Delphi Corp., the largest parts supplier to General Motors Corp., won court approval to terminate health benefits for thousands of retired salaried employees after arguing the move is critical to keeping its slow-going bankruptcy reorganization afloat.

   Ending the benefits to about 15,000 people allows the auto supplier, which has been operating under Chapter 11 protection since late 2005, to wipe out more than $1 billion in liabilities and $70 million in annual cash costs.

   A U.S. bankruptcy judge decided in Delphi’s favor at a hearing Tuesday over the objections of about 1,600 retirees, who said in court filings that the auto-parts company can’t unilaterally terminate their benefits. The retirees said that GM, Delphi’s former owner, promised lifetime medical coverage to many employees.

   In making his decision, Judge Robert Drain of the Southern District of New York said "every dollar counts" for Delphi. The company, spun off from GM in 1999, is scrambling to finance its exit from bankruptcy court.

   "We were very aware this would be a significant hardship imposed on all our retirees," Delphi Executive Chairman Steve Miller said at the hearing.

  15,000 people who had given their energy and commitment to a company–and, then, poof…screw you when it comes to healthcare.

  A few thoughts: first, if this isn’t an example of the need for single-payer healthcare, I don’t know what is. If we had that system, the retirees would not have to worry, or rely on the goodness of a corporation to make sure that they had healthcare in their golden years.

  Second, we really need reform of the bankruptcy laws which are routinely used to shed pensions and attack workers. I know "Reform the Bankruptcy Laws" is not much of a rallying cry (oopppsss, I forgot, we did have "reform" but that was done on behalf of the credit card industry to screw tens of thousands of average Americans–a reform supported by a whole slew of Democrats), but I do think the question of the lack of fairness just screams out to people.

  And, finally, please, spare me the bullshit pouring out of the mouth of CEO Steve Miller. He does not give a rat’s ass about the workers–you might remember–and yours truly reported–that this was the guy who took the company into bankruptcy, and, then, proposed that as part of the plan to get out of bankruptcy, the company would pour hundreds of millions of dollars into the pockets of the top executives through cash bonuses and equity in the company. So, believe me, Miller is entirely prepared to screw every worker in the company if it means lining his own pockets.

  Bank cover-ups and stonewalling: so, let me understand this, dear Bank of America. You come to us to get bailout money but you refuse to be transparent about what happens inside:

State Attorney General Andrew Cuomo, investigating whether billions in bonuses were improperly handed out to Merrill Lynch executives on the eve of its merger with Bank of America, is subpoenaing the records of the banking giant.

Cuomo’s office acted after one of his key aides said that the head of Bank of America, Ken Lewis, refused to turn over the records of bonuses given to top executives of Merrill Lynch.

Cuomo is investigating whether the bonuses were prematurely granted and also whether Merrill violated financial disclosure laws to avoid the possibility that the bonuses would be canceled because of the impending merger.

Benjamin Lawsky, a special assistant attorney general to Cuomo, who is heading the Merrill Lynch/BOA investigation, said the subpoenas were issued after an unusual nighttime four-hour session in state offices with Lewis, who refused to divulge the bonus list, triggering the subpoenas, Lawsky said.

Lawsky’s statement said: "We have repeatedly requested from Bank of America that they produce a list of individual bonus recipients at Merrill Lynch and they have continued to refuse to produce it … during the testimony this evening, we served a subpoena on Bank of America for the list, which we intend to obtain."

  Excuse me, Mr. Lewis: if you want our hard-earned money (let’s put aside for the moment whether we should give it to you), then, you sure as hell better come clean and cough up the records. What kind of mafia operation are these guys running, forcing public officials (and kudos to Andrew Cuomo) to compel them to be honest?

  Banks Party On Our Money: look, I’m a golf fan (okay, the cat is out of the bag) but this is ridiculous:

According to the TMZ Web site, "Northern Trust flew hundreds of clients and employees to L.A. and put many of them up at some of the fanciest and priciest hotels in the city. We’re told more than a hundred people were put up at the Beverly Wilshire in Bev Hills, and another hundred stayed at the Loews Santa Monica Beach Hotel. Still more stayed at the Ritz Carlton in Marina Del Rey and others at Casa Del Mar in Santa Monica."

Additionally, guests of the bank attended a gala dinner at the Ritz one night, followed by a concert by Chicago. Then the following night, event planners rented out an airport hanger for another dinner party and a concert by Earth, Wind and Fire.

Sheryl Crow appeared as the Saturday night  entertainment, but not until after a lavish dinner at the House of Blues in West Hollywood.  The menu included seared salmon and petite Angus filet.

Female attendees were each given a gift bag from Tiffany’s, to boot.

  Earth to Northern Trust: when you take our money, eat at McDonald’s and fill your gift bags at Costco (which treats its workers decently compared to Wal-Mart).

  The Greenwood-Walsh Sham: just when we thought there might be a week without a new sham erupting, I give you Paul Greenwood and Stephen Walsh:

For two decades, Paul Greenwood and Stephen Walsh looked like Wall Street wizards.

Their supposed investment prowess lured hundreds of millions of dollars from public pension funds and universities and earned the two lavish trappings of success: stately homes, a stake in the New York Islanders and, for Mr. Greenwood, a horse farm that once belonged to Paul Newman.

But on Wednesday morning, federal agents arrested the two money managers on accusations filed by the United States attorney for the Southern District of New York in what has become all too familiar on Wall Street: Their investment fund was in fact a $667 million fraud — a small-scale version of the $50 billion fraud that Bernard L. Madoff is suspected of orchestrating.

  Bernie Was Trying To Hide Some Dough: from today’s Wall Street Journal—

A few weeks before Bernard Madoff’s arrest on fraud charges, the financier’s U.K. operation transferred $164 million to his U.S. business, a court-appointed receiver said Thursday in a court filing that shed new light on the money movements in the waning days of Mr. Madoff’s investment empire.

  The Stanford Scandal: earlier in the week, we learned about the links between politicians and the new Madoff, Allen Stanford, as well as the kind of lavish lifestyle Stanford’s scam financed:

Ralph Janvey, the receiver for the assets of R. Allen Stanford and his financial companies, sent letters Monday to more than 50 current and former members of Congress, asking them to hand over any contributions from Mr. Stanford or others charged with fraud.

The letters went to some of the most prominent names in Congress, including Senate Majority Leader Harry Reid (D., Nev.), former presidential candidate Sen. John McCain (R., Ariz.) and former Sen. Hillary Clinton (D., N.Y.), now secretary of state.

 And…

A $10m Florida mansion, bills of up to $75,000 for children’s Christmas presents and holidays, and a $100m fleet of private jets topped a list of Sir Allen’s outgoings and assets in the documents obtained by the Financial Times from a court case two years ago.

   Details of his lifestyle emerged as the Federal Bureau of Investigation continued its probe into the billionaire’s affairs and allegations that his Antigua-based Stanford International Bank was at the centre of an $8bn fraud that may have drawn in tens of thousands of investors.

  What did I miss?

  Enjoy your weekend–courtesy of the labor movement.