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Proposed Bill Would Protect Retirees in Bankruptcies

It wasn’t enough that auto parts maker Delphi declared bankruptcy in 2005, putting the jobs and benefits of thousands of future retirees, including members of Milwaukee, Wis.., Local 663 in jeopardy. One year later, the company fired up workers’ resentments by asking a federal bankruptcy judge to approve $38 million in bonuses to the same Delphi executives who led the company into $5.5 billion in losses. And the judge approved the payments.