your letter pertain to certain agreements entered into by general motors corporation in 1999 when the old gm spun off delphi into a separate company as well as decisions made in connections made with the 2005 bankruptcy filing. around the time of delphi's 1999 spin-off of old gm and it entered on top of agreements and commitments to pay supplemental pension benefits to participants in the delphi pension plan represented by three unions and the united autoworkers and the international union of electrical workers and the steelworkers. those agreements provided that in the event that benefits of the hourly plan were frozen or the plan was terminated, old gm would cover any shortfall below the level of benefits promised. over the next several years, delphi suffered a large loss and filed for bankruptcy in october 2005 and in 2007, delphi and the unions who were party to the top-up agreements agreed to extend these commit ments although there were negotiations with ogm, it did not enter top-up agreements with any other union nor did it enter into an agreement for participants in the delphi salary

in 2007, the old gm, delphi, and the three unions agreed to extend these commitments, although there were negotiations between the old gm and other unions concerning similar arrangements, the old gm did not enter top of agreements with any other union, nor did it enter into an agreement with participants into the delphi salary pension plan. at the time of the spinoff from the delphi salary plan was fully funded, whereas hourly plan was underfunded. delphi's original plan was to merge from bankruptcy proceedings without turning the pension plans. in 2009, four years after delphi filed for bankruptcy, it was determined that were delphi to merge from chapter 11, special plans would be terminated. as a result from the entered into agreements with the pbgc to terminate the delphi salary plans and the delphi hourly plan and place both plans under the receivership of the pbgc. the treasury did not have a role in authorizing, proving the plan. in 2009, in connection with the bankruptcy proceedings, general motors company agreed to honor certain commitments into which old gm had entered, inclu

and the board of directors, again, the old gm versus the new gm mr. are two completely different entities there as we know. a lot of the new general mote wrorz were appointees by the administration. let me ask you this, mr. wilson in, your testimony, i think this really makes a lot of sense. you talk about what happened with this and you say on page two, the results of the work is from general motors at its most profitable year ever in 2011 even though auto sales have not fully recovered. i know we talk about the auto industry come roaring back. do you know what gm made in 2011? >> i think under $8 billion net income. >> how much tax dz thes did the? >> i don't know. >> i'll tell you what it is. it is zero. zero. and maybe professor you can tell us why they paid zero taxes on almost $8 billion in profits. >> sure. yes. this is another anomaly about these case that's are very irregular which is that treasury department issued essentially a special ruling for t.a.r.p. recipients that allowed them preferential treatment under the tax code in order to car

in 2009, in connection with the bankruptcy proceeding of old gm, the general motors co. agreed to honor certain commitments that old gm had entered. new gm has stated publicly that although the delphi bankruptcy was a difficult situation, it felt it had made appropriate decisions involving t delphi -- involving the delphi plan. whether the task force was involved in the decisions made by the pbgc regarding the pensions of former employees at delphi, as mr. bloom explained in 2009, and more recently before the subcommittee, the previous administration provided temporary loans to general motors at a time when our economy and financial system were already severely stressed. president obama agreed to extend that assistance, provided that companies produce a viability plan. in 2009, president obama created the auto task force to review the viability plan for the companies. the objective that guided the auto task force was to bring much-needed stability to this crucial sector of our economy. people -- keep hundreds of thousands of americans working and keep general motors as a

president's home state, promised that there was going to be a fisker automotive plant that took over the old gm plant in delaware. it was going to create jobs in pennsylvania and delaware. that's why chairman priebus is there to talk approximate this. even though they received taxpayer money. instead, the company is building jobs overseas in finland. this was part of a number of examples of stimulus money that went to companies that ended up buying products from overseas companies. you don't have to take my word for you. sharon brown, a democrat from ohio, chuck schumer had a great quote about this where he said it's enough to make your blood boil that all of this was going overseas. you know, the facts when it comes to fisker are clear, and that's why chairman priebus is there to talk about president obama's own spending of tax dollars over seas. >> will mitt romney be releasing the information on who his supporters are, who his bundlers are? >> we were talking about yesterday a guy named steve wesley. this is very public. steve wesley was the california finance chair for barack obama. he had

in particular, treasury stated that its aim was to ensure that new gm would only assume the liabilities of old gm that were commercially necessary, and that due to new gm's continued dependency on the uaw work force and the work force of other unions, treasury officials felt gm had solid commercial reasons to agree to the top-ups for these retirees. also, treasury stated that gm was never obligated to provide top-ups to the salaried or other retirees. in conclusion, mr. chairman, when companies go bankrupt and leave their plans with large unfunded liabilities, some participants will not get their full benefits promised to them by their employer. this unfortunately is not unusual. what makes this case more unusual is the series of events that unfolded over the last decade that lead us here today and the number of players, including delphi, pbgc, the unions, gm and treasury and the roles they played. mr. chairman, mr. ranking member, and members of the subcommittee, this completes my prepared statement. i would be happy to answer any questions that you may have at the appropriate time. my collea

the conclusion that they had solid commercial reasons to enter into such agreements. in particular, treasury stated that it's a must ensure that new gm only assume the liabilities of old gm that were commercially necessary and that due to the new dependency on the uaw work force and the work force of other unions, treasury officials felt they had solid commercial reasons to agree to the pop-up for the retirees. also, treasury stated that it was never obligated to provide the pop-up to the saudi or other retirees. in conclusion mr. chairman, when the company's the bankrupt and leave the plants with large unfunded liabilities, some participants will not get the full benefits promised to them by their net player. it is unfortunately is not unusual. what makes this case more unusual is the series of events that unfolded over the last decade that led us here today. and the number of players including delphi, pbgc, the union, gm and treasury and the role they play. mr. chairman, mr. rankin member and members of the subcommittee, this completes my purse statement. i would be happy to answer any questions you may have at the appropriate time. my colleague is also available to

the roaring '20s came along. gm had won it to come out, the first yuppie car, the first mass-market designer are done by harvey. you remember the old introduction to the family show, the sitcom on television in the 1970's, the fourth line was "our old lesalle ran great." archie bunker. you have the chevrolet corvette introduced in 1953, the same year that you have to started playboy magazine, that elvis started recording music, and you have a whole generation of americans that have grown up knowing a depression and then more, and the war was finally over, . war ended in 1953, and this whole generation of americans wanted to let loose a little bit. and then you have the cadillac with the biggest tail fins ever. believe it or not, they were sold as safety devices. it was astonishing to find out that they were called directional stabilizers. i know, you could not make it up, could you? that is the really pretentious thing. and then as the cadillac tail fins reached their peak, we swing back to the practical with the volkswagen beetle and the microbus, and then the cars starting in germany in the pre- world war two era, they were the c

the fed. we'll have your look ahead to this week's trading next. >> and gm says out with the old and begins itsthe new as the company's global marketing chief announces his surprise resignation. we look at the potential replacements. >> plus energy clocking in as a best-performing sector in july. but can it continue its reign at the top? >> and carl quintanilla sits down with water polo's comeback kid as he is set to take gold in london. let's check in with carl at his olympic perch. over to you. >> day three of competition. but the first weekday in which we've seen the crowds here at olympic park in full force. take a look. it's amazing to me how different the mood is when you obviously have spectators filling the park. it's almost celebratory. no matter whether you're at a security checkpoint or at a ticket venue or at the concession stand, people are absolutely thrilled to be here. that sentiment, i think, is going to last the entire 17 days. medal count, of course, china continues to just kill it from the very beginning, getting the first medal, currently leading the medal board. u.s. in nu

old. they should be doing pretty good right now. and oh, and forget about it, the loans that they're giving out. plus, here is the thing they're losing market share big time. >> gmt fleet sales, particularly to government. retail sales 8% higher. volkswagen was up 34%, honda up 48%, toyota up 50%, and-- >> toyota was in the tank last year, charles. >> and they're starting to lose market share again and we are on the hook. over 30 billion dollars, the largest unfunded pension liability of any company in this country. >> because we are on the hook and own a chunk of this puppy still. >> i love the 60 day money back guarantee, if they can get those models out-- >> they're not going to make good on it. i don't see them-- that's what we say, and thanks. >> and bailout-- and speculate on the price of gm stock, and same as a big part of the industry that,ed would out extremely well. we can all hope that the money back guarantee works and the stock price. >> you argue it worked out extremely well. >> i think it does, yeah. >> adam. >> furthermore is doesn't matter what we think of the 60 day money back thing works or not. >> whoa, whoa, whoa. hello, go ahead. but my poi

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the uaw health care. i am retired gm worker. they kicked my 25-year-old and my 21-year-old off. you think you are going to get answers from the government organization, you are crazy. when it goes into the hands of the federal government, we are there already essentially. bill, you don't understand. we are in a depression. i am 54. i held three jobs for years and never had a problem finding a job. they only pay minimum wage, $10. these people in detroit are in a pr -- in a depression like you've never seen in your whole life. you've been in congress a long time and you are part of the problem. guest: i don't believe i am part of the problem. i am trying to solve the problem. parts of this country are reeling in a depression situation. why did this happen? you cannot blame the federal government. we need to take a look of those governments themselves and what they have done to help their own situation. jobs have moved. manufacturing is very important to detroit. how can you talk about detroit when you know how many jobs we have exported and sent overseas for our corporate economi

old favorite, johnson & johnson, david, up 1.7%. who has to look at this, procter & gamble. on the strength of unilever, they're taking share from proctor. this is an all things look good morning. >> ford and gmite what is terrible european business. ford we've already seen. gm we're still waiting. >> horrible. >> take a look at western digital. huge gain on this stock. up 20%. >> 20%. >> aggressively moving forward. 2012 eps estimates, 10 bucks a share. analysts were expecting it. they're recovering in the floods. they've bought a lot of assets from hitachi. this sector, this company had been left for dead for quite some time. trading historically low multiples compared to itself to the industry remember david ianborn. one of his largest competitors was seagate. >> my old hedge fund doesn't exist anymore. these are plays on supply/demand. the moment that supply overwhelms demand, which is what happened with western digital, the stock gets crushed. the moment that demand catches up with supply, look at these kinds of moves that you get. it's funny. people would say buy dell. go by intel. these have to do with supply and demand of a particular part of an industry. david, hewlett-packard, canno

in 2009, in connection with the bankruptcy proceeding of old gm, the general motors co. agreed to honor certain commitments that old gm had entered. new gm has stated publicly that although the delphi bankruptcy was a difficult situation, it felt it had made appropriate decisions involving t delphi -- involving the delphi plan. whether the task force was involved in the decisions made by the pbgc regarding the pensions of former employees at delphi, as mr. bloom explained in 2009, and more recently before the subcommittee, the previous administration provided temporary loans to general motors at a time when our economy and financial system were already severely stressed. president obama agreed to extend that assistance, provided that companies produce a viability plan. in 2009, president obama created the auto task force to review the viability plan for the companies. the objective that guided the auto task force was to bring much-needed stability to this crucial sector of our economy. people -- keep hundreds of thousands of americans working and keep general motors as a