How tone-deaf can these guys be?
It is significant that they did not fly coach.
We bailed out AIG, and then they sent their top tier to a luxury report and spend millions on frivolities. Should we bail out the big three? In my heart of hearts, I’m against it. Except for one thing.
If we do not “rescue” them, they will go into bankruptcy. In that process, they will rid themselves of all vestiges of what are called “legacy” costs.
How many tens of thousands, maybe hundreds of thousands (millions?), of retired auto workers – and their families – union members, are still getting by on their company pension, including health care?
Those are legacy costs. They would be eliminated. Those folks would be cut-off!
And, the restructured US auto industry, rid of these huge legacies, would once again be able to ferry their top tier around in their private jets, free of those burdensome legacies.
