That Giant Sucking Sound - Another $6B of YOUR Money Sucked Into the Black Hole of Detroit

Delphi Gets $6.2 Billion Bailout of Pensions - WSJ.com: "The Pension Benefit Guaranty Corp. agreed to take on $6.2 billion in pension liabilities from bankrupt auto supplier Delphi Corp., putting in place a key piece in the bailout of the car industry but renewing pressure on a government agency facing huge burdens as more companies fail.

The pension rescue is the PBGC's second-largest ever, ranked by dollars, after that of United Airlines in 2005, which totaled $7.5 billion. As a result, the government will take over payments for 70,000 workers and retirees that Delphi says it can't afford under its restructuring plan."

Another payoff to the UAW, and Obama digs the US auto industry bailout hole another $6B deeper.