Obama: Destroyer of Non-Union Pensions?
~ The Rebel ~
2012/08/09 13:40:33
Add another burgeoning Obama administration scandal to the pile of scandals afflicting this administration. The Daily Caller’s Matthew Boyle is reporting that they have obtained a series of emails showing the U.S. Treasury Department, with Timothy Geithner in the lead, “was the driving force” behind terminating the pensions of 20,000 salaried retirees at Delphi, one of the world’s largest auto parts manufacturing companies. The move was made during the Chrysler/GM auto bailout of 2009, and it appears the sole motivation behind it was crassly political: these particular Delphi retirees were not members of an organized labor union. Delphi’s unionized workers ”saw their pensions topped off and made whole.”
The Caller notes that the emails “contradict sworn testimony, in federal court and before Congress, given by several Obama administration figures,” and also “indicate that the administration misled lawmakers and the courts about the sequence of events surrounding the termination of those non-union pensions, and that administration figures violated federal law.”
Read More: http://frontpagemag.com/2012/arnold-ahlert/obama-d...
Consider pensions and 401(k) plans. They were massive buyers of mortgage-backed securities. So far, we've learned of 3 distinct crimes involving MBS sellers:
1. They sold AAA-rated MBS knowing that the paper in the trusts was worthless (and, in the case of Goldman and Citi, actually shorted their own products);
2. They sold packages of MBS that didn't have any promissory notes in them, that is, they sold mortgage-backed securities that weren't backed by any mortgages; and
3. They sold the same promissory notes to multiple MBS trusts.
No wonder the pension funds are underfunded--and that's by the funds' own admission. The reality is likely far worse than what they are reporting. Meanwhile the Financial sector is working on their next series of schemes and greasing both parties to remain unmolested in their ambitions.
Meanwhile many continue to blame the victims...
The Delphi white collar workers will soon not be alone.
If you want to know where the money has gone, look no further.