I Have No Sympathy For Bankers Or Insurers
Why should I when they’ve never had sympathy when the shoe was on the other foot? Shameless cut and paste below, but, in my defense, when someone nails it they deserve the credit.
You Know It’s Bad When …
By David KurtzInsurance companies say they have no choice but to honor contracts, and banks are pleading that their assets will be worth more if you just give them a little time.
For anyone, especially in business, who has tried to make those same arguments to insurers and bankers, to no avail, it’s painfully rich.
Exactly!
Tags: The Economy
F AIG. F’em. Bonuses when you company tanks — who does that? Oh yeah, free market capitalists do.
Screw them! Privatized profits, socialized loss. I hope we raise their taxes to 95%. If it makes them “Go Galt,” great!
Look at all the people not getting a bonus this year and the ones being asked to take a week off without pay. The rules are obviously different for some.
And here’s the thing. If the taxpayer hadn’t bailed them out they wouldn’t have a job, yet alone a bonus. And while we may legally have to do this, the people accepting these bonuses should be open for public scorn. Economic hypocrisy!
I think the Constitution forbids making laws after the fact and targeting specific person. Those basic protections seem a lot more important than another park.
They wrote laws to protect these guys in the stimulus bills. They can’t be outraged that the CEO followed the laws they wrote. It is time to lay this silliness to rest. Next time use managed bankruptcy.
David, while I agree with you that applying a law ex post facto is dubious, I find it hard to believe that these contracts could not have been renegotiated in light of AIG’s terrible performance.
Why was the UAW forced to re-do their contracts before GM and Chrysler could receive aid? Why was the same standard not applied to the banks and other companies?
Why was the UAW forced to re-do their contracts before GM and Chrysler could receive aid? Why was the same standard not applied to the banks and other companies?
My guess Another Mike, this wasn’t a serious question. 😉
Hmm… has AIG ever deviated from what they promised to employees? If so…
Not to defend AIG, but I believe UAW voted to renegotiate as ultimately it benefited workers to keep working.
Also, it appears some AIG bonus recipients are returning the cash.
http://my.earthlink.net/channel/news/print?guid=20090318/49c07fd0_3421_1334520090318-360749196
The two aren’t equal. The UAW isn’t giving back pay that they already earned. It is about the future and how the health plan is to be funded. We already addressed future AIG bonuses after 11 Feb.
Rep. Gary Peters brings it on!
“In my Congressional district in Michigan, there are thousands of UAW employees who have employment contracts, and they’ve been told they need to renegotiate those contracts and make concessions to justify taxpayer investments. There are thousands of white collar employees with employment contracts who have forgone promised bonuses and benefits and have taken pay cuts in order to save the companies they work for. People are sick of this double standard where working class and middle class workers are treated differently than the financial industry executives.”