Sunday, March 01, 2009

Capitalist morality

Another day, 15,000 more lucky duckies:
Delphi Corp., the bankrupt auto- parts maker, won permission to cancel health-care benefits for 15,000 current and former salaried workers, saving $1.1 billion as it tries to emerge from court protection amid falling vehicle sales.
So, it has become a duty to remove the employees from the ranks of the insured:
Delphi’s bankruptcy lenders “have made it very clear that the company has a fiduciary duty to terminate the benefits,” Delphi’s lawyer, John Butler Jr., told the judge. “They simply will not support having discretionary liabilities of this magnitude on the reorganized balance sheet.”
I hope that Delphi's employees and retirees don't have the chutzpah to be angry about this, their duty is to shut up and to shovel money at AIG in their role of taxpayers. That's what we call freedom.
(h/t cryptogon)


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