Oh, Sanctity!

Yesterday, the news of the day was Chief Economic Advisor Larry Summers declaring that AIG’s donations bonuses to it’s executives was, while outrageous!,  unavoidable because they were based on contracts, and being a nation of law, we cannot just abrogate such contracts. Uh huh. Ok then. It was only a matter of time before some journalist uncovered the heinous and callous dismississiveness of Summers’ words. Glenn Greenwald poses an example of the government coming between a company and it’s contracts, unearthed from the Associated Press archives from oh-so-long-ago as February 18, 2009:

The United Auto Workers’ deal with Detroit’s three automakers limits overtime, changes work rules, cuts lump-sum cash bonuses and gets rid of cost-of-living pay raises to help reduce the companies’ labor costs, people briefed on the agreement said today.

The UAW announced Tuesday that it reached the tentative agreement with General Motors Corp., Chrysler LLC and Ford Motor Co. over contract concessions, as GM and Chrysler sent plans to the Treasury Department asking for a total of $39 billion in government financing to help them survive.

Concessions with the union are a condition of the $17.4 billion in government loans that the automakers have received so far.

As he says further:

Apparently, the supreme sanctity of employment contracts applies only to some types of employees but not others. Either way, the Obama administration’s claim that nothing could be done about the AIG bonuses because AIG has solid, sacred contractual commitments to pay them is, for so many reasons, absurd on its face.

Everyone who was shivering in horror at the prospect of President Obama being a socialist and redistributing wealth, have no fear. The only way wealth will be redistributed is upwards. Socialism for the wealthy, if you will. Pay attention, America. This is our vote at work.

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4 Responses to Oh, Sanctity!

  1. History of Al Andalus says:

    As salaamu ‘aleykum wa rahmatullahi wa barakaatuhu

    Forgive me for a comment not related to the post. There is an excellent new blog dedicated to a book called: *An Incomplete History: The Muslims of Spain Post 1492 in a Global Context and its Relevance to Muslims Today*

    http://historyofandalus.wordpress.com/

    The situation of the Muslims living in the West today poses a striking similarity to the situation of the Muslims in Al- Andalus post 1492 (when the last Muslim ruler surrendered the last Muslim stronghold of Granada to King Ferdinand and Queen Isabella). This marked the official end to Islamic rule in Al- Andalus. The end of Islamic rule was also marked by the Capitulations of Granada which was signed between Abu Abdullah Muhammad the Twelfth and the Spanish Crown of Castille. The agreement seemed to be made binding upon the Spanish Crown of Castille but as the reader shall see, it was broken within ten years after the agreement was put into effect.

    Muslims lived in Andalus for at least two hundred years after the fall (1492). Their lives were not easy. In many cases they were forced to give up their identities, could not practice Islam in public, they were not allowed to speak Arabic (and therefore could not pray in congregation) or even give their children Muslim names! So what began as tolerance for the practice of Islam in Al- Andalus and allowing for their affairs to be judged under Shari’ah courts (Capitulations of Granada) slowly but surely led to the persecution of the Muslims of Al-Andalus until no trace of Islam in Andalus was to be found.

    • Wa ‘AlaykumusSalaam wa rahmatullahi wa barakatuhu 🙂 That looks like a very interesting website. I’m looking forward to reading more there, inshaAllah.

  2. Hey salaams,

    Well, it’s the same here, and the contractual agreements are true because the staff contracts were drawn up prior to the government involvement. However, once these are paid out, the government is re-drawing out the contracts which will then remove this circumstance from reoccuring.

  3. Wasalaam 🙂 But you know what our government could have done? They could have voided the contracts as condition of giving the money. I am sure they could have avoided this if they really wanted to.

    I didn’t realize the banks were getting bail-outs in the UK too, or some other form of government intervention. Best of luck to ya’ll on the other side of the Pond.

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