I guess it's official, Delphi, my former employer, is out of bankruptcy. Four years.
They really went into their final approach this past February when they asked the courts to let them cancel the health care and life insurance of their salaried workers. We, I'm one of them, received a Fed-Ex package almost to the day of their IPO status of 2/5/99. We were given 30 days to make life changing decisions, to find alternate plans and policies for our health care, life insurance and extended care coverage. Those of us that had pre-existing conditions had no choice. Pay the full bill, which there are many who already pay these high fees but we weren't use to this. Some would never have life insurance again, pre-existing conditions make this financially impossible to have. We were never asked to pay more if needed, the bill just went up. But to go up almost 1500% in your budget, in one month, was very hard to handle. We were promised, in a handshake agreement, that we would have these benefits until we reached 65 when medicare kicks in.
We were told we would have supplemental pension monies until we turned 62 and then you would file for social security. On July 31 Delphi and the PBGC decided that the pension should be in the hands of the PBGC which means those not old enough to draw SS were going to loose even more, maybe as much as 50% of their income. Someone that was anywhere from 55 to 62 was going to have a problem. Most of those that were in the youngest group were not ready to retire. They were forced out and hadn't found work yet. This is the economy from hell. They could possibly have kids in college, mortgages, trying to find healthcare, etc.
Well, those that were in charge fared very well with their special retirement packages. They were charged with crimes but got off with slaps on the wrist. They have large homes which are in their wives names. They have even had the nerve to ask the courts to have Delphi pay for their legal fees. They requested approximately 10 million dollars in aid.
Now Delphi is out of bankruptcy, most likely with the help of taxpayer monies through GM. Now, we have an American company with no manufacturing plants in the United States. They will be supplying GM with parts for the cars that are made stateside and off shore. Unfortunately, more and more of the GM brands are being made off shore. Unfortunately GM has even helped some of our tire companies close or have lay-offs this year because they have chosen to buy foreign (Chinese) tires to put on their automobiles. Thank you Mr. and Mrs. Taxpayer.
If you want to know who or what Delphi is, google Delco Products. Home of the first shock absorber. Founded in Dayton, OH. This was their name before being split off from GM. They were also Harrison Radiator, the maker of the automobile air conditioner. Inland, two locations in the Dayton area, made the interiors and safety devices for GM. Delco Moraine supplied the brakes. Fractional electric motors as well as electromotive motors for the railroad trains were made in Kettering, OH, another Dayton suburb. Other suspension parts came from Michigan and the list goes on and on. Delco was a big part of GM.