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US Sen. Sherrod Brown to introduce new bill to restore full pensions of Delphi retirees



Published: Thu, September 6, 2012 @ 4:38 p.m.

WASHINGTON, D.C. — U.S. Sen. Sherrod Brown said he will introduce legislation next week to transfer money from the sale of government stock in General Motors to supplement retirement benefits lost by Delphi salaried retirees.

“Many Delphi retirees have yet to receive the pensions they earned and deserve,” said Brown, a Democrat from Avon, in a announcement today. “Now that General Motors is profitable once again and the federal government is preparing to sell its stake in the company, a portion of the proceeds should be used for those shortchanged retirees.”

The 2009 Delphi bankruptcy left about 20,000 of the company’s salaried retirees, including 1,500 in the Mahoning Valley, without health and life insurance, and pension cuts of 30 percent to 70 percent.

For the complete story, read Friday's Vindicator and Vindy.com


Comments

1Silence_Dogood(1372 comments)posted 2 years, 2 months ago

The U.S.Government spent 49.5 billion dollars for these stocks at an inflated purchase price of $33 per share. For the Government to BREAK EVEN we would have to receive $53 dollars per share. These stocks are selling for $21 dollars per share right now. So with that said , selling these stocks will be incurring a HUGE LOSS for the American taxpayers.This is the unsaid truth about this bailout, it was nothing more then a gift that was given to GM , putting companies like Ford at a competitive disadvantage. This is so unfair to companies that played by the rules. Democrats playing favorites in the marketplace with the American taxpayers money, plain and simple.

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2redeye1(4621 comments)posted 2 years, 2 months ago

He must be worry . Because now all of sudden he thinks he found a solution to this problem. Its only taken him what 2or 3 years. Now he brings this idea out just in time for the elections . Amazing what an election will do some people to get them to do their jobs. I say vote the lazy bum out in November He's good at spending taxpayers monies. That money should go back to the taxpayers and let them decide what to do with it..

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3Jeidel(7 comments)posted 2 years, 2 months ago

If Sherrod Brown can support Delphi, than he better support all the steel workers who lost there pensions when the steel industry folded.
Remember this we may be old but we can still VOTE

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4youngspartanrepublican(92 comments)posted 2 years, 2 months ago

he's obviously feeling the heat...time to panic and pander thinking it's going to help, but he's just a typical fraud...vote josh mandel in

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5JoeFromHubbard(1088 comments)posted 2 years, 2 months ago

Conspicuous timing on his part, this should have been done long before the elections.

He, as well as Obama, is anti-business and should be replaced in the coming elections.

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6exlonghorn(35 comments)posted 2 years, 2 months ago

Timing is EVERYTHING!

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7VINDYAK(1799 comments)posted 2 years, 2 months ago

This is only the beginning...wait until October. There is so much more that has been planned.

Clearly, they have been holding their best cards for last...at our expense.

Many of these "announcements" are designed to make themselves look good without changing anything...other than swaying the opinion of voters.

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8IslandMike(757 comments)posted 2 years, 2 months ago

saddad,

Mitt-Flopper proposed letting GM go bankrupt and CLOSING Lordstown. I guess that what "others" proposed.

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9Freeatlast(1991 comments)posted 2 years, 2 months ago

It would be nice if they got it . But as long as all they do is bash GM, the workers and the UAW , the courts and the government . . Tell everybody not to buy GM, go out and buy foreign cars . Now they want GM to profit so the Government can help ?????

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10DwightK(1287 comments)posted 2 years, 2 months ago

Silence_dogood, even if the government loses a little money on the bailout of GM, they still come out ahead. Rather than paying one million people unemployment benefits, food stamps and medicaid, those people are producing cars. That generates income tax revenue, sales tax revenue and corporate tax revenue.

No matter what happens with the sale of the stock, bailing out GM was a win for the country.

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11radevers(3 comments)posted 2 years, 2 months ago

The government shouldn't have to add more money; they have enough money from the Delphi retirement fund that they tok over. The PBGC took over the Delphi pension plan when the stock markets were at their lowest point, and at that time, the salaried pension plan was 85% funded. Since then, the market has recovered substantially and the funds the PBGC got from the Delphi plan should have grown enough that the plan would have been more than fully funded if they had not raided it. In addition, the PBGC had liens on Delphi's foreigh assets that were supposed to cover the pension plans through Delphi's bankruptcy and they gave up those liens for pennies on the dollar in order to help GM exit bankruptcy.

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12laughinghouse4(2 comments)posted 2 years, 1 month ago

How bout introducing a bill that doesn't allow politicians to take money from tax payers and give it businesses that have failed? Oh wait... our constitution doesn't allow for that anyway. Sherrod Brown has seemed to bailout everyone but the taxpayer. The economy is still in the crapper and now we are only further in debt. Its time we cleaned house and fired big spenders like Sherrod Brown! visit sherrodbrownrecord.com

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