Bailout Cash to Delphi Pensions Defended by Obama Ex-Aides
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U.S. taxpayers and auto workers would have fared worse if President Barack Obama’s auto bailout hadn’t improved pensions of some Delphi Automotive Plc union retirees while cutting those of salaried workers, former members of the bailout task force said.
As part of U.S. assistance to General Motors Co. and Chrysler Group LLC in 2009, $1 billion of U.S. Treasury money was spent on a so-called top-off of pensions for hourly employees at auto-parts supplier Delphi, which GM spun off in