Tag: PBGC

By on April 29, 2010

When former auto task force boss Steve Rattner’s former firm Quadrangle recently settled a “pay-to-play” corruption investigation, it threw Rattner under the bus, saying:

We wholly disavow the conduct engaged in by Steve Rattner, who hired the New York State Comptroller’s political consultant, Hank Morris, to arrange an investment from the New York State Common Retirement Fund. It is our understanding that Mr. Rattner also arranged a DVD distribution deal for a movie produced by the Chief Investment Officer’s brother in the middle of the investment decision-making process. That conduct was inappropriate, wrong, and unethical. Mr. Rattner is no longer with the firm and is not a part of today’s settlement. Quadrangle will fully cooperate in the Attorney General’s ongoing investigation of Mr. Rattner and others.

According to the DetN, that stinging indictment by Rattner’s former firm has inspired House Republicans to call for an investigation into whether Rattner was behind a deal in which some Delphi retirees lost their pensions while others didn’t.
(Read More…)

By on December 21, 2009

Deja vu... British workers protest Ford/Visteon shenanigans (courtesy: bbc.co.uk)

It’s been a while since we’ve heard the word “buyout” echoing out of Detroit, as 2008 marked the year in which auto industry employees finally started to be fired like everyone else: without a hefty severance kiss-off. Ford, on the other hand, did not get a shot at free house-cleaning in bankruptcy court, so it’s bringing back buyouts. According to Market Watch, the Blue Oval is offering blue-collar employees a $50,000 lump sum payment and a $25,000 voucher for a new vehicle or another $20,000 lump sum, as well as six months of health insurance coverage. There’s even an extra $40k for workers of “a certain age.” But this being Detroit, employee benefits are either feast or famine. While Ford’s workers are being offered cash for their jobs, the former Ford parts division Visteon announced today that it is seeking to dump pensions for 21,000 retirees in bankruptcy, following Delphi into yet another stealthy yet popular form of indirect automaker bailout.

(Read More…)

Recent Comments

  • Re: Cadillac ELR Sales Double After Price Drop

    Nicholas Weaver - Yeah, but how many Tesla owners don’t already own a gas-burner? Yeah, you end up having to take that road trip in the older...
  • Re: Cadillac ELR Sales Double After Price Drop

    FreedMike - Just because a company tries a money grab doesn’t mean it’s going to succeed. The ELR is clearly a case where it didn’t work.
  • Re: Cadillac ELR Sales Double After Price Drop

    PrincipalDan - Likely. I can think of a few Chevy/Caddy but they are all in cities/counties of 20,000 to 75,000 people. GM has drastically reduced the # of...
  • Re: Cadillac ELR Sales Double After Price Drop

    FreedMike - Interesting point, but I know of no Chevy/Caddy stores in my area that share a showroom. They might be in the same “auto mall” with...
  • Re: Will Hyundai’s New Crossover Spell The Veloster’s End?

    seth1065 - Superdessucke , Can you give me a list of what the non idiots drive, painting everyone with the same brush kinda sucks,...
  • Re: Cadillac ELR Sales Double After Price Drop

    Pch101 - How could it possibly be a “money grab” when it produces a loss? In any case, it was always meant to be a low-volume car. The problem...
  • Re: Vellum Venom: Honda N600

    Ryoku75 - If you wanted one of these with more style thats where the Z600 came in, which was slightly smaller too somehow. You could have a mini AMC Gremlin or a Mini, Mini...
  • Re: Pullman Muzik

    Superdessucke - They should build the plant in Chicago where the old Pullman factory used to be. It would bring U.S. jobs, be historically consistent and the South Side of Chicago is...
  • Re: Vellum Venom: Honda N600

    Car Ramrod - Clearwater FL. If I see it again I’ll grab the number.
  • Re: Pullman Muzik

    Hidden Account Name - Yes, always Middle Eastern. OF COURSE.

New Car Research

Get a Free Dealer Quote

Staff

  • Authors

  • Brendan McAleer, Canada
  • Marcelo De Vasconcellos, Brazil
  • Matthias Gasnier, Australia
  • W. Christian 'Mental' Ward, Abu Dhabi
  • Mark Stevenson, Canada
  • Faisal Ali Khan, India