While Delphi is strengthening its financial position and spending billions of dollars to buy back their interests from General Motors (GM) and the Pension Benefit Guarantee Corporation, thousands of retirees have been left in the cold.
Congressman Mike Turner released the following statement upon the news that Delphi is preparing for a public stock offering. The company is buying back interests that were acquired by General Motors and the Pension Benefit Guarantee Corporation following Delphi's bankruptcy.“While Delphi is strengthening its financial position and spending billions of dollars to buy back their interests from General Motors (GM) and the Pension Benefit Guarantee Corporation, thousands of retirees have been left in the cold. The process of the Obama Administration’s Auto Task Force picking winners and losers in the bankruptcy process has cost these retirees their futures, while most union pensions were topped off by GM. Rather than spending these billions on consolidation, these dollars should be going towards funding the pensions these retirees rightfully earned. Furthermore, GM now has the cash to top off these deeply slashed pensions. These employees worked for GM far longer than they did for Delphi, so there is an obligation on the part of GM to assure the security of their futures.”