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Friday, September 14, 2012

Senator Brown's Slight of Hand Handout

It's funny how some things get important when elections approach. Senator Sherrod Brown says he will introduce legislation that will restore the pensions of 20,000 salaried Delphi employees that had been taken from them by the Obama manipulated bankruptcy. One of course wonders why it took the compassionate senator with a degree in Russian Studies 4 years to realize that bilking retirees out of the pension they rightfully and legally earned may have a political downside but in the heady days of 2009 it was never anticipated he would face a tight election. Now, long after his opposition to this governmental larceny may have served his constituents well, Brown has had a come to Jesus moment and has conjured up a plan to raid the Treasury to backfill the pension plans while GM and the UAW continue squander the money.
Under Brown's plan when the government sells the GM stock it owns the Delphi pension plan will be backfilled and everyone will be happy except the taxpayers. There are, however, two big impediments to the success of this plan. First, Brown would designate Timothy Geithner, the man who oversaw the looting during the original bankruptcy as the administrator of his plan so a Republican filibuster is eminent even if the Democrats hang on to the senate and the presidency. Second GM stock is currently trading around $23 and the break even point for the government is $52 so it may never be sold in the retirees' life times. But what the hell. He tried.

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