whitehouse strips nonunion members of their benefits and gives them to union employee

[Mr.Nick]

Get the fuck out of here you piece of shit propagandist..

Please dont shoot me

Oh I see guilty as charged then?

Shoot you? you're the gift that keeps on giving...

You're a poster boy...

 

[bitterlyclingin]

"Vote for me and I will steal from he to give to thee". The shareholders, bondholders, and non union workers at GM got the entire length of the sh!tty end of the stick rammed home while the UAW laughed all the way to the bank.
Daimler acquired Chrysler and after only six weeks of dealing with the UAW, Daimler was screaming desperately for someone to take these slothful, indolent, insolent, insubordinate workers off their hands. When the announcement came across the wires that Ken Langone and a group of investors had borrowed a lot of money to buy Chrysler at a steep discount from what Daimler had originally paid for Chrysler the only thought that crossed my mind was "Debt guarantees there will be no tomorrow". Apparently, nowadays, that only holds true for non union operations where one Communist isn't washing the hands of another Communist.

Emails: Obama Regime Drove To Cutoff Pensions of Non-Union Delphi Workers… | Weasel Zippers

 

[JakeStarkey]

The deliberate and false ignorance about how these matters are handled subject to law, by the extremist far right, is nothing new. The extrembots are sillybots.

Let's move along.

 

[uscitizen]

Simple indeed for a blind bot on auto response

Please show where I was incorrect in my post.

I can tell you exactly where you are incorrect. The non-union Delphi workers did not get bailed out with taxpayer dollars while the union members did get bailed out with taxpayer dollars, by way of VEBA.

Read this: James Sherk and Todd Zywicki: Obama's United Auto Workers Bailout - WSJ.com

First, GM and Chrysler owed billions of dollars to the union's Voluntary Employee Beneficiary Association (VEBA) when they went bankrupt. The union and the auto makers created VEBA in 2007 to assume responsibility for the UAW's generous retiree health benefits. The benefits allowed UAW members to retire in their mid-50s with minimal out-of-pocket health-care expenses for the rest of their lives. GM owed $20.6 billion and Chrysler owed $8 billion to VEBA as unsecured claims.

A bedrock principle of bankruptcy law is that creditors with similar claims priority receive equal treatment. If you owe $1,000 each on two credit cards, in bankruptcy you cannot choose to pay $900 to Citi and only $200 to Chase. Each of the creditors is entitled to an equal percentage recovery.

In the auto bankruptcies, however, the administration gave the unsecured claims of VEBA much higher priority than those of other unsecured creditors, such as suppliers and unsecured bondholders.

At the time of bankruptcy, GM owed these unsecured creditors $29.9 billion, for which they received 10% of the stock of "new" GM, which went public in November 2010, and warrants to purchase 15% more at preferred prices. Yet VEBA got 17.5% of new GM and $9 billion in preferred stock and debt obligations. Based on GM's current stock price, VEBA collected assets worth $17.8 billion—$12.2 billion more than if the administration had treated it like the other unsecured creditors.

So your claim that the UAW picked up the tab is wrong. The taxpayers picked up the union members' tab.

Obama has proven time and time and time again that he will do ANYTHING the unions ask of him. He is completely beholden to union special interests.

Never trust a corporation they welsch on their debts.

 

[Vel]

The deliberate and false ignorance about how these matters are handled subject to law, by the extremist far right, is nothing new. The extrembots are sillybots.

Let's move along.

What part about the Obama administration giving preference to certain unsecured creditors over others was following the law?

***************************************************
Last Updated: July 12. 2012 3:42AM
Payne: Obama's unfair UAW Bailout
Henry Payne/ The Michigan View.com
This campaign season, the Midwest has become President Obama's refuge from the wilting economy as he and his Obamedia entourage make frequent trips to Michigan and Ohio touting the auto bailout as his signature economic achievement.
Twenty-two thousand Delphi autoworkers would disagree.
This week, former Obama Auto Task Force members stonewalled before a House subcommittee rather than detail their administration's shocking mistreatment of Delphi salaried employees even as it rolled out the red carpet for Delphi's labor unions. The hearing made clear that this was no auto bailout - this was a UAW bailout. Delphi's white collars have the scars to prove it.

The Delphi scandal is simple: While union workers of the GM-affiliated parts maker had their pensions fully covered by the bailout, Delphi white collars were thrown to the dogs - that is, the Pension Benefit Guarantee Corporation (PBGC), which gutted up to 70 percent of workers' pensions. Why? They weren't major donors to the Democratic Party.
The Delphi employees are the most public victims of a rigged bailout that indisputably helped prevent a collapse of the auto sector during the financial crisis of 2009 - but that also ran roughshod over bankruptcy law, knee-capped bondholders, and eviscerated the life-savings of many teachers, firefighters, and other pensioners. Contrary to Obamedia spin, the Delphi workers' treatment suggests that a proper managed bankruptcy as proposed by Mitt Romney would have been fairer and more transparent. (Not surprisingly, the Delphi hearings got little mention in the MSM.)



Payne: Obama's unfair UAW Bailout | The Michigan View | michiganview.com | The Michigan View

 

[JakeStarkey]

If you don't understand it now, you won't understand it when explained in detail.

 

[Trajan]

The deliberate and false ignorance about how these matters are handled subject to law, by the extremist far right, is nothing new. The extrembots are sillybots.

Let's move along.

so, whats the false ignorance jake? so, the PBGC is good enough for delphi workers but not for the steel workers who were supposedly left to that by Romney?

 

[JakeStarkey]

Trajan, stop the ignorance. Go research it for yourself.

 

[Trajan]

hello; there were Delphi workers in that company who were promised pensions as cco. employees, and Delphi workers IN the UAW, guess who got bailed out?...


and thats not all;


Obama administration footprints all over denial of pension benefits to non-union Delphi employees

Delphi, a General Motors company, is one of the world’s largest automotive parts manufacturers. When the government bailed out GM, 20,000 Delphi workers lost nearly their entire pensions. But Delphi employees who were members of the United Auto Workers union saw their pensions topped off and made whole.

The White House and Treasury Department have consistently maintained that the Pension Benefit Guaranty Corporation (PBGC) independently made the decision to terminate the 20,000 non-union Delphi workers’ pension plan. The PBGC is a federal government agency that handles private-sector pension benefits issues. Its charter calls for independent representation of pension beneficiaries’ interests.

snip-

But now, the Daily Caller has obtained emails showing that the U.S. Treasury Department, led by Timothy Geithner, was the driving force behind terminating the pensions of the 20,000 salaried Delphi retirees. According to the Daily Caller, the emails contradict testimony given to Congress by Former Treasury official Matthew Feldman and former White House auto czar Ron Bloom, both key members of the Presidential Task Force on the Auto Industry during the GM bailout.

The emails show that representativesof the PBGC were “uninvited” from meetings at which the Treasury Department considered what to do about the Delphi pensions. This, says the Daily Caller, is likely a violation of federal law (29 U.S.C. §1342).

Other emails show that the PBGC believed it needed to clear decisions and action plans through senior administration officials. This view seems to have been justified. One email describes how the Treasury Department’s Feldman reported that he “has made progress discussing [a] proposal with a number of key folks in Treasury and at [the] White House, but he has not yet wrapped up his coordination.” Feldman “indicated that there is an 8am call tomorrow that he’ll use to close the communication-loop, and he’s confident he’ll have a fully-vetted Treasury view after that call.”

more at-

Obama administration footprints all over denial of pension benefits to non-union Delphi employees | Power Line

 

[Trajan]

Trajan, stop the ignorance. Go research it for yourself.

why don't you try posting links facts, information etc. and an argument instead of just flitting in here like you did more than just read the headline and decide to emote and make yourself look like an ass?

 

[ConzHateUSA]

The deliberate and false ignorance about how these matters are handled subject to law, by the extremist far right, is nothing new. The extrembots are sillybots.

Let's move along.

It is why I dont debate them or try to educate them, they dont care about the truth, not at all

They are simply outraged that we have a Black prez, it is that simple

 

[Trajan]

ahhhhh the race card, idiots will be....idiots.

 

[Quantum Windbag]

This is a normal part of bankruptcy. Corporat pensions that the company defualts on are picked up on the taxpayers dime by the PBGC.
Union members pensions are handled by the union which did not declare bankruptcy.
Simple.

Is lying about it under oath also a normal part of bankruptcy?

 

[ConzHateUSA]

ahhhhh the race card, idiots will be....idiots.

imagine how much we could accomplish if conz would stop being racists

even if just for like one week or something

boggles the mind to just think about it, doesnt it

 

[Trajan]

Please show where I was incorrect in my post.

I can tell you exactly where you are incorrect. The non-union Delphi workers did not get bailed out with taxpayer dollars while the union members did get bailed out with taxpayer dollars, by way of VEBA.

Read this: James Sherk and Todd Zywicki: Obama's United Auto Workers Bailout - WSJ.com

First, GM and Chrysler owed billions of dollars to the union's Voluntary Employee Beneficiary Association (VEBA) when they went bankrupt. The union and the auto makers created VEBA in 2007 to assume responsibility for the UAW's generous retiree health benefits. The benefits allowed UAW members to retire in their mid-50s with minimal out-of-pocket health-care expenses for the rest of their lives. GM owed $20.6 billion and Chrysler owed $8 billion to VEBA as unsecured claims.

A bedrock principle of bankruptcy law is that creditors with similar claims priority receive equal treatment. If you owe $1,000 each on two credit cards, in bankruptcy you cannot choose to pay $900 to Citi and only $200 to Chase. Each of the creditors is entitled to an equal percentage recovery.

In the auto bankruptcies, however, the administration gave the unsecured claims of VEBA much higher priority than those of other unsecured creditors, such as suppliers and unsecured bondholders.

At the time of bankruptcy, GM owed these unsecured creditors $29.9 billion, for which they received 10% of the stock of "new" GM, which went public in November 2010, and warrants to purchase 15% more at preferred prices. Yet VEBA got 17.5% of new GM and $9 billion in preferred stock and debt obligations. Based on GM's current stock price, VEBA collected assets worth $17.8 billion—$12.2 billion more than if the administration had treated it like the other unsecured creditors.

So your claim that the UAW picked up the tab is wrong. The taxpayers picked up the union members' tab.

Obama has proven time and time and time again that he will do ANYTHING the unions ask of him. He is completely beholden to union special interests.

Never trust a corporation they welsch on their debts.

that may be true , however remember the old line; 'the gov. pick winners and losers'?

well they picked; delphi lost, the uaw won......the point being obama doesn't have a leg to stand on when it comes to mewling over co's that crash pension benefits etc...he cannot have it both ways.

 

[Trajan]

This is a normal part of bankruptcy. Corporat pensions that the company defualts on are picked up on the taxpayers dime by the PBGC.
Union members pensions are handled by the union which did not declare bankruptcy.
Simple.

Is lying about it under oath also a normal part of bankruptcy?

and of course the uaw wasn't forced into eating what they should have, those bond holders and Delphi workers did....votes, are votes

 

[g5000]

that may be true , however remember the old line; 'the gov. pick winners and losers'?

well they picked; delphi lost, the uaw won......the point being obama doesn't have a leg to stand on when it comes to mewling over co's that crash pension benefits etc...he cannot have it both ways.

Precisely. The Obama Administration picked the winners and losers. They gave our taxpayer money to the union workers and withheld it from the non-unions workers.

For all the gibbering about "fairness" you hear from the left these days, this kind of thing must really stab them deep in the ass with its blatant hypocrisy.

 

[ConzHateUSA]

Man, being a rabid racist must be tiring

really really tiring

 

[g5000]

The deliberate and false ignorance about how these matters are handled subject to law, by the extremist far right, is nothing new. The extrembots are sillybots.

Let's move along.

It is why I dont debate them or try to educate them, they dont care about the truth, not at all

They are simply outraged that we have a Black prez, it is that simple

Strawman.

It is you who does not care about the truth. The Obama Administration rescued union workers with our money, and let the non-union American workers sink. This from a guy who promised transparency and no special interest coddling.

You cannot dodge that truth.

 

[ConzHateUSA]

The deliberate and false ignorance about how these matters are handled subject to law, by the extremist far right, is nothing new. The extrembots are sillybots.

Let's move along.

It is why I dont debate them or try to educate them, they dont care about the truth, not at all

They are simply outraged that we have a Black prez, it is that simple

Strawman.

It is you who does not care about the truth. The Obama Administration rescued union workers with our money, and let the non-union American workers sink. This from a guy who promised transparency and no special interest coddling.

You cannot dodge that truth.

nothing you say has any value to it, at all...when you criticize obama from the right vs the left, you are exposed as a hypocrite, a liar and probably a racist

so nothing you say in any topic means anything to anyone