Audit planned in Delphi pension case

Audit planned in Delphi pension case

washington

U.S. Rep. Chris Lee, D-N.Y., announced Tuesday that the special inspector general for the Troubled Asset Relief Program has agreed to initiate an official investigation into the Treasury Department’s decision to allow Delphi retirees’ pension plans to terminate to the Pension Benefit Guaranty Corp. during General Motors’ bankruptcy in July 2009. GM agreed to cover losses to Delphi’s hourly retirees’ pension plans, but Delphi’s salaried workers saw their plans cut by between 30 percent and 70 percent.

Special Inspector General Neil Barofsky said he will conduct an audit of whether officials from the Treasury’s Automotive Task Force pressured GM to “top up” the hourly workers’ pension plans and whether political considerations played a role in the decision.

Shareholders OK merger proposals

akron

FirstEnergy Corp. announced Tuesday that its shareholders have approved proposals related to the company’s proposed merger with Allegheny Energy. Proposals to authorize issuance of FirstEnergy shares and amend the articles of incorporation to increase the number of common-stock shares were approved by nearly 80 percent of outstanding shares of common stock. The merger is expected to close in the first half of 2011, pending approval of Allegheny Energy shareholders and regulatory agencies.

Treasurer: Talk to kids about money

columbus

Ohio State Treasurer Kevin Boyce is encouraging parents to talk to their children about financial responsibility for National Money Talk Night on Thursday. The evening has been set aside as a time for parents to have a conversation with their kids about budgeting, saving and other money-related topics. For more information on topics including managing credit and debt, credit scores, identity theft, budgeting and savings accounts, visit www.ohiotreasurer.gov.

Small-business bill clears Senate hurdle

WASHINGTON

In a win for President Barack Obama and his political allies, Senate Democrats on Tuesday won a crucial vote to clear the way for a bill to create a $30 billion government fund to help open up lending for credit-starved small businesses.

The 61-37 tally sets the stage for a final vote later this week to return the measure to the House, which is likely to approve it for Obama’s signature.

Vindicator staff/wire reports