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Politics : Politics of Energy -- Ignore unavailable to you. Want to Upgrade?

To: RetiredNow who wrote (2921)	10/28/2008 9:23:35 AM
From: Hawkmoon	Read Replies (1) \| Respond to of 86355

They replied that they'd already been laid off, but that each was set for life. I asked them how they managed that and they said severance packages from the bailout money. Not knowing the details of what those severance packages amounted to, it's hard to respond. Were they in place prior to the meltdown, or afterward?... But I do know that if I found government money going into golden parachutes for people who were responsible for this debacle, I would be launching investigations. Of course, if their employers had established liabilities via employee contracts regarding their severance packages, it's not much of an issue for them to shift funds around to meet those obligations. Bottom line.. severance packages are legal agreements between the employer and employee. They are not government regulated, nor does legislation play a role in determining those contracts. The same goes with bonuses for non-profitable years, or fiscal malfeasance. It is my impression that since the US investment bank sector no longer exists, the days of high-flying wheeling and dealing driven by tremendous commmissions have climaxed. Commercial banks are federally regulated and it should be more difficult to undertake these kinds of shenanigans. Hawk