Congressman Chris Lee (NY-26) again demanded answers from Treasury Secretary Timothy Geithner today regarding the Obama Administration's treatment of Delphi workers and retirees. During questioning before a House Financial Services Committee hearing today, Lee pressed Secretary Geithner on why, despite repeated requests, the Secretary has refused to turn over any and all documents related to the decision to leave more than 20,000 Delphi workers out in the cold.
As a result of bankruptcy negotiations that occurred in 2009 between Delphi Corporation, General Motors, and the Treasury Department's Automotive Task Force, Delphi's salaried and hourly pension plans were turned over to the PBGC, resulting in devastating cuts to their pensions and bridge payments promised through early buyout packages, on top of previous cuts to their life and health insurance.
"More than 18 months after the unprecedented and unfair decision brokered under Secretary Geithner's watch, more than 20,0000 Delphi salaried workers and retirees still have not received any information as to how and why the decisions to cut their pensions were made," said Congressman Lee. "Delphi workers and retirees have been more than patient in waiting for a response from the Obama Administration, and the time for answers is well overdue. I look forward to the Secretary providing these documents soon, and will continue to press him until all of our questions have been answered."
Lee's strong questioning of the Secretary comes a little more than one week after Neil Barofsky, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), said he agreed to Lee's request that SIGTARP initiate an official investigation of the Treasury Department's decision to allow Delphi's pension plans to terminate to the Pension Benefit Guaranty Corporation (PBGC).