Romney tour avoids towns of Bain devastation

If Romney is elected, you can expect a whole lot more jobs being outsourced!

IF Obama is re-elected it won't matter.  No one will have jobs, and no money to spend. The current man in charge is leading us down the path to the guillotine, and some you guys are anxious to walk faster. No wonder this country is in the mess it is in.

Perhaps it has escaped our Proper Propagandist's notice that Romney left Bain's leadership in 1999 and became a retired member in 2001.  True, he still has Bain stock in his portfolio, but blaming hime for the actions of a company he ceased to manage over a decade before Bain bought Sensata is a true stretch of the imagination, even for a liberal imagination. 

This is really getting ridiculous. Romney left Bain 13 years ago and Bush left the White House 3 1/2 years ago, and they're still being blamed for things happening today.

This is because Obama has no record to run on, so he has to run against imaginary bogeymen.

Perhaps someone should investigate who Propie hung out with a decade ago.  No telling what mischief those people have done, we can blame on Propie!  

If Obama wanted to avoid his devastation he'd have to go back to Kenya.

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My Mama always told me that you are known by the company you keep.

If Mitt really wasn't in sympathy with what Bain continued to do after he left, he would have done like Pilate and washed his hands of them after he finished condemning companies to death. Instead, he continues to receive his Judas payment for what his deeds put into action. 

So, it looks like an unbroken thread to me, even if it isn't Mitt personally that's pulling the strings.

______________________________________

Just look at all the success Obama has had investing in companies. With our money!

If you would take down your blinders, you would see what the real world really looks like.

Skippy

Perhaps, you'd extrapolate that to the non-union former Delphi employees who Obama screwed out of much of their retirement, in favor of the UAW.  The ongoing legal proceeding just received the documents Obama tried to hide.  Results should be most interesting.

Propie sez "

My Mama always told me that you are known by the company you keep."

Really??? You support a man who knowly associated with known anarchists, terrorists, and professed communist, and even went so far as to nominate some of them for federal administrative positions, and you use this excuse?  Dude, seriously, get some help.

These Obama people can go down with the ship as far as I'm concerned.  There is no getting through to them.

Democrats have accepted more political donations than Republicans from executives at Bain Capital, complicating the left’s plan to attack Mitt Romney for his record at the private-equity firm.

During the last three election cycles, Bain employees have given Democratic candidates and party committees more than $1.2 million. The vast majority of that sum came from senior executives.

Republican candidates and party committees raised over $480,000 from senior Bain executives during that time period.

While Romney himself has received more contributions from his former firm than Obama has, “President Obama received a sizable share as well.” More generally, “campaign finance records show that Democrats collect more money from Wall Street than does the GOP.”

"My Mama always told me that you are known by the company you keep."

Besides the preacher of hate -- Reverend Wright and bomb throwing commie Ayers, Obama's friends include celebrities.  Most of these are known for wearing other peoples clothing and saying other people's words in a convincing manner.  In the real word, that's called "playing dress up," and lieing convincingly -- useful skill among con men and politicians.  The same celebrities practice a morality that would embarass a ferret in heat.  Need I mention Obama's coke provider.  

Judged by the company we keep -- Bhawaa! ROFLMAO!  Romney won't even touch Coke -- Coca Cola, that is.

One of the benefits of joining a union. Who did those non-union Delphi workers have looking out after their interests?  

Wanting not having to pay union dues (or perhaps taking right wing union bashing to heart) they lost a whole lot more. Choices have consequences. 

"If I went to work in a factory, the first thing I'd do would be to join a union."

-- Franklin D. Roosevelt.

Propie:

Yes, the UAW had someone looking after their interests -- they paid Obama enough,  Remember the definition of an honest Ch-town politician -- once he's bought, he stays bought.

Nevermind, that Obama stole the pension fund from non-union employees to enrich the union employees,  Then, dumped the non-union employees on the PNGC, which taxpayers may end up supporting.

Then, attempted to hide the documentation from public view.

"Delphi Salaried Retirees Receive 62,000 Pages of Documents from Pension Benefit Guaranty Corporation in Lawsuit

Emails and reports finally released 20 months after federal judge first ordered PBGC to participate in lawsuit’s discovery phase. PBGC states it will produce a second batch of documents by end of June

Retirees believe Obama’s Auto Task Force directed PBGC to unjustifiably and illegally terminate pension plan in 2009

Government officials’ refusal to disclose how decision was made ignores Obama directive that “transparency and the rule of law will be the touchstones of this presidency.”

Release Date: Monday, June 11, 2012

WASHINGTON, D.C. — Twenty months after Federal U.S. District Judge Arthur Tarnow ordered in September 2010, that salaried retirees of auto parts maker Delphi Corp. were entitled to conduct discovery in their lawsuit against the Pension Benefit Guaranty Corporation, the PBGC on Thursday finally made its first document production, turning over approximately 62,000 pages of emails and documents. The pension agency said it would make a second production of a similar size by month’s end. The materials concern the PBGC’s 2009 termination of the pension plan of more than 20,000 current and future salaried Delphi retirees during the auto bailout, resulting in the reductions of earned pensions by as much as 70 percent.

“Given the president’s statement on his first day in office that ‘transparency and the rule of law will be the touchstones of this presidency, (see it at http://www.youtube.com/watch?v=72g7qmeP1dE), why did we have to pry this information out of a government agency led by an Obama appointee?” said Dennis Black, chairman of the Delphi Salaried Retirees Association (DSRA). “Our legal bills are several million dollars to get to this point. Citizens shouldn’t have to hire lawyers to fight against taxpayer-paid lawyers just to find out how and why onerous government policy decisions were made.”

Having already reviewed more than 100,000 pages of discovery from non-governmental parties involved in the matter, the retirees are confident they can prove the PBGC illegally terminated the Delphi salaried retiree pension plan in 2009 under pressure from President Obama’s Auto Task Force, which reported to the U.S. Treasury Department. The retirees’ rights under federal labor law (ERISA) and the U.S. Constitution were trampled, according to the retirees’ lawsuit.

TOPPING UP PENSIONS OF UNION-REPRESENTED DELPHI RETIREES

Union-represented Delphi retirees were treated differently than salaried retirees when the PBGC terminated the Delphi pension plan in 2009. Monies from U.S. taxpayers were provided by the Auto Task Force in its $50 billion bailout of GM so the automaker can today top-up the lower PBGC pensions being paid to union-represented Delphi retirees, making their pensions whole.

“Some say this was done because GM was contractually obligated to honor its 1999 labor agreements with labor unions,” said Charles Cunningham, chair of DSRA’s legal committee. “But GM’s bankruptcy court found in 2009 that the ‘new’ GM was not obligated to honor any of ‘old’ GM’s contracts. We want the government to re-examine its discriminatory treatment of us vs. the union-represented Delphi retirees.” We are glad that the Union workers received this “top up” and have been spared the harm and suffering the salaried workers have had to endure. All we want is equal treatment with those people, most of whom we worked side-by-side during our careers.”

Vice President Biden recently told a TV news reporter in Youngstown, Ohio, “We were able to help the hourly folks.” 

“Boy, that statement by Mr. Biden sure caught our attention,” said Black. “For the last three years, the Obama Administration has stated both publicly and in court that it didn’t make any decisions regarding the pension plans. Is the vice president taking credit for something they didn’t do, or is he admitting that the Administration did in fact manipulate the bankruptcy process for the benefit of only the hourly workers?”

SPECIAL INSPECTOR GENERAL BELIEVES AUTO TASK FORCE PLAYED A ROLE

In a major recent development, Christy L. Romero, the congressionally-appointed special inspector general (SIG) of the Troubled Assets Relief Program (TARP) wrote to House Oversight and Government Reform Committee chair Darrell Issa that “SIGTARP believes that the Auto Task Force played a role in the pension decision.” She added that three Obama Administration appointed officials of the Auto Task Force — Ron Bloom, Matthew Feldman and Harry Wilson — have refused to be interviewed. “These individuals’ failure to speak to SIGTARP on this issue poses a significant obstacle to SIGTARP’s ability to complete its audit,” said Romero.

“This statement by SIGTARP supported what we’ve believed for a long time,” said Black. The retirees also welcomed the reaction of U.S. Congressman Mike Turner (OH), who recently wrote to Chairman Issa, saying: “Because the SIGTARP does not possess testimonial subpoena authority, I am requesting that the [Committee] interview these individuals concerning the role they played in the decision to take the retirement and health benefits of these retirees.”

U.S. TREASURY ALSO REFUSING TO PROVIDE INFORMATION

The retirees also are battling in federal court the U.S. Treasury Department, to which the Auto Task Force officials reported, to gain similar information as part of the lawsuit’s discovery phase, and are hopeful that Treasury will be ordered to cooperate in discovery as well.

OBAMA RHETORIC DOESN’T MATCH ADMINISTRATION’S HANDLING OF DELPHI SALARIED PENSION PLAN

Given the retirees’ long legal fight over the past three years, they view as empty promises these remarks by President Obama in the White House on Jan. 21, 2009: “For a long time now there’s been too much secrecy in this city. The old rules said that if there was a defensible argument for not disclosing something to the American people, then it should not be disclosed. That era is now over. Starting today, every agency and department should know that this Administration stands on the side, not of those who seek to withhold information, but those who seek to make it known … the mere fact that you have the legal power to keep something secret does not mean you should always use it … the Freedom of Information Act is perhaps the most powerful instrument we have for making our government honest and transparent, and of holding it accountable. And I expect members of my Administration to not simply live up to the letter, but also the spirit of this law.” (See this at: http://www.youtube.com/watch?v=72g7qmeP1dE )

And Black noted that, while running for president in May of 2008, Mr. Obama told a Gresham, Oregon, audience (see it on YouTube at http://www.youtube.com/watch?v=lHJzTdCsiGk): “Pension protection is something we should put at the top of our priority list. Right now, bankruptcy laws are more focused on protecting banks than protecting pensions and I don’t think that’s fair. It’s not the America I believe in … If you work hard and play by the rules, then you’ve earned your pension. If a company goes bankrupt, then workers need to be our top priority, not an afterthought.”

“We worked hard and played by the rules,” said Black. “Fair and equitable treatment is all we ask from our federal government. We’ve shown the Administration several proposals for restoring our pensions without Congress having to appropriate any taxpayer funds, but they continue to ignore us. Many Delphi salaried retirees and their families have endured bankruptcy, foreclosure, breakups and worse. Their children, grandchildren, former business associates, friends and neighbors know that they have suffered long enough.” 

http://michellemalkin.com/2012...onewall-on-uaw-bail/

This manner of union protection is in the manner of the protection racket, of Al Capone.Another famous Chi-Town favorite son.

------------------------------------

This concerns Delphi, not General Motors, right?

Delphi Automotive Systems has been a fully independent publicly held corporation since 1999. It was renamed Delphi Corporation in 2002, and has been in its own bankruptcy since 2005. In fact, it was the inability of Delphi, one of GM’s largest customers, to emerge from bankruptcy which helped push GM into its own bankruptcy.

After 4 Years, Delphi Exits Bankruptcy With Sale of Assets to Lenders and G.M.

By NICK BUNKLEY

Published: October 6, 2009

 

DETROIT — Delphi, the automotive parts maker that was spun off by General Motors, completed a messy, four-year stay in bankruptcy protection on Tuesday with a sale of its assets to lenders and its former parent.

 

The emergence of Delphi Holdings, as the new company is called, eliminates a significant risk to the turnaround at General Motors, which estimated earlier this year that it had spent $12.5 billion to support Delphi’s reorganization.

 

A group of Delphi’s lenders, including the Elliott Management Corporation and Silver Point Capital, is buying most of its assets, while General Motors takes over Delphi’s steering business and four plants in Indiana, Michigan and New York.

…

The asset sale comes after two failed tries to emerge from bankruptcy, including one last year that fell apart at the last minute when a lead source of financing backed out.

 

Delphi’s inability to reorganize was one factor that helped push G.M. into Chapter 11 bankruptcy in June. In the spring, G.M. cut production at many plants to reduce the risk that Delphi could cause an “uncontrolled shutdown” of the automaker, and G.M. had laid out numerous situations in its most recent annual report in which problems at Delphi could hinder its own restructuring.

 

http://www.nytimes.com/2009/10...siness/07delphi.html

Note this from your post, which was reprinted from  the Delphi Salaried Retirees Association, which are all simply allegations to be settle in some future court action:

“Some say this was done because GM was contractually obligated to honor its 1999 labor agreements with labor unions,” said Charles Cunningham, chair of DSRA’s legal committee. “But GM’s bankruptcy court found in 2009 that the ‘new’ GM was not obligated to honor any of ‘old’ GM’s contracts. We want the government to re-examine its discriminatory treatment of us vs. the union-represented Delphi retirees.”

[This is someone's opinion -- not necessarily fact.]

I would like for you to explain to me how GM was in any way responsible for Delphi’s salaried pension obligations when Delphi had been a separate and apart corporation in its own right since 1999, and GM handed over to Delphi a fully-funded salary pension plan? (see next article)

Or how the UAW should somehow be implicated because employees at plants that didn't seek union representation, or voted down union representation when it was offered and elections held, didn't have anybody to stick up for them?

GAO: Agency handled Delphi’s pensions by the book

Published: Sunday, January 08, 2012

 

At the behest of several Republican congressmen, the Government Accounting Office conducted a review of the Treasury Department’s handling of the Delphi salaried pensions.

 

The GAO found that the Pension Benefit Guaranty Corporation’s handling of the Delphi pension followed the book. There really was no evidence to indicate improper behavior by the PBGC.

 

The GAO basically concluded Delphi’s 20,000 salaried pensioners were treated no differently than the beneficiaries of any other private-sector pension fund for which the PBGC assumed responsibility. The resulting reductions in the dollar value of Delphi’s salaried pensions was also in line with PBGC’s existing guidelines.

 

When it came to Delphi’s blue-collar pension plan, the GAO report indicated it was ultimately the decision of General Motor Corp.’s executives and board of directors to hold on to the plan and not turn it over to the PBGC.

 

In addition, GM’s original plan of shifting responsibility of blue-collar pensions to Delphi never took root completely. Unlike the fully funded pension fund GM turned over to cover salaried employees shifted from the GM to the Delphi payroll, the hourly pension fund was never fully funded, according to the GAO.

 

 [Notice GM turned over to Delphi a fully-funded pension plan for salaried employees.

Q. What happened to their money?]

 

A. GM’s top management also was acutely aware that Battenberg and his subordinates had been accused by the SEC of manipulating Delphi’s books. The conduct of Battenberg also should, and probably did inside GM, raise serious questions about why the salaried pension fund went from fully to underfunded in the space of 10 years.

 

[Also, the union is not responsible in any way for how the company treats its salaried employees. Negotiations were held on behalf on represented hourly workers only. Those hourly employees who weren’t union members apparently weren’t represented by anybody. They failed to make the wise choice and avail themselves of the benefits of union membership.]

 

GM either couldn’t or deliberately chose not to turn the extra cash required to fund the pension plan over to the fledgling Delphi Corp., which meant it had a continuing obligation to the blue-collar employees shifted to the new company.

 

[This is how I was able to “flow back” to GM towards my retirement and receive my full pension.]

 

Thus, GM might have decided at that point it was better to keep a hand on the blue-collar pension fund and its obligations to avoid having it become a source of potential conflict that could have wound up shutting GM down again.

 

[We called Steve Miller 'The Hatchet Man.' He is a venture capitalist in the same mold as Mitt Romney and former alumnus of Kohlberg Kravis Roberts & Co., a venture capital firm.] 

 

When Robert “Steve” Miller took over after Battenberg left Delphi in disgrace, he notably said he didn’t have to slash hourly and salaried pension benefits in bankruptcy court.

 

Miller, however, did go after every other aspect of Delphi’s blue-collar pension compensation from wages and health care to overtime and vacations.

 

Unfortunately, the Delphi bankruptcy turned into a long, drawn-out affair that robbed Delphi’s board of any control or initiative.

 

In the bitter end, reading between the lines of the GAO report, GM acknowledged it had an obligation to the blue-collar pension fund. It also decided the prudent thing to do was honor it.

 

On the other hand, GM’s directors and executives believed any and all moral and legal obligations to Delphi’s salaried retirees had been fulfilled completely in 1999.

 

http://theoaklandpress.com/art...t?viewmode=fullstory

P.S. Tell Roland he can have the KY Jelly back. I'm never one to need it.

Do you union people have plans to unionize heaven and hell after your demise? 

Propie attempts obfuscation by throwing out chaff, as usual.  The heart of the matter with Delphi is that the Delphi salaried employees' rights  were illegally terminated from pressure by the President's Auto Task Force.  Their rights under federal labor law (ERISA).  I reviewed the GAO report Propie cited.  Its evident that that GAO did not have access to at least 63,000 documents at the PNGC which Obama kept from GAO.  Only after a court order, were the documents mad available to the former Delphi employees' lawyers.  GAO's report is like a report written on Watergate ignoring Nixon's tapes.  Or, Fast and Furious without 73,400 documents, Oh, yeah!  Those are still hidden from Congress.