Truth, Justice, & Contracts

Truth, Justice, & Contracts

The hubris of the high lords of finance is truly staggering. I was listening to Democracy Now yesterday, March 16, 2009, and in the headlines was this gem that almost caused me to choke on my breakfast:

The failed insurance giant AIG is preparing to pay out $450 million in bonuses to top executives and other employees despite receiving a $173 billion in government bailout. The bonuses include over $165 million to executives in the Financial Products unit, which lost $40 billion last year and played a major role in the meltdown of the global financial system. AIG is paying out the bonuses even though it is now 80 percent owned by the US government. On Sunday, Lawrence Summers, the director of the White House National Economic Council, described the bonuses as outrageous, but he said the bonuses are part of a contract.

Lawrence Summers: “We are a country of law. There are contracts. The
Government cannot just abrogate contracts. Every legal step possible to
Limit those bonuses is being taken by Secretary Geithner and by the
Federal Reserve System.”

Yeah, right! They really think we are all a bunch of morons. Summers, Geithner, Paulson, etc. were part of the team that designed & profited from this monumental rip-off & Obama, in his brilliant legal mind, has put the foxes in charge of the hen house. The first thought that occurred to me as I heard this was what about the contract that soldiers sign when entering the military? The government has abrogated (broken) this contract tens of thousands of times by forcing soldiers to serve two, three, & four tours of duty in Iraq & Afghanistan when their contracts i.e. tours of duty were complete.

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