Tuesday, August 07, 2012

Surprise! ObozoGang Killed Delphi Pensions

Daily Caller found emails which (strongly) suggest that Geithner--not PBGC--killed the non-UAW Delphi pensions.

The matter of "sworn testimony"?  Should we call it "perjury"?

“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,” Feldman testified on July 11, 2012.
The emails TheDC has obtained show that the Treasury Department, not the independent PBGC, was running the show.

Under 29 U.S.C. §1342, the PBGC is the only government entity that is legally empowered to initiate termination of a pension or make any official movements toward doing so.

Umnnhhhh...but PBGC people weren't involved in the meetings leading up to the termination.

Morris had written earlier that day that the PBGC team would “probably get invited to the Monday meeting at tomorrow’s meeting,” and that the Monday meeting would involve “talks” on the GM and Delphi portions of the bailout plan. Those strategies, she wrote, including “pension issues,” would be “kicking off” that Monday.
But after the Friday meeting, House emailed PBGC staffers Karen Morris and John Menke. “We’ve been disinvited,” he wrote. “It’s for the best.”

“Who uninvited us?” Morris replied.

“Treasury,” House responded.

...Treasury excluded them from the meeting during which the discussions began, which is likely a violation of 29 U.S.C. §1342. Without a PBGC representative in the room, Treasury officials were legally prohibited from making decision about pensions — or even from moving toward them.



Anonymous said...

Jon Stewart was right when he said Bain's corporate logo should be a giant fist squeezing a globe. About all Romney did was buy up a company, rape it for anything of value, and sell off what was left before it collapsed, making it somebody else's problem. He made a lot of money for himself and his partners, but probably ruined more jobs than Obamessiah.

Voting for Romney is like voting for Jobs Czar Jeffrey Immelt.

I'm not voting for either.
I'm going to vote for None Of The Above.

Saint Revolution said...

Why don't you simply put your effort where it matters?

"...They tell us, sir, that we are weak — unable to cope with so formidable an adversary. But when shall we be stronger? Will it be the next week, or the next year? Will it be when we are totally disarmed, and when a...guard shall be stationed in every house? Shall we gather strength by irresolution and inaction? Shall we acquire the means of effectual resistance by lying supinely on our backs and hugging the delusive phantom of hope, until our enemies shall have bound us hand and foot?...

"...There is a just God who presides over the destinies of nations, and who will raise up friends to fight our battles for us. The battle, sir, is not to the strong alone; it is to the vigilant, the active, the brave...

"...Is life so dear, or peace so sweet, as to be purchased at the price of chains and slavery? Forbid it, Almighty God! I know not what course others may take; but as for me, give me liberty or give me death!..."

--Patrick Henry