Posts tagged bailouts
Op-ed: The Delphi bailout Congress shouldn’t pay
July 24, 2026 // Some media reports claim that 20,000 former Delphi employees lost their pensions, but the PBGC confirms that 14,300 of the plan’s approximately 20,000 participants have received every dollar of the pension benefits they earned. Only about 5,700 experienced any reduction, either because their benefits exceeded the $54,000 statutory insurance limit, or because they earned early-retiree benefits the PBGC does not insure. Most of those reductions were modest. About 60% of affected participants lost less than one-fifth of their promised pension,
Watchdog critic of TARP bailouts plays role in Shawn Fain graft controversy
July 15, 2026 // The DOJ is probing claims that Fain pressured a union official to provide financial benefits to his fiancee and a workers’ compensation claim for her sister, according to Bloomberg. Fain then allegedly punished UAW Vice President Rich Boyer for not approving the benefits by taking away Boyer’s position as lead negotiator with automaker Stellantis. Last month, Barofsky, the court-appointed monitor for the union, released a report about the accusations against Fain. “The Monitor’s investigation substantiated the claim that President Fain acted improperly to obtain financial benefits for his fiancée, and that Vice President Boyer’s failure to approve the bonus may have contributed to Fain’s retaliatory action against him,” Barofsky wrote.
‘I have a pension; they don’t’: Why United Auto Workers are fighting to end a two-tier system for wages and benefits
August 30, 2023 // U.S. automakers over the years have justified tiering as a way to stay competitive because of globalization, Lichtenstein said. “Whether the automakers are doing well [financially] or not, they’ll say the competition, like Toyota, will eat our cake.” But “across the board, the rank-and-file hated [tiering],” said Marick Masters, a business professor at Wayne State University in Detroit. “It was a sore point from Day 1. They viewed it as discriminatory that people were doing same job and getting paid substantially less, and that [some workers were] treated as second-class citizens.”