If you’re a little guy, a contract means nothing

by Marie Cocco


With due deference to George Orwell, all contracts are equal. But some contracts are more equal than others. Contracts entered into by the hotshots at American International Group for $165 million in bonuses, signed just months before their web of financial cunning unraveled, are inviolate. Contracts entered into by shop-floor workers at auto plants must be renegotiated, so that the taxpayers who bail out the industry don’t coddle supposedly overpaid union members...


Let’s get rid of them all

Fox News Forum
by Eric Bolling


Look how we are constantly being told we ‘need Geithner’ to unwind the economic mess. We ‘need’ the AIG traders to help unwind the credit derivatives and swaps that are strangling the world’s biggest insurer. They invented this garbage that is causing this economic meltdown. Why do they deserve a penny, let alone another millisecond on the job? These are the same geniuses who put the banks, AIG, and ultimately, the economy in the current economic tsunami. I say get rid of them all. Anyone who was involved prior to the meltdown should go away...


A government of men, not laws

In These Times
by David Sirota


United Steelworkers President Leo Gerard likes to say that Washington policymakers ‘treat the people who take a shower after work much differently than they treat the people who shower before they go to work.’ … Following news that government-owned American International Group (AIG) devoted $165 million of its $170 billion taxpayer bailout to employee bonuses, the White House insisted nothing could be done to halt the robbery. On ABC’s Sunday chat show, Obama adviser Larry Summers couched his passive-aggressive defense of AIG’s thieves in the saccharine argot of jurisprudence. ‘We are a country of law — there are contracts (and) the government cannot just abrogate contracts,’ he said. The rhetoric echoed John Adams’ two-century-old fairy tale about an impartial ‘government of laws, and not of men.’ Only now, the reassuring platitudes can’t hide the uncomfortable truth...


Informant: Thomas L. Knapp


Frank Asks Fannie, Freddie to Halt Bonuses

Silla Brush, The Hill: "As Congress races to claw back bonus payments at firms taking government bailout cash, Rep. Barney Frank (D-Massachusetts) on Friday called on Fannie Mae and Freddie Mac to cancel payments at the mortgage giants now under government control."




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