Robbery by bankruptcy

Cowboy hat By Jim Hightower - Tue., 11/30/04
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Why is it that when George W says he's going to "reform" something, I instinctively want to grab my money, my liberties, my family...and flee to the woods?

For the Bushites, the word reform means "deform" to monkey wrench the system so the rich get richer...and the rest of us get schtuped. Still, there's one system crying out for real reform: the bankruptcy process that corporations use to stiff their employees by letting CEOs simply walk away from contracts on wages, health care, and pensions.

At present, the big abusers are United, U.S. Air, Delta, and other major airlines that have been poorly managed and now are being squeezed by their bankers and jet fuel suppliers screaming poverty. These airlines have rushed to bankruptcy court, demanding that judges allow them to abrogate contracts with their pilots, flight attendants, mechanics and others.

Here's my question: Why do the CEOs only target the workers for cost-cutting? Why not tell Exxon and other fuel suppliers "no," we can't pay your gouging prices, so we're abrogating those commitments? Or, why not say to the super-wealthy bankers, you take some of the pain, too? Why do they only pound their workers?

I don't know about you, but on my flights, I'd rather have a disgruntled banker or fuel supplier than an angry pilot, flight attendant or mechanic.



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Filed Under: Money