The Spark

“The emancipation of the working class will only be achieved by the working class itself.” — Karl Marx

“Bankrupt” Delphi has $98 million for managers’ bonuses

May 22, 2006

GM’s parts arm, Delphi Corp., is in the middle of a sham bankruptcy, using it purely to drive down workers’ wages and benefits.

In bankruptcy court, certain financial information is put on the record. Thus it came to light that Delphi plans to pay 60 million dollars in extra bonuses to managers, on top of 38 million dollars already slated for executive bonuses.

Actions speak louder than words. Delphi says it’s bankrupt but acts like it’s got money to burn. Workers need not be deceived by the words of a high-rolling con artist.