No talk of auto bailouts' ugly side

No talk of auto bailouts' ugly side | The Detroit News | detroitnews.com
In moving to get GM through bankruptcy, the task force and its bosses at Treasury effectively shafted 22,000 salaried retirees of the former Delphi Corp., the long-time GM parts supplier the automaker spun off in 1999.
Despite an 85 percent funding level in its pension fund, Treasury urged the Pension Benefit Guaranty Corp. to seize the Delphi pension plan.

The net effect: Many retirees saw their annual payouts cut by as much as two thirds, even as union members were "topped up" with taxpayer dollars from the Troubled Asset Relief Program; their former colleagues at GM saw comparatively minor cuts to their pensions; and key members of the auto task force still won't tell congressional investigators who made the call to treat Delphi's salaried retirees differently than everyone else.