the bailouts of unions and poorly-managed companies continues

From a handful of writers in a WSJ article, a story of redistribution...

Money will be taken from taxpayers in order to give about $90,000 per Delphi worker. How nice!

The Pension Benefit Guaranty Corp. agreed to take on $6.2 billion in pension liabilities from bankrupt auto supplier Delphi Corp., putting in place a key piece in the bailout of the car industry but renewing pressure on a government agency facing huge burdens as more companies fail....the government will take over payments for 70,000 workers and retirees that Delphi says it can't afford under its restructuring plan....

The move also removes a major obligation that has slowed Delphi's nearly four-year trip through bankruptcy court...Still, Delphi faces other formidable challenges....