The UAW’s Defined Benefactor

Wall Street Journal ^ | July 25, 2009 | Wal Street Journal

[libstripper]

Welcome to the General Motors bailout, part three—or is it four, or five? It’s hard to keep up, but this week the federal Pension Benefit Guaranty Corporation took over the pension liabilities of Delphi, the auto-parts spinoff of GM that has been working its way through Chapter 11 since 2005. As with the previous taxpayer rescues, this one includes a special favor for the United Auto Workers.

Under the agreement, the PBGC will assume some $6.2 billion in pension liabilities from Delphi, including both hourly and salaried employees. That’s the second biggest pension bailout in PBGC history, and it takes billions of liabilities off the books for GM. As Delphi’s former parent, GM had agreed to take responsibility for billions of dollars of Delphi’s pension obligations to its hourly employees.

[libstripper]

More proof that it's our patriotic duty not to patronize Government Motors.

[Vaduz]

BANKRUPTCY is out of the question.
Obama & Pelosi 2009

[pnh102]

More proof that it's our patriotic duty not to patronize Government Motors.

Or anything made by the UAW. We should buy Fords made in Mexico.

[Venturer]

I will buy Toyota or Honda , made in the USA by non-union workers.