OE BIDEN'S DEMOCRAT PARTY IS FOR BOTTOMLESS
SOCIALISM, WELFARE, SUBSIDIES AND BAILOUTS FOR WALL STREET.
THE LOOTING OF AMERICA:
BARACK OBAMA AND
HIS CRONY BANKSTERS set themselves on America’s pensions next!
The new aristocrats, like the
lords of old, are not bound by the laws that apply to the lower orders.
Voluminous reports have been issued by Congress and government panels
documenting systematic fraud and law breaking carried out by the biggest banks
both before and after the Wall Street crash of 2008.
Goldman
Sachs, JPMorgan Chase, Bank of America and every other major US bank have been
implicated in a web of scandals, including the sale of toxic mortgage
securities on false pretenses, the rigging of international interest rates and
global foreign exchange markets, the laundering of Mexican drug money,
accounting fraud and lying to bank regulators, illegally foreclosing on the
homes of delinquent borrowers, credit card fraud, illegal debt-collection
practices, rigging of energy markets, and complicity in the Bernie Madoff Ponzi
scheme.
NO PRESIDENT IN HISTORY SUCKED IN MORE
BRIBES FROM CRIMINAL BANKSTERS THAN BARACK OBAMA!
This was not
because of difficulties in securing indictments or convictions. On the
contrary, Attorney General Eric Holder told a Senate committee in March of 2013
that the Obama administration chose not to prosecute the big banks or their
CEOs because to do so might “have a negative impact on the national economy.”
http://mexicanoccupation.blogspot.com/2016/10/the-bankster-owned-president-citigroup.html
This is a further shift
leftward by Wall Street from the last election cycle, when between 50 percent
and 52 percent of the contributions through mid-year 2017 from J.P. Morgan,
Morgan Stanley, and Bank of America went to Republicans. Those banks sent
between 37 percent and 45 percent of the contributions to Democrats.
President Trump: Joe
Biden, Barack Obama Threw Delphi Workers ‘to the Wolves’ in Auto Bailout
MANDEL NGAN/AFP via Getty Images
25 Oct 2020 861
2:59
President
Trump says then-President Barack Obama and Vice President Joe Biden threw
former Delphi workers “to the wolves” in their bailout of the auto industry
that resulted in slashed pensions for roughly 20,000 Americans.
During a campaign rally in Waukesha, Wisconsin, Trump
touted his recent memorandum that orders federal agencies to devise a plan that would
restore the pensions of about 20,000 former non-union Delphi Corporation
workers.
“This week I signed an order to protect the pensions of workers
at the Delphi Corporation … these workers were taken advantage of very badly,”
Trump said. “When GM went bankrupt, Biden and Obama threw these workers to the
wolves. Their pensions were totally wiped out, they were treated very unfairly.
My order is to restore the pensions and healthcare benefits promised to workers
in Wisconsin, Michigan, and Ohio because I will never let anyone rip off our
great American workers. We’re going to take care of our workers.”
In 2009, as part of the Obama-Biden administration’s
taxpayer-funded bailout of General Motors (GM), the Pension Benefit Guaranty
Corporation (PBGC) terminated the pension plans of non-unionized Delphi workers. In
some cases, workers had their pensions gutted by as much as 75 percent.
A federal report in 2013 detailed that the Delphi workers would likely have their pensions
cut by an estimated $440 million. Meanwhile, GM topped off unionized Delphi workers’ pensions at a cost of about $1
billion.
“What they did to you was very unfair,” Trump said as he pointed
to Delphi retirees in the audience. “They lied to you. They lied to you.”
Exclusive: Forgotten by Obama-Biden Auto
Bailout, Delphi Workers Refuse to Forget What Was Taken from Them (Part
One) https://t.co/T8SME62Vb4 via @BreitbartNews Biden was a disaster on this. All talk and no action. Remember and
VOTE!
— Donald J. Trump (@realDonaldTrump) October 21, 2020
Former Delphi workers who spoke to Breitbart News recently detailed how the pension-slashing scheme uprooted their
livelihoods. One retiree said she lost her home, and her retirement plans to
move to the Florida coast have been squashed.
Another retiree said his wife died in the process, as he was
forced to find work in order to pay for her medical bills. He had assumed that
after 30 years at Delphi, he and his wife would have a good healthcare plan in
their retirement. That ended when his pension was cut by about 30 percent.
Delphi, which has since split into Aptiv and Delphi
Technologies, announced in 2006 that it would shutter 21 of its 29 plants in the United States — offshoring
some 20,000 U.S. jobs to Mexico, China, and other foreign countries.
At the time, Delphi employed nearly 50,000 Americans, who earned about $30 an hour on the assembly line. Now, workers
in Mexico for the company earn about $1 an hour.
John Binder is a reporter for Breitbart News. Follow him on
Twitter at @JxhnBinder .
Exclusive–Rep. Mike
Turner: If Obama-Biden Can Cut Delphi Pensions, They Can Do It to Anyone
EMMANUEL DUNAND/AFP via Getty
Images
25 Oct 2020 92
4:45
Rep. Mike
Turner (R-OH) says that if Democrat presidential candidate Joe Biden and former
President Barack Obama can help slash the pensions of non-union Delphi workers,
they can cut benefits for others as well.
In 2009, as part of the Obama-Biden administration’s
taxpayer-funded bailout of General Motors (GM), the Pension Benefit Guaranty
Corporation (PBGC) terminated the pension plans of about 20,0000 non-unionized
Delphi workers. In some cases, workers had their pensions gutted by as much as
75 percent.
A federal report in 2013 detailed that the Delphi workers would likely have their pensions
cut by an estimated $440 million. Meanwhile, GM topped off unionized Delphi workers’ pensions at a cost of about $1
billion.
This week, Trump signed a memorandum that orders federal agencies to devise a plan
on how to restore the Delphi workers’ slashed pensions over the next 90 days.
Turner, who has been fighting for over a decade on behalf of the
Delphi workers, suggested to SiriusXM Patriot Breitbart News Saturday that Biden cannot be
trusted not to pick winners and losers as the Obama-Biden administration did in
2009.
LISTEN:
Breitbart · Rep.
Mike Turner (R-OH) – October 24, 2020
“These people
earned these pensions,” Turner said. “They gave to General Motors, they were
part of General Motors’ overall success and … General Motors, through bad
management, ended up in bankruptcy in the 2008 financial crisis. And to pick
these individuals … [with] health concerns, families that have had to lend them
money, people who lost their homes, all because they didn’t get the pensions
that they were entitled to and that they earned.”
“This was their
choice,” Turner continued. “It wasn’t just that there was a Delphi salaried
retirees pension problem. There was a General Motors and Delphi problem that
the Obama-Biden administration made … they didn’t have to do this; they chose
to do it. This pension had been funded, these people earned these pensions, and
they chose to pick winners and losers and they picked them.”
While Biden has claimed he would consider reviewing the issue,
Delphi retirees have said he had seven years to speak on their behalf as vice
president and chose to not act.
Trump, in contrast
to Biden, has been consistent in his wanting to restore the Delphi pensions
when he first learned of the issue, Turner said.
“Donald Trump
deserves great credit here because he heard the stories of the injustice, he
heard what had occurred to these people, and he stepped in to right this
wrong,” Turner said. “Dr. Peter Navarro has been such a leader in this topic,
really diving in to what happened — what happened at the administration at the
PBGC and the Obama-Biden administration. [Navarro] made a presentation to the
president and a recommendation for him to intervene.”
“What’s interesting
to watch … Joe Biden, when this happened, he fully supported the Obama
administration’s efforts to take General Motors through this bankruptcy process
in which [the Delphi non-union workers] were picked to be the losers,” Turner
continued.
“[Biden], on
camera, specifically said that there was ‘nothing we could do’ and just
recently he’s campaigning in Youngstown and he says ‘If I’m president, I’ll fix
this,'” Turner said. “He went from ‘there’s nothing you can do’ to if he’s
president he can fix this. Luckily we have a president who stepped in to fix
this.”
In 2012, federal documents unveiled how the Obama-Biden
administration’s Treasury Department worked to gut the pensions of the Delphi workers. In other
emails, PBGC officials indicated they had the green light from the Obama-Biden
administration to slash the pensions.
Those involved with the pension-slashing scheme, such as Tim
Geithner, Steven Rattner, and Ron Bloom, are currently pouring thousands of dollars into Democrat presidential candidate
Joe Biden’s campaign.
Delphi, which has since split into Aptiv and Delphi
Technologies, announced in 2006 that it would shutter 21 of its 29 plants in the United States — offshoring
some 20,000 U.S. jobs to Mexico, China, and other foreign countries.
At the time, Delphi employed nearly 50,000 Americans, who earned about $30 an hour on the assembly line. Now, workers
in Mexico for the company earn about $1 an hour.
John Binder is a reporter for Breitbart News. Follow him on
Twitter at @JxhnBinder .
Trump to Devise Plan
that Would Restore Pensions for Delphi Workers
SAUL LOEB/AFP via Getty Images
22 Oct 2020 934
5:45
President
Donald Trump issued a memorandum on Thursday ordering federal agencies to
devise a plan to restore the roughly 20,000 pensions of former Delphi workers
who had their pensions slashed in the Obama-Biden administration’s bailout of
General Motors (GM).
In 2009, as part of the Obama-Biden administration’s
taxpayer-funded bailout of General Motors (GM), the Pension Benefit Guaranty
Corporation (PBGC) terminated the pension plans of about 20,0000 non-unionized
Delphi workers. In some cases, workers had their pensions gutted by as much as
75 percent.
A federal report in 2013 detailed that the Delphi workers would likely have their pensions
cut by an estimated $440 million. Meanwhile, GM topped
off unionized Delphi workers’ pensions at a
cost of about $1 billion.
After 11 years with no federal action on the issue, Trump is
ordering the trade adviser Peter Navarro, Treasury Secretary Steven Mnuchin,
Commerce Secretary Wilbur Ross, and Labor Secretary Eugene Scalia to devise a
plan on how to restore the Delphi workers’ slashed pensions over the next 90
days.
Navarro said in a press call that the pensions “might well be
able to be done through executive action” without the need to involve Congress.
Just signed an order to support the workers
of Delphi Corporation and make sure that we protect the pensions of all
American workers! Obama-Biden FAILED American workers and FAILED the workers of
Delphi. I ALWAYS put American workers FIRST!
— Donald J. Trump (@realDonaldTrump) October
22, 2020
“This is a very good day for blue-collar America,” Navarro said.
“… the signal today is we have a strong commitment to reversing what we
judge to be one of the worst losses to blue-collar America … and it happened on
[former Vice President] Joe Biden and [former President] Barack Obama’s watch.”
The memorandum reads:
The Secretary of the Treasury, the Secretary of Commerce, and
the Secretary of Labor, in consultation with the Assistant to the President for
Trade and Manufacturing Policy, shall
review the Delphi matter described in subsection 1(a) of this memorandum and
inform the President within 90 days of the date of this memorandum of any
appropriate action that may be taken , consistent with
applicable law, to address affected Delphi retirees’ lost pension benefits, and
bring additional transparency to the decision to terminate the plan, consistent
with appropriate protections for privileged and confidential material. This
review shall include an evaluation of the feasibility of enacting legislation
and whether the plan may be restored to its pre-termination status under
section 1347 of title 29, United States Code. [Emphasis added]
Rep. Mike Turner (R-OH), who has advocated for the Delphi
workers for more than a decade, praised Trump’s order.
“Today, President Trump is taking action to finally help these
hard-working people who were robbed by the Obama-Biden administration,” Turner
said in a statement. “For 11 long years, I have been at the forefront of
helping the Delphi Salaried Retirees fight to retain their pensions, which they
earned through years of faithful service. President Trump is proving yet again
that he supports American workers.”
Another portion of the memorandum gives Navarro, Mnuchin, Ross,
and Scalia 180 days to review insolvency issues in regards to PBGC pension plans.
“Actions may include proposing legislation that appropriately
balances the interests of all those covered by the pension system — from
retirees, workers, employers, and unions, to plans and taxpayers — to address
the insolvency of such plans and to maintain the future solvency of the PBGC’s
Single-Employer and Multi-Employer Programs,” the memorandum reads.
In 2012, federal documents unveiled how the Obama-Biden
administration’s Treasury Department worked to gut the pensions of the Delphi workers. In other
emails, PBGC officials indicated they had the green light from the Obama-Biden
administration to slash the pensions.
Those involved with the pension-slashing scheme, such as Tim
Geithner, Steven Rattner, and Ron Bloom, are currently pouring thousands of dollars into Democrat presidential candidate
Joe Biden’s campaign.
Navarro said the “root evil” of the Obama-Biden administration’s
slashing of the Delphi workers’ pensions “was a globalist trade policy that
shipped jobs to China and Mexico.”
“As we face these insolvency issues, part of the problem is that
we offshore our production and no longer have the ability, in terms of our
manufacturing base, to sustain our retirees and it’s a key part of the Trump
mission to bring those jobs back,” Navarro said.
Former Delphi workers who spoke to Breitbart News recently detailed how the pension-slashing scheme uprooted their
livelihoods. One retiree said she lost her home and her retirement plans to
move to the Florida coast have been squashed.
Exclusive: Forgotten by Obama-Biden Auto
Bailout, Delphi Workers Refuse to Forget What Was Taken from Them (Part
One) https://t.co/T8SME62Vb4 via @BreitbartNews Biden was a disaster on this. All talk and no action. Remember and
VOTE!
— Donald J. Trump (@realDonaldTrump) October
21, 2020
Another retiree said his wife died in the process as he was
forced to find work in order to pay for her medical bills. He had assumed that
after 30 years at Delphi, he and his wife would have a good healthcare plan in
their retirement. That ended when his pension was cut by about 30 percent.
Delphi, which has since split into Aptiv and Delphi
Technologies, announced in 2006 that it would shutter 21 of its 29 plants in the United States — offshoring
some 20,000 U.S. jobs to Mexico, China, and other foreign countries.
At the time, Delphi employed nearly 50,000 Americans, who earned about $30 an hour on the assembly line. Now, workers
in Mexico for the company earn about $1 an hour.
John Binder is a reporter for Breitbart News. Follow him on
Twitter at @JxhnBinder .
Joe Biden Sought ‘Grand
Bargain’ to Reduce Deficit Through Cuts to Social Security
J. Scott
Applewhite/AP Photo
20 Oct 2020 7,959
7:57
Joe
Biden, the Democratic presidential nominee, worked to forge a “grand bargain”
with congressional Republicans on deficit reduction during the Obama years. As
part of the effort, the former vice president openly advocated for putting
entitlement programs, including Social Security, on the negotiating table.
Shortly after taking office in 2009,
President Barack Obama and his administration were struck with a complex
problem. The economy, which was still in the midst of the Great Recession, was
struggling to rebound, with job losses, bankruptcies, and home foreclosures
running rampant. At the same, the deficit was at an all-time, hitting 8.9
percent of Gross Domestic Product, because of the Bush-era tax cuts and
recession required stimulus spending.
While on the surface the issues
seemed to be separate, in reality, they were intertwined. A mounting deficit,
without restrictions in the country’s money supply, could cause widespread
inflation, much like it did in the late-1960s and early-1970s. Even if
inflation were avoided, a continuing deficit could still hamper long-term
economic growth and prevent foreign investment.
Although the
considerations given to the deficit were mostly practical by Obama’s inner
circle, at least some of the calculations must have also been political. As
early as April 2009, only four months into Obama’s Oval Office tenure, the
seeds of the Tea Party movement were already beginning to sow. For Obama to
achieve many of the promises made on the 2008 campaign trail, it was vital for
Democrats to keep control of Congress in the upcoming midterms. That outcome,
however, could be endangered if Republicans aligned with the Tea Party
succeeded in painting the president’s fiscal policies as “ reckless .”
Given such concerns, Obama began
signaling his desire to tackle the deficit in early 2010. In February of the
year, Obama created via executive order a National Commission on Fiscal
Responsibility and Reform. The commission, which would be bipartisan, would
consist of 18 members, with 12 appointed by Congress and six by the president.
Its goal would be devising a long-term proposal for lowering the deficit and
achieving a balanced budget by at least 2015.
To chair the commission, Obama
tapped former Senator Alan Simpson (R-WY) and Erskine Bowles, a one-time chief
of staff to ex-President Bill Clinton. The commission, simply known as
Simpson-Bowles, was set to release its recommendations by December 2010 in
hopes that the incoming Congress would act on them the following year.
Even though
Biden was not a member of the commission, the vice president took an interest
in its work because it overlapped with his official role in helping run the
administration’s economic recovery efforts. Biden, who had long favored freezing all federal spending,
including social security, to rein in the deficit, worked with not only Simpson
and Bowles on crafting a proposal, but also the commission’s executive
director, Bruce Reed. As a former Clinton administration official in the
early-1990s, Reed had partnered with then-Senator Biden on authoring the 1994
crime bill.
The eventual proposal that
Simpson-Bowles authored sought to reduce the deficit by more than four trillion
dollars. It would have stabilized the growth of the federal debt by 2014, while
reducing it by more than 60 percent by 2023. Although the goals looked good,
the cost would have fallen heavily on individuals who rely on federal spending
and entitlement programs, like Social Security.
Simpson-Bowles proposed to cut
Social Security benefits for those in the top half of the income tax bracket,
while raising the retirement age to 69. The plan also would have reduced the
cost of living adjustments that are made to benefits as inflation rises.
The proposal, when it was released
in December 2010, was derided by both Republicans and Democrats. Republicans,
who had just won control of the United States House of Representatives, were
emboldened to believe that voters, backed by Tea Party sympathy, would want
larger cuts to achieve a balanced budget sooner. Democrats, on the other hand,
especially those that self-identified as progressives, viewed the cuts to
programs such as Social Security as draconian.
Although the Simpson-Bowles proposal
was never introduced in Congress, its ideas for reducing the deficit quickly
took hold among Obama administration officials, specifically Biden. Shortly
after the commission wound down, the vice president announced that Reed would
become his chief of staff, seeming to signal that deficit reduction would be
Biden’s new priority.
Starting in
early-2011, Biden and Reed began holding talks with top congressional leaders,
including then-House Majority Leader Eric Cantor, on how to how to achieve a
“grand bargain” on the deficit. Those talks, profiled in Bob Woodward’s
book The Price of Politics , seem to indicate
that Biden was eager to strike a deal, even offering to put Social Security and
Medicare on the “table.”
By the
summer of 2011, Biden had roped more members of Congress into the talks, with
the group now expanded to six Democrats and six Republicans. As Woodward noted , Biden was close to hammering out a deal that
would have cut federal spending by $2 trillion, including programs like Social
Security, Medicare, and Food Stamps. When Republicans fretted over proposed tax
increases, especially allowing the Bush tax cuts to expire, Biden suggested a
compromise by raising the retirement age for Social Security and also creating
a mechanism to means-test the program.
As part of the compromise, Biden
also pitched Republicans on a relatively obscure change to the cost of living
formula in hopes of sealing a deal. Biden, in particular, sought to amend the
formula that determined the cost of living adjustments for programs like Social
Security. At the time, Biden suggested that such programs in the future be tied
to the United States Chained Consumer Price Index (Chained CPI) rather than the
current United States Consumer Price Index.
Chained CPI is predicated on the
notion that when the cost of living increases because of changes in the prices
of goods, consumers will adjust their purchasing patterns to make up for the
rise. The theory suggests that even though cost of living might increase on
paper, the impact is negligible on consumers.
Had Biden succeeded in tying Social
Security and other entitlements to Chained CPI, it would have cut the expected
growth in program benefits that recipients had become accustomed to over time.
Attaching Social Security to Chained CPI has long been opposed by progressives
and advocacy groups like the AARP on the grounds that seniors are more impacted
by inflation since a significant portion of their incomes go to medical costs,
which are always rising at rates higher than the rest of the economy.
Even though Biden attempted to make
Chained CPI central to the deficit negotiation, the talks ultimately fell apart
when congressional Republicans were unable to sell any proposed revenue
increases to their members.
Despite the
failure, Biden, with Obama’s backing continued trying to forge a “grand
bargain” on deficit reduction in 2012 and 2013. Each time the talks included tying Chained CPI to
Social Security and other entitlements programs.
The former
vice president’s position on deficit reduction comes back into the spotlight as
Biden has promised to not only protect, but also expand Social Security if elected in
November.
Biden’s campaign did not return
requests for comment on this story.
JOE BIDEN'S DEMOCRAT PARTY
IS FOR BOTTOMLESS SOCIALISM, WELFARE, SUBSIDIES AND BAILOUTS FOR WALL
STREET.
THE LOOTING OF AMERICA:
BARACK OBAMA AND HIS CRONY BANKSTERS set
themselves on America’s pensions next!
The new aristocrats,
like the lords of old, are not bound by the laws that apply to the lower
orders. Voluminous reports have been issued by Congress and government panels
documenting systematic fraud and law breaking carried out by the biggest banks
both before and after the Wall Street crash of 2008.
Goldman Sachs, JPMorgan
Chase, Bank of America and every other major US bank have been implicated in a
web of scandals, including the sale of toxic mortgage securities on false
pretenses, the rigging of international interest rates and global foreign
exchange markets, the laundering of Mexican drug money, accounting fraud and
lying to bank regulators, illegally foreclosing on the homes of delinquent
borrowers, credit card fraud, illegal debt-collection practices, rigging of
energy markets, and complicity in the Bernie Madoff Ponzi scheme.
NO PRESIDENT
IN HISTORY SUCKED IN MORE BRIBES FROM CRIMINAL BANKSTERS THAN BARACK OBAMA!
This was not
because of difficulties in securing indictments or convictions. On the
contrary, Attorney General Eric Holder told a Senate committee in March of 2013
that the Obama administration chose not to prosecute the big banks or their
CEOs because to do so might “have a negative impact on the national economy.”
http://mexicanoccupation.blogspot.com/2016/10/the-bankster-owned-president-citigroup.html
This is a further shift
leftward by Wall Street from the last election cycle, when between 50 percent
and 52 percent of the contributions through mid-year 2017 from J.P. Morgan,
Morgan Stanley, and Bank of America went to Republicans. Those banks sent
between 37 percent and 45 percent of the contributions to Democrats.
Joe Biden Rakes in More than $50M from Wall Street,
Including from Soros
David Dee Delgado/Getty Images
16
Oct 2020 8
3:01
Obama Officials Who Helped Slash Pensions for Delphi Workers
Shower Joe Biden with Campaign Cash
Alex Wong/Getty Images
19
Oct 2020 1,387
5:42
Former Obama administration officials, linked to the slashing of
pensions for 20,000 Delphi workers, are showering Democrat presidential
candidate Joe Biden with campaign cash to oust President Trump from office.
In 2009, as part of the Obama-Biden administration’s
taxpayer-funded bailout of General Motors (GM), the Pension Benefit Guaranty
Corporation (PBGC) terminated the
pension plans of about 20,0000 non-unionized Delphi workers. In some
cases, workers had their pensions gutted by as much as 75 percent.
A federal report in 2013 detailed that the Delphi workers would likely have their pensions
cut by an estimated $440 million. Meanwhile, GM topped off unionized Delphi workers’ pensions at a cost of about $1
billion.
In 2012, federal documents unveiled how the Obama-Biden
administration’s Treasury Department worked to
gut the pensions of the Delphi workers. In other emails, PBGC officials
indicated they had the green light from the Obama-Biden administration to slash
the pensions.
Trump officials have said the president is working on an
executive plan to restore the Delphi
pension after more than a decade of no help from the Obama administration.
A number of Obama officials directly involved with the auto
bailout deal that slashed the pensions are now banking on a Biden victory on
November 3 — pouring hundreds of thousands of dollars into the former vice
president’s campaign with Sen. Kamala Harris (D-CA).
Among those officials involved in the deal were former Treasury
Secretary Tim Geithner, who reportedly contributed $150,000 to
the Biden Action Fund in August. As previously noted, emails in 2012 detailed
how Geithner’s agency at the time “was the driving force behind terminating the
pensions of 20,000 salaried retirees at the Delphi auto parts manufacturing
company.”
Geithner was said to have delegated out responsibility for the
Delphi pensions to a select team of Obama officials, though insiders have said
he was pushed to help the workers but did not lift a finger.
Likewise, Obama official Steven Rattner has contributed a total
of $5,600 to Biden’s campaign last year and this year. Rattner was at the
center of the Delphi pensions slashing scheme, as noted in the 2013 federal
report previously mentioned:
According to Auto Team leader Rattner, pensions were another
area where the Auto Team “encouraged” GM to cut costs . GM had a pay-as-you-go pension plan for salaried
employees that was not funded and GM salaried employees and retirees wanted
their full pensions, but Mr. Rattner told SIGTARP that the Auto Team
wanted cuts to those benefits . [Emphasis added]
…
Auto Team leader Rattner told SIGTARP that GM came to the Auto
Team because “GM wanted to do something for the [Delphi] salaried retirees.”
Mr. Rattner discussed it with then-GM CEO Henderson. Although Mr. Rattner could
not remember the specifics of the conversation, he told SIGTARP that he thought
there was nothing defensible from a commercial standpoint that could be done
for the Delphi salaried retirees. Mr. Rattner told SIGTARP, “We
didn’t think there was anything defensible. We felt bad, but we didn’t
think it was justifiable.” [Emphasis added]
Ron Bloom, another Obama official, has given $2,800 to Biden’s
campaign. Bloom is named in the 2013 federal report regarding the Delphi
pension slashing scheme, which notes his direct involvement:
Although Delphi salaried retirees had asked Auto Team official
Bloom to consider preserving the pensions out of fairness, Auto Team
official Bloom told SIGTARP that GM “did not provide a top-up to the
salaried guys because I think [GM] concluded there was not a commercially
reasonable reason to do it.” Mr. Bloom added that GM’s automotive
parts suppliers “received a hundred cents on the dollar,” the UAW’s retirees
received a number “less than a hundred, but more than the bondholders,” and
some got less than the bondholders. Mr. Bloom told SIGTARP that they
could not make everyone whole and “That’s not to say that people
didn’t lose a lot or [were] hurt or were treated in a way that – sort of in a
human way you would say that’s unfair. I don’t think that anybody
thinks bankruptcy is fair. It is what it is, though.” [Emphasis added]
Matthew Feldman, who had potentially more involvement in the
Delphi pension slashing scheme than any other Obama official aside from
Rattner, has not made contributions to Biden. Members of Feldman’s firm,
Willkie Farr & Gallagher, where he is co-chairman, have donated tens of
thousands to Biden.
It is unclear how many Obama officials who are linked to the
Delphi pension slashing scheme are eyeing jobs in a Biden White House should he
win on November 3. Biden is considering a number of
former Obama officials for top-level jobs, many under the mantle of
“diversity.”
Delphi, which has since split into Aptiv and Delphi
Technologies, announced in 2006 that it would shutter 21 of
its 29 plants in the United States — offshoring some 20,000 U.S. jobs to
Mexico, China, and other foreign countries.
At the time, Delphi employed nearly 50,000 Americans, who earned about
$30 an hour on the assembly line. Now, workers in Mexico for the company
earn about $1 an hour.
John Binder is a reporter for Breitbart News. Follow him on
Twitter at @JxhnBinder .