What you need to know about Ohio Politics and Policy
Terra Goodnight · September 8, 2016
Singer and the other hedge fund vultures wanted more public subsidies for the company and reductions of its obligations to workers like collective bargaining agreements, union wages, health care, and defined benefit pensions.Because of their considerable leverage (Delphi is a critical supplier to US automakers), they were able to reject a deal to keep 15 of their 29 US facilities open and unionized. Today, one vulture brags that “virtually none” of the workers in Delphi’s remaining 4 US facilities are unionized; thousands more lost their jobs. Taxpayers ultimately contributed $12.9 billion in bailout funds, including $5.6 billion to assume responsibility for much of the Delphi pension obligations. The company has reincorporated abroad to avoid US taxes.