Wednesday, May 11, 2005
Wouldn't This Be Fair?
As United is excused from paying its pensions, and taxpayers are asked to effectively provide that company with a $5 billion subsidy, perhaps there should be a corporate bankruptcy reform analogous to that imposed on individuals.
Nothing too arduous - simply examine whether the corporation's executives make more than 25% of the state's median income, and whether the company can reasonably repay more than 25% of its otherwise dischargeable debts. And, if the answer to both questions is yes, forbid discharge. Oh yes - and the corporation's executives should be required to attend credit management classes at their own expense.