The Era of Special Interest Payoffs Is Over...

Delphi and PBGC settle pension dispute - WSJ.com: "When the PBGC was created in 1974, Democrats running Congress assured everyone there was no taxpayer risk because the agency would be funded by fees from pension plans, as well as by the assets of plans the company takes over. But like Fannie Mae, we are learning that sooner or later these government guarantees always come due. Now the PBGC has a $33.5 billion deficit even before Delphi, and more bankruptcies are headed its way. Mark it down as one more way the taxpayers are being put on the hook for GM, the UAW and Michigan’s 17 electoral votes in 2012."

... RIGHT...

It's much worse than I realized when I first posted on this multi-billion political payoff (I know what you're thinking, why are you wasting your time on multi-billion dollar corruption in a new era of trillion dollar corruption?), under the name of saving the auto industry. Read the column - not only are we now on the hook to the tune of $6B for Delphi's pension obligations, but in a stunning display of a political cronyism, the UAW members are being put at the front of the line for yet another bailout. UAW retirees are slated to get 100% of their benefits, while members of other unions, and former non-unionized employees will have to settle for a fraction of what they are owed.