“Citigroup Inc. has told about five former top executives that it won’t pay them tens of millions of dollars in promised severance payouts, according to people familiar with the matter.”
“But company officials recently decided not to proceed with the remaining payments, concluding that they wanted to avoid even the possibility of a public backlash over the money”
and, referring to AIG:
“Top executives at the giant insurer argued they couldn’t cancel the legally binding payments, even after the U.S. government became the company’s majority owner.”
“bank officials essentially are wagering that the former executives will conclude that it would be publicly embarrassing for them to file lawsuits against the struggling, taxpayer-backed company seeking the money.”
This combined with the complete rape of the bankruptcy laws and principle of due process performed by the Obama administration should worry everybody. No more does the law matter in the US. What matters is how well you’re connected to the Obama administration and whether you fall in their liberal elite definition of right.
Can we not see that this is no different than illegal wiretaps founded on the premise of national security? Is Obama not acting like Bush, except using supposed economic emergencies as his justification for illegal acts instead of national security?
Mr. Obama says he won’t cater to lobbyists, huh? Actually, I believe him. He doesn’t cater to them. How bows in submission to them, just like he does to foreign leaders.