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Delphi Salaried Pension Scandal

Portman, Brown, Turner, Ryan Lead Bipartisan Letter to Committee Chairmen

Monday U.S. Senators Rob Portman (R-OH) and Sherrod Brown (D-OH), members of the Senate Committee on Finance, along with U.S. Reps. Mike Turner (R-OH) and Tim Ryan (D-OH) led a letter signed by 28 lawmakers to Congressional leaders pushing for the Health Coverage Tax Credit (HCTC) to be extended, an issue of particular importance to retired United Steelworkers and Delphi salaried retirees struggling to maintain affordable healthcare.

The letter was also signed by Ohio Reps. Steve Chabot (R-OH), Marcy Kaptur (D-OH), Bill Johnson (R-OH), Dave Joyce (R-OH) and Steve Stivers (R-OH). It calls for the leaders of the

at Mar 11, 2014 5:01 PM
       

Update on Obama Administration's Theft of Delphi Salaried Retirees Pensions

DSRAIn August of 2012, I began a series of articles titled, "A Lawless Presidency" and began looking into a huge scandal that involved the Obama Administration taking the pensions from salaried workers of Delphi and then "topping up" the pensions of certain auto union workers to grease the wheels for Judge Robert Gerber's lightning fast GM bankruptcy. Part 1 was titled, "Obama Administration Rips Off Non-Union Delphi Pensions While Preserving Union Pensions". 

The Delphi bankruptcy case was overseen by Judge Robert Drain who also

at Jan 6, 2014 5:02 PM
       

Oversight Leaders Demand Delphi Salaried Pension Documents, Consider Subpoena

WASHINGTON –Tuesday, leaders on the House Oversight and Government Reform Committee pressed Treasury Secretary Jacob Lew to release documents related to the Delphi pension scandal and raised the possibility of using the compulsory process if the long-sought documents are not finally produced by August 5th.

Committee Chairman Darrell Issa (R-Calif.), Subcommittee Chairman John Mica (R-Fla.) and senior Committee member Mike Turner (R-Ohio) sent letters

at Jul 25, 2013 9:13 AM
       

Congress Putting the Light of Truth on the Delphi Bankruptcy Scandal of Judge Robert Drain

Chairman John Mica and Congressman Mike TurnerJudge Robert Drain allowed the Treasury Department under then Secretary and infamous tax-cheat Timothy Geithner to steal the pensions of over 20,000 salaried pensioners of Delphi during its bankruptcy case. The pension deal, which topped up the pensions of United Auto Workers and United Steel Workers Unions was political payback for union support during the 44 day bankruptcy case of General Motors in Judge Robert Gerber's court. An article in Bankruptcy Law Review by Judge Lana Shadwick highlights the incredible story of this pension theft brokered in the Southern District of New York Bankruptcy courts.   Read more »

at Jun 20, 2013 12:16 PM
       

Congressman Mike Turner Announces Next Step in Delphi Pension Investigation

The House Oversight & Government Reform Subcommittee on Government Operations will hold a field hearing in Dayton on Monday June 10th. The hearing, entitled “The Delphi Pension Bailout: Unequal Treatment of Retirees,” will take place at Sinclair Community College.

This field hearing will continue to highlight the shameful treatment of Delphi Salaried Retirees by the Obama Administration.

at Jun 7, 2013 11:06 AM
       

Delphi Pension Task Force Requests Pension Plan Details

Congressman Mike Turner, Co-Chair of the Auto Industry Pension Task Force, was joined by fellow Task Force members in writing to request that the Pension Benefit Guaranty Corporation (PBGC) provide them with an update on the status of final benefit determinations for the Delphi Salaried pension plan:

Mr. Joshua Gotbaum Director
Pension
Benefit Guaranty Corporation
1200 K St., NW Washington, D.C. 20005

Dear Mr. Gotbaum:   Read more »

at Mar 5, 2013 5:01 PM
       

The Untold Story of the Auto Bailout

Yesterday marked the anniversary of President Obama convening his most trusted allies and appointees to his Presidential Task Force on the Auto Industry. The Task Force, a working group comprised of presidential cabinet secretaries and high-level senior advisors were tasked with managing and overseeing the taxpayer-funded bailout of General Motors (GM) following the automobile manufacturer’s 2009-bankruptcy filing.

The Administration, in unprecedented fashion, purchased a majority stake

at Feb 21, 2013 2:14 PM
       

Congress Goes on Offense to Stop Delphi Pensions from Being "Drained"

Bankruptcy Judge Robert DrainDuring the peak of the Auto Bailout, salaried pensioners from Delphi were, as many believe, unlawfully stripped of their pensions. U.S. Bankruptcy Court Judge Robert Drain (Southern District of New York) allowed the Treasurary Department, under the leadership of Secretary Timothy Geithner, to unfairly represent various sides of the case leaving the salaried pensioners virtually unrepresented by counsel.     Read more »

at Feb 7, 2013 1:16 PM
       

Bankruptcy Courts Part 4 - Fairness and Consistency Go Down the Drain

Bankruptcy Judge Robert DrainDuring my investigation series, "A Lawless Presidency", I interviewed Ohio Congressman Mike Turner (R) about the Delphi bankruptcy case. Turner said the "entire process was a miscarriage of justice." After investigating this case further, it is clear why he said that. As you will see below, what happened to the Delphi Salaried Retirees during this bankruptcy process was unfair is unquestionable. But was it a consistent application of the law?

at Nov 28, 2012 12:50 PM
       

Bankruptcy Courts Part 3 - Hostess Bankruptcy: Unions, Management or Investment Bankers...Where's the Dough?

Wonder where the Hostess jobs went?A staple food group icon of an overweight America now becomes an example of what is wrong in our business system and bankruptcy processes. In an announcement last Friday, November 16th, Hostess CEO Gregory Rayburn, said "We deeply regret the necessity of today's decision [to shutdown Hostess' entire business], but we do not have the financial resources to weather an extended nationwide strike."  So how exactly was the money spent after the 2004 restructuring by private equity firm Ripplewood Holdings?  Was it well directed toward rebuilding the company's business?  The decision to force Irving, Texas based Hostess and their entire brand line of products out of business will mean the end of 18,500 jobs and two billion Twinkies.  But who walked away with the dough?

BREAKING NEWS UPDATE:  According to the Houston Business Journal at 2:50 p.m. today, Hostess Brands, Inc. and the BCTGMI Union have entered into a confidential mediation stopping the planned shutdown of the company.   Read more »

at Nov 19, 2012 2:39 PM
       

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