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Delphi's pensions must be honored.(Opinion)
Crain's Detroit Business, January, 2006 by Crain, Christopher
Byline: Christopher Crain When Delphi Corp. was spun off from General Motors Corp. in 1999, it was assumed that Delphi had a bright future. With guaranteed contracts from GM and the freedom to shop for contracts from competitors, how could it lose? Now in bankruptcy, it seems Delphi can't wait to unload its liability for retirees' pensions.
If that is true, GM needs to guarantee the full pensions of the thousands of Delphi employees who previously worked for GM. When Delphi CEO Steve Miller spoke last week at the Automotive News World Congress, he said he hoped Delphi would emerge from Chapter 11 a stronger company, able to compete in this global industry. He explained that an agreement between the UAW and Delphi management, not a court-enforced...
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