Monday, October 17, 2005
Corporate Bankrupcy and Government Bailouts
The CEOs of these companies are nothing but little Kenny-Boy Lays. And they should not be bailed out with our tax dollars. They should be thrown in jail.
As far as I'm concerned -- hell with that, as far as THE LAW is concerned -- the companies signed a contract with their workers. The workers agreed to get paid less than they should; in exchange, the companies promised to put aside that money into a pension fund, so the workers would get that money when they retired.
These bastards violated that agreement by drastically under-funding the pension benefit funds, and now they're filing for bankruptcy and saying, "Sorry we don't have that pension money we promised you. But, well, fuck you. We need large severage packages."
It's not rocket science. It's the same old greedy capitalist excess we've seen over and over, from the Savings and Loan scandal of the 80s all the way to Enron.
Mike Malloy had the guts to seriously pose the question: when people get treated like this, how long before they take to the streets?
I think if this were any country in the Southern Hemisphere (or even this country in an earlier age), we would. But now in the good old U.S. of A., we just shrug and sigh and gnash our teeth . . .
PBS NOW - Broken Promises (.mp3, 15 min., 5.2 MB)