Monday, November 17, 2008

Rough Financial Seas Require Ceaseless Bailout of SickiGroup & Company

The big money boy, never ending bailout continues to sicken taxpayers. Apparently, $4.28 trillion isn't enough. The U.S. Chamber screams for more:

1. Corporate tax and capital gains cuts
2. Lower employee wages and benefits

When was the last time a government entity gave a firm $10 billion and the beneficiary turned around and cut 50,000 jobs like Citigroup? America used to have economic development programs, now it’s straight up corporate welfare.

The State of Texas gave Vought Aircraft Industries $35 million. They cut 600 jobs and reneged on the Boeing 787 program, preferring Lindsey Graham's South Carolina.

Vought is an affiliate of The Carlyle Group. They owe folks in Dallas 3,000 jobs by 2009. My bet? They go they way of CitiGroup (layoffs) or Hawaiian Telecom (debt reorganization), before fulfilling their contractual obligation.

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