Joe Nocera writes a column on business at the New York Times. A few months ago, Nocera wrote an article on the bankruptcy of General Motors. Two days ago he wrote an article on the bankruptcy of AIG.
Here is our executive summary of his two arguments:
If General Motors goes bankrupt, then it is essential that it be able to break its contracts with union employees and dealers. But if AIG goes bankrupt, then they are “contractually obliged” to pay their executives huge bonuses.
Can’t you see the difference?