TARP may help to restore lost Delphi benefits
The Oakland Press – The campaign to help some 20,000 Delphi Corp. retirees recover lost pensions has picked up some new momentum with a proposal to have the Troubled Asset Relief Program, aka TARP, help in restoring benefits.
Sen. Sherrod Brown (D-Ohio) and Rep. Tim Ryan (D-Ohio) have asked the Obama administration to use funds from the Troubled Asset Relief Program, or TARP to protect the pensions of retirees.
“The bankruptcy process for Delphi and GM, which was made possible through the Automotive Industry Financing Program, protected some Delphi workers but not others,” Brown and Ryan said in a letter to Treasury Secretary Timothy Geitner.
“The retirees who were left out are seeking fair treatment. Their families and communities are suffering severe economic hardship as a result of these losses.”
