Strange Bedfellows
Posted: Wednesday, January 28, 2009
By Joel Fox, Fox&Hounds
Not often will you see Wall Street CEOs and public employee unions mentioned in the same sentence, but in the recession drama playing out in California and across the United States, they are linked by taxpayers’ dollars.
Wall Street CEOs have been taking taxpayers money so that their companies will survive, and then turning around and paying large bonuses. They’ll tell you they are not using the bailout money for the bonuses, but without the bailout money, there would be no other money to pay the bonuses.
The public employee unions also want taxpayer money to pay their members in full without making concessions during these hard economic times. Three California public employee unions have filed lawsuits charging that Governor Arnold Schwarzenegger cannot furlough workers for two days a month to help the state weather the fiscal storm. As I discussed a couple of weeks ago, another public employee group even called for the Governor’s impeachment over the furlough demand.
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