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Delphi, Screws Over Retirees, Owes Pension Funds $10.8B

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In a further sign of the disgusting practices of big business we have the recent bankruptcy filing by Delphi and the discovery that they owe their pension funds 10.8 billion dollars. Now I'm a pro-business guy in general until it comes down to hurting American workers or fucking over people who you've made a contractual obligation to.

Whoever made this decision at the company needs to be taken out back and shot. I volunteer to pull the trigger.

Maybe things like this would stop happening if the execs at the top had more of a threat than a short jail sentence and a retirement with all of their millions to a mansion on an island. The threat of death may make them think twice.

Fox News

Pensions at bankrupt auto parts supplier Delphi Corp. are under funded by an estimated $10.8 billion, the federal agency that insures corporate retirement accounts said Tuesday.


Delphi, the largest domestic parts supplier, filed the biggest bankruptcy petition in U.S. automotive history Saturday in New York. The company has been hurt by high wage and benefit costs and market share losses at GM that lowered demand for its parts.

Now I'll let my business side come out. Part of the reason is the goddamn unions choking these companies to death. For years they force the company into approving these massive pension plans and high wages and then when the economy turns the companies are stuck having to pay them and extorted by the threat of a strike. I'm all for a living wage, but 35 an hour for driving a truck -- which is the same amount as someone with a bachelors degree and years of experience makes in the computer industry -- is fuckin' ridiculous.

These retiree's have dug their own grave over the years and now they'll have to lie in it. I do feel bad for them, but only because of the fact that Delphi drained their fund, not because they deserve a massive payout.

Take heed younger generation, never be fooled into thinking a company gives a rats ass about you. While a leader you like may make a handshake promise, that leader may not be there a year later and his replacement probably could care less what was promised you.

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Posted by Digger on October 12, 2005 12:06 AM (Permalink)

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I am a senior in high school and I would like to know exactly what your website is aiming for?

I have a few questions for you.

1. Are you against"Illegal Immigration"?
2. (A bit of a cliche)Do you consider yourself racist?
3. How about prejudice?
4. Anglo? Itlian? What exactly are you?
5. Republican or Democrat?

I will vist your site again tomarrow and hopefully you will be kind enough to answer some of my questions?

Posted by: Vera on October 12, 2005 08:47 AM

So how do you fight a company that has frozen your retirment?

Posted by: DP on October 17, 2005 02:06 AM

That's just it DP, there's not a whole lot you can do. You can attempt to sue, but there's only so much you're going to get.


As for Vera, let me ask you if you're a racist?

Here's the answers to your questions (which you could have found just by reading a little bit more of my website.):

1. Are you against"Illegal Immigration"?
Yes 100% against illegal immigration.
2. (A bit of a cliche)Do you consider yourself racist?
No, I'm not a racist. For example, my wife isn't white. (As an aside she isn't a citizen either, she's a legal resident.)
3. How about prejudice?
I am prejudiced... against stupidity and also prejudiced in favor of people constantly striving to learn. There's many kinds of prejudice. I have also run several companies that have hired people from all walks of life, so no I'm not against any certain race, I'm against certain individuals.
4. Anglo? Itlian? What exactly are you?
75% Italian, 25% Irish, 100% American.
5. Republican or Democrat?

I consider myself Conservative, although I'm Libertarian when it comes to social issues (i.e. pro-abortion, pro-euthanasia, etc).

On fiscal issues I lean towards small government and limited social programs.

Posted by: Digger on October 17, 2005 05:00 AM

Regarding truck drivers getting too much:

Having worked on both sides of the fence. White collar corporate and construction I can tell you that the construction workers take a lot of risk both physically and economicly. They can be laid off with an hours notice for no more reason than they aren't needed. They have lay off times which they don't get compesated for and are usually pretty worn out by the time they retire.

White collar workers yes have the education but you make a mistake thinking that the construction people don't have a skilled trade. They do.

Why don't you cut the CEO's pensions? Take away the 69M dollar parachute and 98M retirement? Then they could afford to pay the people that have worked their butts off.

Walk a mile in the shoes of someone before you generalize.

Posted by: Peggy Ruh on May 20, 2006 08:36 AM

Also see these other great immigration resources

The Dark Side Of Illegal Immigration
The Dark Side Of Illegal Immigration

A 28 part detailed report on the negative impacts of illegal immigration.
Immigration Stance
Immigration Stance

Find out how your members of Congress voted on immigration issues.

The Dark Side Of Illegal Immigration
Read the free 28 part report The Dark Side of
Illegal Immigration

Includes facts, figures
and statistics.

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