When the government started throwing money at failing banks and mortgage companies nobody, but nobody, made an issue of how much money AIG pays in salaries. But auto workers are another matter. For some reason, the New York Times reported, and everyone else is repeating, that auto workers make upwards of $70 an hour. I realize this is the favored mantra of auto industry executives and their conservative friends, but it is as bald faced a lie as a lie can be. These are the same jerks who insisted that the reason the built big trucks and SUVs is because that's what the public wanted and now they are crying poor because nobody bought the crap they were selling. I find this whole thing so personally offensive.
Auto industry executives had the unmitigated gall to fly by private jet to Washington, DC, so that they can beg for a hand-out without having to sit three across in coach--and now they are placing the blame for their failures on the UAW. Give me a break.
For the record, auto industry workers earn about $28 an hours, which is slightly less than workers earn at Toyota. In short, auto worker salaries are average. Now, the Big Three Fat Cat Honchos will tell you that when they say $70 an hour, they include benefits such as vacation, health care insurance, and retirement. But what these miserable liars do not tell you is that when they average out the per hour cost of making a car, they include the pensions of retired workers as well as other costs, you know, like electricity and real estate taxes. So, no, auto workers really do not earn anything near $70 an hour, although it does cost $70 an hour to make a car.
Surely, the Big Three Fat Cat Honchos would love to stop paying retirement benefits, want to reduce health care premium contributions, and would like to roll back salaries to 1927 rates--but what they are not willing to do is to reduce their own multi-million dollar annual salaries or travel by public conveyance to Washington, DC, or make a car that people will want. Oh, wait, I forgot the Chevy Volt is due out in 2010 or maybe 2011.
Meanwhile, like pigs to the trough, AIG is back for a third helping. Do you get the feeling that the entire $700 billion will be spent by the end of the year and where to get the rest of the cash will become the other guy's problem come January 20?
Citicorp CEO Vikram Pandit said that management did a bad thing when it dove willy-nilly into real estate. He even allowed as how he understood why people are so angry. He did not fly to Washington, DC, in a private jet, but he did accept the government's plan to rescue him from the management mess with a timely injection of $20 billion. Pandit also said the error was caused by prior management so apparently he feels no need to resign or reduce his salary or stock options or Christmas bonus. The Saudis are expressing their support by increasing their stake in the bank. If this continues it'll be called Riyadhicorp.
In other news, Ann Coulter's jaw has been wired shut. No word on who or what broke her jaw in the first place or how long we will enjoy the silence. Her book, Guilty: Liberal Victims and their Assault on America, is available for pre-order on Amazon. So, I guess she will be doing the talk show circuit some time in January. Enjoy the peace and quiet while you can.
Sarah Palin is back on the campaign trail. She's in Georgia lending a helping hand to the shuttering campaign of Sen. Saxby Chambliss. You have been warned.
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