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The Detroit Free Press is reporting that GM supplier Delphi will emerge from its three-year bankruptcy by selling itself to L.A.-based private equity firm Platinum Equity, for $3.6 billion. The bad news? Delphi will terminate its salaried pension plan, which covers 20,000 workers and retirees.The Pension Benefit Guaranty Corp will take over Delphi’s pensions, a move which will “cap the annual payments to $54,000 a year for salaried retirees age 65 years or older.” Delphi’s hourly retirement fund “will be addressed by GM.” Or not. Whichever.
7 Comments on “Delphi Purchased by Platinum Equity...”
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Imagine…As the Rothschilds financed both sides of the Civil War, master capitalists, after giving their backing to the Japanese, use the invisible hand to guide GM softly down the stairs of diminished share. As GM becomes weaker, the foreigners invade our shores, setting up their fortresses of non-unionized production. Meanwhile, the ever-increasing costs of organized labor are halted by fierce competition, and a massive media campaign against their portrayed unrealistic demands. The tide of improving standard of living for the masses is halted, and through the might of popular opinion, concessions are wrought. As unionism is weakened, the purse string holders win on both sides of the game. Record profits for the invaders, and lessened expenses for the domestics. The demise of old time factory towns, who suffer setbacks in jobs and tax revenue, is a minor side effect of the intended outcome. The remaining relics of the battle for recognition are forever eliminated from the landscape…
and therego pensions and health care.
Hope the Private Equity works out better for Delphi than it did for Chrysler. But I doubt it.
But, Buickman, the Union guys and gals were ordered by the UAW to vote for The One in order to ensure they would continue with their little snout-fest indefinitely. Thus joining the banksters (who have their snouts in an even larger tray of slop). Or is it the other way ’round?
Not fair! Not fair! They’ve been proven to be nothing more than useful idiots!!! Like the rest of the public who’ve been fooled (and I use the word advisedly) into voting for President Goodwrench. Not that McPain would have been one iota different (didn’t it give anyone but a few of us a clue that when there was virtually no difference between the party planks, that there was something going on behind the curtains?)
I’m sorry but I can’t feel pity for people who refuse to study, learn, think for themselves and vote accordingly. This encompasses 98% of the US public.
What pisses me off is that the 2% of us who’ve been trying to get everyone’s attention (hey, HEY, HHHHHEEEEEEEYYYYYYYYYYY- there’s a cliff ahead, the bridge is out, and we’re picking up speed, here….. hellooooo, anybody listening?) get to fall over the cliff along with the 98%.
But I guess that’s how the world works in reality, eh?
So what took so long? Was Delphi holding out for more GM bucks?
@ Buickman,
Seriously? Despite all of the evidence we discuss day in and day out on this site of stupidity, greed, and stubbornness on the part of management, workers, and consumers you still feel this to be a result of the Jewish invisible hand?
Although, the idea that anyone would pay money for Delphi does have me reaching for my tinfoil hat.
The taxpayer will pay for the UAW retirement.
Is Platinum Equity politcally conected and in some way using taxpayer money to fund this pig? Else they are stupid.
Is this another bankruptcy where the taxpayers get the “bad” parts(pensions, healthcare, crap facilities) and Platinum Equity gets to walk away with the part of Delphi that probably turns a profit. All in the name of saving the “too big to fail” GM and some UAW jobs.
I love the thought of knowing when it comes time for me to retire I wont be able to retire because I will have been taxed(and inflated) to death paying for their “platinum” retirement.