector general Neil Barofsky, announced last week, will also probe whether political considerations played a role in favoring hourly over salaried retirees. It shouldnt take long to unearth the facts. Obamas own former auto czar Steve Rattner admitted in his new memoir that attacking the unions sacred cow could jeopardize the ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Order the Adobe Coldfusion Anthology now! http://www.amazon.com/Adobe-Coldfusion-Anthology-Michael-Dinowitz/dp/1430272155/?tag=houseoffusion Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:327784 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/groups/cf-community/unsubscribe.cfm
