Quote:
Originally Posted by Titan
I hear what you are saying but don't think the analysis holds up. If the homebuilder has a contract with the roofing supply company and the housebuilder goes under the contract is gone. But if another company buys the housebuilder, they have to honor the contract. The fed is the company that buys the housebuilder, or perhaps more accurately, the finance company that offers a line of credit to keep the housebuilder in business. Another difference though is that AIG has tons of assets and would not just disappear. They would declare bankruptcy and the process would in fact protect the employees, to a certain extent. The fact the feds put no conditions on the bailout is where the blame lies. The electricity company will still want to be paid. As will the landlord for their offices and the leasing company that supplies the computers. All based on contracts.
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Well see this I understand better. I guess it all depends on how well the employees would be protected. Not knowing US bankruptcy law, I have no clue, yet I have a little trouble believing he would receive anywhere close to what he was promised contractually. I could obviously be wrong though and I admit that. I would assume though, that especially being an international finance company, they would have far greater obligations to other firms, countries, banks, companies and would probably not be able to pay bonuses on top of employment income.
I do agree, and have said this already, that the government screwed it up by placing no conditions or restrictions on the bailout and should also be responsible. (Course the government never is) And this gentleman is right, he should feel betrayed by his company for not sticking up for him and at least letting congress know the difference.
But it all comes back to the responsibility of AIG. Not the the taxpayers. And while this whole mess isn't this guys fault, his COMPANY does have a large role to play. And that unfortunately does make it a problem of his. Is it fair? Probably not. But stuff like this is happening to people all over the country and world right now. (I know there aren't many bills directed at a subsection of workers like this recent one, but stuff like this is happening to other people, and in ways just as unjust)
This guy will land on his feet though and probably get a very lucretive job elsewhere, which is more than many others can say. I understand why he would be mad at AIG, but I can also understand the vitriol directed at his company.