Contracts for Us vs. Contracts for Them
The Hold Fast blog finds an interesting contrast between New York Times columnist Joe Nocera’s views on cutting pay for Wall Street vs. auto workers. On Wall Street, now: And the American International Group is contractually obliged to make bonus payments of nearly $200 million in March 2010. The company has promised to try to reduce that amount by 30 percent. But once again, there is nothing Mr. Feinberg can do because those bonuses were already written into contracts — and there is a high likelihood that the bonuses will create …
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