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View Diary: Pelosi: Congress to try to recover AIG funds (330 comments)

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  •  Summers needs to be fired or, at the least, (6+ / 0-)
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    Cedwyn, catfood, Skid, raincrow, HCKAD, polar bear

    reprimanded -- taken to the woodshed -- by President Obama.

    This morning I heard him (many of us did) on NPR (Marketplace?) talk about how those infamous AIG contracts had to be honored because "we're a nation of laws..."

    Now Summers is either a screaming dumbass or a insufferable liar when he uses that "nation of laws" shtick in the context of these so-called "bonus contracts".

    This is a BUSINESS/CIVIL matter, not a CRIMINAL matter (re:  complying with or breaching contract terms).  Businesses breach contracts EVERY day for purely business reasons.  If it's in a business' best interest to not honor a contract, that's NOT a "violation of the Rule of Law".  The other party/ies are, of course, certainly entitled to try and hold the business to what it/they believe are the breaching party's obligations, and the breaching party is entitled to defend its position, or arrange for new contract terms, or settle.

    This is basic "Contracts 101" and UCC stuff taught in most 1L classes in law school (or even in undergrad "Legal Survey" courses).

    So, is Summers that stupid, or that much of a shameless liar?  Well???


    "Unseen, in the background, Fate was quietly slipping the lead into the boxing-glove." -- Bertie Wooster (aka P.G. Wodehouse)

    by BenGoshi on Mon Mar 16, 2009 at 07:29:55 AM PDT

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