Re: Abrogating contracts
- From: The BorgMan <me@xxxxxx>
- Date: 17 Mar 2009 14:29:31 GMT
lein <jan.leine.weber@xxxxxxxxx> wrote in news:5dbae3fe-4756-49f9-9389-
On Mar 16, 4:55 pm, "Ted Dawson" <nob...@xxxxxxxxxxxx> wrote:
This morning Larry Summers was on the air stating the
government couldn't force AIG to abrogate the contracts
under which AIG is about to pay $100 million in bonuses.
This afternoon Gretchen Morgenson (NY Times columnist) was
being interviewed by Teri Gross on NPR. Teri asked Gretchen
about abrogating contracts. Ms. Morgenson replied, "The
Obama administration supports allowing bankruptcy judges to
rewrite the terms of mortgages. I don't see why they're so
squeamish about abrogating contracts with AIG employees."
Ms. Morgenson is a better lawyer than Dr. Summers. - Tony
No shit, they're all for re-writing UAW contracts. Why not AIG?
Yes, GM and the UAW. AIG is free to negotiate with it's execs, but
until they agree to the rewrite, the existing contracts are legal.
The federal government owns 80% of AIG. The federal government can fire
everyone and shut the entire company down should they choose.
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