U.S. told GM to selectively fund pensions: former official
The former head of President Barack Obama's auto task force acknowledged on Wednesday that he instructed General Motors not to commit money to a pension fund for some former employees during the automaker's 2009 bankruptcy.
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Since: Mar 09
The Left Coast
#2 Sep 12, 2013
Under the bailout, which involved the company going bankrupt and the U.S. government paying some $50 billion to take ownership of it, the automaker agreed to fully fund pension obligations of former employees who were members of the United Auto Workers union
And union workers were under no obligation to vote for Obama.
“JESUS WOULD IMPEACH THE GOP!!!”
Since: May 09
Lake Success, N.Y.
#3 Sep 12, 2013
You just read headlines, and not the entire story obviously;
The pension fund for the salaried workers, however, was fully funded when Delphi was spun off and did not have a similar agreement with GM. An administration official said this was the reason the two funds were treated differently.
You also forgot numbnuts it was BUSH who had initially negotiated the bailout, didn't you?
Geez - uninformed people!
#4 Sep 12, 2013
You know they dont care about facts. How many times do they blame the much stupidest things on Obama or the like. I have seen the same thing here with judges and decisions they make. They go on and on about this liberal judge and how he's an Obama crony. Nevermind that if they used google for 3 sec they would see he was appointed by Bush.
I can come up with 1000s of examples liek that across topix. It is why i regularly come here as it is one of the most unintelligent internet communities i vist. Their stupidity is pure hillarious.
You dont find morons like this at the internet's more popular user generated political forums. Topix is trash
#5 Sep 12, 2013
Why were ceo's that caused the problem in the first place allowed to walk away with millio9ns in taxpayer dollars while workers that worked hard and played by the rules are getting screwed. obama is just another corporate shill like bush and his gang of looters!
#8 Sep 12, 2013
Obama is a corrupt pile of turd
#11 Sep 13, 2013
"Lamer"..... you are correct.
#12 Sep 13, 2013
"Lamer", I see what you mean.
#15 Sep 14, 2013
The Shrub approved $14 billion of the TARP funds for Chrysler and GM in Nov or Dec of 2008. It was the Obama administration who set up a "loan" for GM in July 2009, initially for $38 billion, then a little more when they requested it, then denied them the third request. The TARP funds were repaid to the Treasury by GM and it was splashed all over the media that GM had repaid the loan and many gullible Americans thought they had repaid all the money.
They didn't. They paid one loan off (TARP) with another loan with a savings of 2% interest.
In total, GM received $54 billion. The Bush administration only gave them $9 billion of it, the other $45 billion came from Obama and Geitner.
Now kindly explain how this matters at the end of the day. The money will never be repaid, which makes it even more ridiculous for anyone to state that the company is now making a profit. How do you call anything a profit when your $35 billion in the hole?? I guess that there's what we call government math.
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