$100 Million Instead of $120 Million is Still Wrong, Especially Wall Street's Fallacious Argument: We Must Honor Bonuses as "Contract Commitment" When They Dishonor & Change Labor's Contracts All the Time

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$100 Million Instead of $120 Million is Still Wrong, Especially Wall Street's Fallacious Argument: We Must Honor Bonuses as "Contract Commitment" When They Dishonor & Change Labor's Contracts All the Time

Written by Jim McGrath Wednesday, 03 February 2010 18:30

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We read that A.I.G. will only dispense $100 million in bonuses to those who helped create our current economic disaster and will refrain from distributing an additional $20 million, presumably to show their generosity or in an effort to win over public opinion. Wall Street, A.I.G. notably among them, argue that they must honor their contract commitments and distribute bonuses previously committed to. THAT ARGUMENT WON'T FLY! Overlooked and unmentioned is the time-honored tradition that labor contracts are alterable! Workers are often victimized into renegotiating their pay contracts for less pay, fewer benefits and more hassle. What meat do they eat that makes them grow so great? Is it that all pay agreements for management must be honored, but other mere mortals must alter their wage and benefit agreements when the company is in danger? The answer: greed and advantage. Now with organized union membership at all-time lows, Big Bank USA (and the rest of big business, too) can do so not because it is right, customary or legal, but simply because they can.

Their second argument smacks of royalism: that they must keep these employees, lest they flee for better paying jobs. Do they not understand that they are not the entitled to bonuses for whatever they do, ill or good? Can Wall Street not get it through its head that they are actually claiming they should be rewarded for ruining these companies and the economy? Has 2008 not happened in their zeitgeist? Apparently not. Let's hope Congress and the rest of us don't forget, so we can stop (and remedy) these shenanigans.

Our flyers distributed at our demonstration in January against Wall Street pay and bonuses outside Goldman Sachs' s offices well noted that:

WALL STREET + BIG BANK USA

CRIME BUT NO PUNISHMENT!

U.S. economic and fiscal meltdowns are right here - all around us - Wall Street + Big Bank USA. Here are the pirates responsible. Big Bank USA says NO to loans for the American people but YES to "mega-buck" bonuses for themselves! Big Bank USA has been subsidized by U.S. "bailout" funds, but Big Bank USA has "bailed out" on economic recovery and the American people. Goldman Sachs executives are getting so much gold, their sacks "runneth over."