AIG: The Sanctity of Commercial Contracts
While AIG's bonus defenders blast the turbo-blather about the moral sancitity of contracts, I'm thinking of other laws.
RICO comes to mind. This handy little law allows the government to seize the assets of a criminal enterprise; for example, an organization committing a certain level of fraud. Does anyone want to put AIG to that particular test?
It can also be initiated in civil court, by a person "damaged in business or property." Tryouts to be named parties civil action will be held next Tuesday at Madison Square Garden.
That's only for the mafia, you say? Ask Mike Milken. Or better yet, Congress.
Noted- the ACLU long objected to RICO cases as far too easy to bring against dissident organizations. The standards for a RICO prosecution are not exactly high.
"....Congress never intended it to merely apply to the Mob. (Blakely) once told Time, "We don't want one set of rules for people whose collars are blue or whose names end in vowels, and another set for those whose collars are white and have Ivy League diplomas."
posted by JAB at 9:49 AM
2 Comments:
While waiting for a clearer picture of the whole mess, I'm surprised to learn (as far as I can tell) that some of the bonuses were retention bonuses for people who have already left AIG. WTF?
Protip: When the United States Congress is considering a special bipartisan bill to impose a 100% tax on you personally, you might want to consider modifying your behavior....
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