The Kokomo Tribune reports that the funds are for several former executives facing securities fraud charges, including former CEO and president, J.T. Battenberg. The KT describes Delphi’s 15,000 retirees as being “riled” by the decision. Considering the The Delphi Salaried Retirees Association just negotiated $8.75 million for continued health insurance benefits, I’d imagine “riled” is some heavy-duty midwestern understatement. They’re definitely seeking a motion to block the request. According to court papers though, $6 million has been deposited in the defense fund since Delphi entered bankruptcy aproximately 4.5 billion years ago (based on carbon dating). “Where is the justice?” asks DSRA interim chairman, Dennis Black. “Where is the money coming from?” Nope, I got nothing.
what? no insurance?
When is the choice for these people going to be between having lower benefits or no job? And I say if these guys are on trial for fraud, let them figure out how to pay for their own fucking defense. I am so sick of this.
The lawyers get richer and richer.
The US is no longeran industrial country in any comparisn to what it was. It is now a bunch of lawyers and Wall Street types and service workers and government workers.
So everybody is riding in the cart and nobody is pulling the cart. How long is that going to last? Can you say tinpot dictatorship?
Let’s see, a member of the bar (aka lawyers’ union) asked a member of the bar for $10 million of someone else’s money to pay more members of the bar, and the only parties allowed to fight the taking (by decree of a bunch of other members of the bar) were…
… members of the bar.
Gee, couldn’t see it coming could you?
They want 10 million, not 10 billion or 10 trillion? What happened, did they forget a few zeros on the request.
I’m trying to find a way to pay off a 10K credit card and these people are stepping right up and asking for more money than I’ll ever make just to defend an executive who easily made more than that in the past decade.
last one out turn off the light.
I’m sorry, Landcrusher, did you just call the Bar Association a union?
Seriously?!?!?!
Hang these “executive” theives and save us all the time, effort and expense of a trial.
Oh yes, I did it, and I ain’t backing off one bit. The smelliest pile of shit in the whole system is the bar.
You can’t write a conspiracy theory in your wildest dreams that surpasses the one that the bar has in place. Skull and Bones is a bunch of pikers by comparison.
Even if they all have the best intentions, the design of the system will cause many of the problems we have today as sure as gravity will bring down an airplane out of fuel.
I have plenty of friends who are lawyers. All good men and ladies. It doesn’t matter.
Here is a great exercise in civics – Try to figure out how to end the bar’s monopoly.