Government hit Delphi retirees hard in TARP deal

August 21, 2013 

The truth is emerging regarding how the Obama administration caused thousands of salaried retirees to lose their pensions while keeping those same benefits for other workers who had more influence!

The Special Inspector General for the Troubled Asset Relief Program (SIGTARP) report "Treasury's Role in the Decision for GM To Provide Pension Payments to Delphi Employees" details how the auto task force used a heavy hand to force GM, Delphi and the PBGC to follow its own agenda through the "quick-rinse" GM bankruptcy process in 2009.

The U.S. Treasury (specifically Ron Bloom, a member of the president's auto task force) negotiated the pension deal for the major unions, not GM and not some investment company. Our government chose the winners and losers.

The Treasury has objected to this characterization of their actions, claiming they saved more than a million jobs -- and everyone involved should share the sacrifice -- but the Treasury made sure that some obviously did not share the sacrifice.

Members of the auto task force refused to cooperate with the SIGTARP investigation for more than a year until the House Oversight and Government Reform Committee brought leverage to bear. The Treasury still refuses to provide records of their involvement.

The SIGTARP report brings out some of the truth of what happened. Of course, the Treasury doesn't like it at all.

We will continue to fight for what we earned, just like the unions did. The secrecy and obstruction of the government departments that were involved in these decisions makes this a tough fight. All we ask for is what we earned.

John Norris, Delphi Salaried Retiree, Board Member, Delphi Salaried Retirees Association

Bradenton

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