In the case of the Delphi pensions, the PBGC released more than $3 billion in claims that it held on Delphi's foreign assets in order to expedite GM's exit from bankruptcy. This was undoubtedly done at the direction of the auto task force and was not in the best interest of the Delphi retirees. Independent accountants have shown that the Delphi salaried retiree pension plan was 15% underfunded when abandoned while the average of the 100 largest pension funds in the country were 18% underfunded. The takeover of the pension by the PBGC was unnecessary and politically motivated.
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Jeff Gloudemans of IN 8:34AM August 24, 2010