A new proposal to sell $1 billion of government-held General Motors stock to help restore Delphi white collar retirees pensions was balked at by one group attempting to build up the underfunded pension.
The Delphi Salaried Retires Association has said it would prefer to reestablish its pension fund through other methods than selling government stock. Den Black, chairman of the association, said the organization would prefer to refund the pension without using taxpayer money or undergo the slow legislative process. However, Ohio Senator Sherrod Brown (D-OH) was still planning to introduce the bill to help get money for the pension.

In any case, the retiree pension fund will need an infusion it is to meet its original obligation. When the supplier went into bankruptcy in 2005, it ended up leaving 21,000 nonunion retirees with a billion dollar shortfall. The pension was moved into government hands and many retirees have still not received their pension checks.


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  • 31 Comments
      Toneron
      • 2 Years Ago
      Taxpayers will fund these pensions in the end. http://www.pbgc.gov/
      Ducman69
      • 2 Years Ago
      Government Motors was such an excellent investment. Thank you Obama Administration! Man, they said that Obama inherited a lot of problems heading into office, if he gets reelected, imagine how many problems he'll inherit THIS TIME! ;)
        untitledfolder
        • 2 Years Ago
        @Ducman69
        You are a partisan idiot and what is wrong with this country. Every headline is an opportunity to you to bash the politician you don't like and have probably zero understanding of the true issue at hand, and it's laws and backgrounds. Note: ERISA laws were passed under a Republican administration.
      richard
      • 2 Years Ago
      This is why there should be a tax on Asian vehicles sold in the US, to go toward shoring up Delphi retiree pensions. After all, the main reason these pensions are underfunded in the first place, is because of Asian supporters buying Hondas, Toyotas, Kias, and the like. These are the people costing the US taxpayers billions, because they don`t have enough sense to buy American.
        Big Rocket
        • 2 Years Ago
        @richard
        @richard: Or, the Big 3 could man up, and build vehicles competitive with the best that Asia, Europe, and the rest of the world have to offer. Although, that would require more work than persuading politicians (read: campaign contributions and bribes) to steal from American taxpayers.
          Big Rocket
          • 2 Years Ago
          @Big Rocket
          @The_Zachalope: Competitive according to who? The only meaningful measure of competitiveness are the sales figures, profit margins, etc. If American cars are really that competitive, not many people would buy foreign cars. But they are buying foreign cars, which is why richard proposed the misguided tax in the first place. As Captain Obvious might say, the real solution is for the Big 3 to produce cars that many people would buy at a price that allows the manufacturer to make a decent profit.
        untitledfolder
        • 2 Years Ago
        @richard
        Or just build something competitive and actually garner REAL respect from your customers, like the Japanese car manufacturers have rather than relying on some inflated sense of patriotism to buy an inferior product from a company that didn't care? Why should individuals support a company that doesn't underdelivers and underperforms? Welcome to capitalism.
        Ducman69
        • 2 Years Ago
        @richard
        I don't have a pension, why should some private entity get tax payer money to fund theirs?
          Gabbo
          • 2 Years Ago
          @Ducman69
          Hmm - why don't you read his post before you comment ? Then you won't ask so many dumb questions.
        Michael
        • 2 Years Ago
        @richard
        Your reason isn't even close to the truth.
      Mercer
      • 2 Years Ago
      Why the government should fund a failed private owned retiree pensions when most Americans don't have pensions at all?
        Michael
        • 2 Years Ago
        @Mercer
        It's called ERISA law. It's been around for decades. If the company goes belly up and can't pay pensions the government pension insurance kicks in and funds/guarantees a portion of the payments.
          Toneron
          • 2 Years Ago
          @Michael
          And should be repealed immediately having never should been enacted in the first place.
      Holycrost
      • 2 Years Ago
      Wow Ducman69. This is a bad move for the government to mess with something they have never handled well. The "Tax Payers money". But to bring election redirect into this tragedy is a little strange to me. Since the buy out was set up well before Obama took office, by a republican majority. I find it to be that the folks who have been screwed by the big money interest are fixing to get it again by the big politicians interested in making more money themselves. I don't believe Obama did his job and should be fired. But I also believe we should not protect the crooks in Washington by pointing at their patsy fall guy Obama. These folks are in a bad way. They should be the focus of discussion. Just my 2 cents. The system failed before Nixon.
        Gabbo
        • 2 Years Ago
        @Holycrost
        Lie much ? It was OWEbama's boys ( RATtner et al ) who divied up the largesse amongst the Union boys. Even RATtner admits they should have "...given the UAW a haircut when everyone else was getting screwed " .
          • 2 Years Ago
          @Gabbo
          [blocked]
      aerosoul98
      • 2 Years Ago
      White collar workers are Republicans. Republicans don't believe in government bailouts or in pensions. Let the white collar workers lose their pensions. Or if they were really honest they would just give up their pensions and not be hypocrites. All the Republicans should do the same.
        Justin
        • 2 Years Ago
        @aerosoul98
        "Republicans don't believe in government bailouts" You say that like it's a bad thing..
          speedjohn
          • 2 Years Ago
          @Justin
          Except when they want the bailout or handout from the government. The farm bill, defense contractors, etc. are all government handouts from the taxpayers. The GOP teabaggers are just the biggest hypocrites about it.
        Toneron
        • 2 Years Ago
        @aerosoul98
        Are you insane? Taxpayer money to save union pensions but eliminate everyone else's? This divisiveness thinking is well beyond communism and is precisely class warfare. Seek help.
        speedjohn
        • 2 Years Ago
        @aerosoul98
        Actually, many if not more of today's white collar workers are Democrats or liberals. They tend to be more educated with advanced degrees. Many white blue collar workers tend to be GOP teabaggers - which is strange because they tend to vote against their own economic interests. Either way, Democrat or GOP teabagger - the pensions should be wiped out and GM (Government Motors) should pay back every red cent it borrowed. None of this **** of the Treasury selling at a loss for the taxpayers. GM wouldn't be alive if it wasn't for the taxpayers.
        wrestleprocbt
        • 2 Years Ago
        @aerosoul98
        Hey areo, it was the investors and companies that got screwed when GM filed bankruptcy. Unions were taken care of. I think it's only fair these guys get something out of it. Horribly mismanaged company and on the road down again according to Forbes. Hope it doesn't happen again because the taxpayers will be once again burdoned with bailing them out.
      A P
      • 2 Years Ago
      Part of the UAW payoff...errrr GM bailout plan is to F U C K anybody that is not in the Union.........the UAW should have been BUSTED and still needs to be. It is a piggybank for the Democrap party.
        Gabbo
        • 2 Years Ago
        @A P
        Absolutely the truth. The UAW and King Barry have their thumbs up each others bunghole.
      garnett.lee
      • 2 Years Ago
      This is another example of why the country is in the shape it's in. Knuckleheads like this idiot wanting the taxpayers to foot the bill for gross mismanagement and shortsighted decisions.
      Unni
      • 2 Years Ago
      They should use GM stocks for Senators pension plan. That should be the right decision. why messing up poor employees pension plans ?
      wrestleprocbt
      • 2 Years Ago
      Wow! Non union people were looked out for from GM? What gives? I think though Sherod Brown is looking out for his votes in November. It would be a completely dumb move to sell the stock now with as low as it is. However, with everything I have been reading about GM being in trouble again within the next 4 years, maybe the gov't should get out of it anything it can.
      jzxcdv
      • 2 Years Ago
      The author did not get his facts right. The fact is that these pensions can be restored without any additional taxpayer money. The plan was 85% funded and never should have been terminated. All that has to happen is for the Pension Benefit Guarantee Corporation to stop using the money from the Delphi plan and the sale of Delphi stock to fund other pensions and use it where it belongs. Senator Brown's bill is showmanship. Why would you put government dollars into funding pensions when it is not needed. There is one little detail in Sen. Brown's bill that gets overlooked though. His plan would relieve GM of having to top off the union pensions. By having the government top off the union pensions rather than GM, it would protect the union retirees from losing a portion of their pensions when GM goes bankrupt again.
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