This morning's AA bankruptcy rant...
Another major FAILURE that taxpayers will undoubtedly be forced at gunpoint to pay for! -nfg-
This morning we've learned that American Airlines' parent company is filing for bankruptcy protection [1]. What becomes of their executives and the members of their board of directors who ran the company into the ground? Probably a post-disaster life of luxury, funded by billions in bonuses, while others are left behind to pick of the pieces of the diaster they caused!
The charade of allowing corporations to take all manner of risks while enjoying the full safety net of bankruptcy protection must end. The buck must literally stop with risk takers! If a corporation takes risks and fails, their must be not protections mechanism.
The truth of the matter is that banks, financial firms, brokerages, insurance firms, transporters (e.g., automakers, rail carriers, air carriers) are bailed out because their wealthy owners pad the personal financial accounts of senators, representatives, judges, and presidents who protect them at the expense of taxpayers.
The law of the land should (and MUST) be, "Assume all the risk you desire, but when you fail, you fail alone. There is no such thing as 'too big to fail'."
For financially-insolvent entities, the buck MUST stop with their executives, boards of directors, stock investors, bond holders, lenders, and other direct stakeholders who stand to profit or lose by their involvement.
To hell with allowing these ba$tards to assume all manner of risk at MY expense. I have no say in how they operate or what they do, so why should I pay for their failures? Is it only because they pay money to the government ba$tards to hold their loaded guns to my head and force me at gunpoint to pay for their failures? WTF? This MUST end! -nfg-
1. news.yahoo.com |
