Thursday, September 12, 2013

GM said United States selective pensions funding: Rattner

GM said United States selective pensions funding: Rattner

The former head of President Barack Obama auto task force admits that he entrust General Motors not to cash a pension fund for former employees charged during the automaker's 2009 bankruptcy.

"We it is completed, not commercially reasonable," said Steven Rattner, who led the bailout of the auto industry at the height of the financial crisis of the country, a House to hear Wednesday.

Republican lawmakers criticized the decision as an example of excessively deep interference by the Obama administration in the private sector.

"The administration took winners and losers," said Rep. Michael Turner, R-Ohio, at the hearing.

The Government plans to GM beginning 2014 end. Taxpayers are probably billions of dollars for the rescue to lose.

Rattner and other members of the task force, defended their decisions, says the legislature that their job was to make sure that GM emerged from bankruptcy as a viable company. The automaker had disappeared, had many other companies in the automotive industry also under, they said. That would have worsened what was already a deep recession.

"It is not just this kind of decisions under any circumstances; It was a special challenge in the crisis was the atmosphere of GM with a view at the time, "Rattner told lawmakers.

Under the bailout, which go the company in bankruptcy and the Government pay some $50 billion, to take possession of them involved, agreed to finance car manufacturer pensions of former employees were members of the United Auto Workers Union and had worked at GM Delphi unit, before he in 1999 was spun off.

The auto task force didn't for Delphi employees to do the same, who also had worked at GM to spin off GM, Rattner said.

"There are any number of places and times, where General Motors would recommend or recommend, do something that we was not the feeling of being economically viable, and this was one of them", he said.

Washington has its share of the car manufacturer, winding back was the profit zone and joined the S - and P-500-stock index in June.

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