A second House committee chairman is demanding that the Obama White House, the Department of the Treasury and the Pension Benefit Guaranty Corp. (PBGC) make public all documents concerning the decision in the government’s March 2009 General Motors bailout to aid the pension fund of union workers at the automaker’s Delphi parts supplier but not that of management employees.
Nearly 20,000 former Delphi managers and executives lost up to 70 percent of their pensions when GM filed for bankruptcy. Federal officials then oversaw a bankruptcy filing that ended the “old” GM and created a “new” GM, largely with the backing of $50 billion in taxpayer funding.
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