Delphi, GM and the US Government Screw Pensioners Again

Delphi buys back GM and PBGC held stakes for $4.39B to clear the way for Delphi to go public. PBGC got $594M in the deal and will re-calculate Delphi salaried pension benefits nominally worth $6.1B. Delphi and GM claimed that they had underfunded GM/Delphi pension benefits by $7B, creating the second largest pension turnover in PBGC history.

Bankster JPMorgan will make money on both sides of the deal as the manager of PBGC Delphi stake and as the lender of $2.5B to Delphi to get the money to pay GM and PBGC.

Nothing immoral here from GM/Delphi screwing their salaried retirees, taxpayers and stockholders. Nor from JPMorgan, GM and Delphi getting government bailouts. Bonuses for all the global elites as they fuck the guys who did the work. GM plans to use some of the receipts to fund UAW full pensions that were not reduced 30-70% like salary pensions.

So Delphi, GM and the US government fuck me and 70,000 other Delphi/GM salary pensioners. Equality? Fuck that! Eat shit and die Lugh.