A word of advice: If you happen to be watching the DNC convention tonight, don’t hold your breath in anticipation of honesty during the United Auto Workers’ top union boss Bob King’s speech. You’ll waste your time if you’re expecting an honest discussion about how the Obama Administration was ‘fair’ to the workers during Barack Obama’s taxpayer-funded bailout of General Motors and Chrysler.
The UAW’s King likely won’t touch the way the Obama administration discriminated against the union-free retirees of Delphi. Nor, will he discuss how GM may fall back into bankruptcy.
[By the way, have you noticed how
unions Democrats like to call fleecing taxpayers of their money to keep UAW jobs a “rescue”? It sort of goes along with the union Democrats’ “We all belong to government“—”You didn’t build that” mindset.]
In any case, back in 2009, when the union-backed Obama Administration took over General Motors and Chrysler and “structured” their bankruptcies, there were a lot of casualties—collateral damage, as some might say.
Bondholders got shafted.
Conservative car dealers (allegedly) got closed.
Taxpayers shelled out $85 billion and, despite Obama’s promises to the contrary, lost $25 billion…so far.
Today, GM’s stock is $21.76. [When the government took GM public, its shares were $33.]
And, to make matters worse Government Motors may go bankrupt…again.
It’s doubtful that the Obama administration would attempt to sell off the government’s massive position in GM while the stock price is falling. It would be too embarrassing politically. Accordingly, if GM shares continue to decline, it is likely that Obama would ride the stock down to zero.
GM is unlikely to hit the wall before the election, but, given current trends, the company could easily do so again before the end of a second Obama term.
The entire auto bailout, as has been said time and again, was designed to be nothing more than a bailout of the UAW, a union that has given “99 percent of its $25.4 million to Democratic federal candidates in the past 20 years.” Yet, the UAW’s Bob King won’t discuss this tonight as he touts the “success” of Obama’s
Despite all of this, however, there has yet to be a personal face to the absolute absurdity of Obama’s auto
“rescue” bailout until recently.
A group of 22,000 retirees from former GM-subsidiary Delphi have put a personal face to the the absurdity of Obama’s UAW bailout. This group of retirees lost up to 70% of their pensions, all of their health care and all of their life insurance. Why? Because they were not members of the UAW.
According to e-mails obtained by the Daily Caller, Treasury Secretary Tim Geithner drove the effort to strip union-free Delphi retirees of their pensions, while maintaining them for Delphi workers who happened to be UAW members.
This has enraged the union-free Delphi retirees, who have launched an online petition, according to news reports.
The group claims the cuts are a result of President Obama’s re-organization of the American auto industry, who although cut their benefits, used government financing to meet the pre-bankruptcy pensions of more than 500,000 union retirees.
“They can’t be choosing winners and losers by saying we like this group, but we don’t like that group,” explained Delphi Salaried Retirees Association Vice-Chairman Bruce Gump. “That’s what they did in this case and the whole community has been damaged as a result.”
The retirees have even put a face to their message by appearing on this on line ad:
Will Bob King address any of this tonight at the DNC Convention?
Don’t hold your breath.
“Truth isn’t mean. It’s truth.”
Andrew Breitbart (1969-2012)
Cross-posted at LaborUnionReport.com