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The 1% Simply “Shed” Their Obligations
Posted on November 29th, 2011 at 2:18 pm by Steve

Corporations are legal "persons," and, like you and me, enter into binding legal contracts. One difference is, when they go bankrupt, they just "shed" their obligations and move on. You and I aren't usually so lucky. A case in point is extreme financial distress. For a person, this might be caused by a loss of employment, or sudden illness; for a corporation, it could be a drop in business, excessive operational costs, or bad planning. In either case: revenue is down, costs are up, and the balance sheet is negative. If you're a person, this kind of crisis means that you'll suffer direct hardships: the things you own get taken away, and if you actually still earn money, your future earnings are pledged to your creditors. If you have a mortgage, you're typically foreclosed and lose your home. Your car gets repossessed. Your belongings are sold off to pay your debts. Ah, but if you're a corporation, things are different! You can simply "shed" those expensive obligations and soldier on! Well, you can't shed all your contracts – just the ones you made with your employees:

AMR [American Airlines' parent company] was determined to avoid Chapter 11 as air travel fell and losses mounted after the 2001 terrorist attacks, even as peers used bankruptcy to shed costly pension and retiree benefit plans and restructure debt.

(Source: Bloomberg Business Week, November 29, 2011) Of course, the obligations you made to your peers (i.e., other corporations) must still be honored. These debts will be "restructured." But your contractual promises to pay for the doctor visits and medicine for the thousands of people who gave you 30 of the best years of their lives? Those you can "shed" like a tired skin you've outgrown.

“You would expect a leaner, stronger company to emerge from bankruptcy,” Chris Logan, an analyst at Echelon Research & Advisory LLP in London, said today by telephone. “As they are in Chapter 11, it will be more easy to demand concessions from the labor force.”

Ah yes, "concessions from the labor force!" In other words, the executives hold a gun to the heads of the employee unions and offer them a choice: either some of you lose your jobs and the rest lose your benefits and even more of your salary, or all of you lose your jobs and your benefits and all of your salary. Some choice. It's not like we haven't been down this road before, with this very company. American's pilots, flight attendants, mechanics, gate agents, baggage handlers – you know, the people who actually make the planes fly and keep the passengers safe – these very employees took a 30% pay cut back in 2003 in hopes of avoiding a bankruptcy proceeding. Those poor saps! Now, instead of regaining the $1,600,000,000 that they gave up eight years ago, they're being told that they're still earning too much, and that if they don't make further sacrifices, they'll all lose their jobs. While the workers have already taken huge pay cuts, given up their pensions, and paid more in health insurance premiums, American's executives have somehow managed to escape harm. In 2008, the same year his airline lost more than $2 BILLION the boss's compensation package topped $5 million. But, pity poor Gerald Arpey: that $5 mil was a 22% drop over his 2007 compensation. A quick glance at the headlines will tell you that, even through huge losses and now bankruptcy, The 1% at AMR are doing just fine: "Despite losses, American Airlines CEO's compensation climbs" - Fort Worth Star-Telegram, Apr. 21, 2011; "Executive compensation at American Airlines raises eyebrows" - Tulsa World, April 19, 2010; "AP says Arpey earned $6.6 million in 2007" - Dallas Morning News, April 19, 2008. Thus do the executives of the corporate entity continue to prosper and thrive, continuing to do their "jobs" of running the business, while thousands of employees are laid off, and tens of thousands more lose the only hope they had of actually being able to, you know, survive their retirement years on something other than handouts and cat food. Although all of that can change.

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Posted on June 21st, 2011 at 1:24 pm by Steve

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[Plant spokesman] Gates said an Aqua Dam currently protects the switchyard and substation at Fort Calhoun, tall enough to withstand floodwaters at a 1,010 elevation (the river level is currently at an elevation of 1,005 feet, 7 inches), Buy Zithromax Without Prescription.

[Source: OPPD: Nuclear station "safe and will continue to be safe", Zithromax long term, Cheap Zithromax no rx, The Washington County Pilot-Tribune and Enterprise, June 17, where can i find Zithromax online, Purchase Zithromax online, 2011]

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Perhaps the most significant impact of the [June 20] storm was the large area of 1 - 4 inches of rain it dropped on Nebraska and South Dakota, taking Zithromax. Buy Zithromax Without Prescription, This rain will run off into the Missouri River, further aggravating the flooding that has breached two levees and overtopped two other levees in the past week. Buy Zithromax without prescription, The large, slow-moving low pressure system responsible for the rains and severe weather will bring additional heavy rains of 1 - 3 inches over portions of the Missouri River watershed today [June 21], discount Zithromax, Zithromax results, and will touch off a new round of severe weather today and Wednesday as the storm progresses slowly eastwards.

[Source: Jeff Masters, Ph.D., founder and chief meteorologist of the Weather Underground, Inc.]

Well, the good thing is that nuclear plants in the United States are designed with extremely conservative assumptions, so there's a very high margin of safety. Oh, and also... even for plants that were built 37 years ago, like the Cooper Nuclear Station, just downstream from Fort Calhoun (and also inundated with floodwaters), they're subject to constant inspections and tough regulations.

Failed cables, Buy Zithromax Without Prescription. Busted seals. Broken nozzles, clogged screens, cracked concrete, dented containers, corroded metals and rusty underground pipes — all of these and thousands of other problems linked to aging were uncovered in the AP's yearlong investigation. And all of them could escalate dangers in the event of an accident.

Yet despite the many problems linked to aging, not a single official body in government or industry has studied the overall frequency and potential impact on safety of such breakdowns in recent years, even as the NRC has extended the licenses of dozens of reactors. Buy Zithromax Without Prescription, [...]

Records show a recurring pattern: Reactor parts or systems fall out of compliance with the rules. Studies are conducted by the industry and government, and all agree that existing standards are "unnecessarily conservative."

Regulations are loosened, and the reactors are back in compliance.

[Source: "U.S. nuke regulators weaken safety rules," by the Associated Press, June 20, 2011]

As Harry Shearer says, "Safe. Clean. Too cheap to meter. Our friend, the atom."

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The reactor at Plymouth is a General Electric Mark I Boiling Water Reactor, the same design and vintage of the "troubled" reactors in Japan, comprar en línea Clomid, comprar Clomid baratos. Clomid maximum dosage, Of course, America's Nuclear Industry and Regulators (is there a difference?) are quick to point out that American reactors have strict safety standards and have been upgraded and so on, Clomid over the counter. Buy no prescription Clomid online, Ask them about the spent fuel pools. Ask them how long they can run the pumps to maintain sufficient cooling in the event of a station blackout (whatever the cause), buy Clomid without a prescription. Clomid For Sale, Ask them the consequences of allowing the operator to store 2,918 spent fuel assemblies in a pool that was designed and originally licensed to hold just 880 assemblies. Clomid images, Of course, the spokesman for Vermont Yankee is quick to assure us, "We believe pools are perfectly safe. It was designed to be safe and there are redundant systems so there is never a loss of coolant." Indeed. For some reason, those fools in Japan neglected to design their pools to be safe, and that's why they suffered a complete loss of coolant and melting of the fuel rods in the spent fuel pool. Silly Japanese.

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Diclofenac For Sale, John Legend and The Roots have a new album out, and one of my favorite songs is "Compared To What." I played it for some musician friends of mine, and one of them said, "Wow, this is a lot slower than the original!"

There ensued some discussion of "the original." One person said Common (the hip hop artist); someone else said, "I thought it was from The Seventies." After a visit to The Google, I found a wealth of information about this interesting, important song of protest, and its circuitous pop history.

Mark Anthony Neal, fast shipping Diclofenac, Diclofenac street price, a music writer and professor at Duke University, gives the best breakdown of the song's history in a March, rx free Diclofenac, Buy Diclofenac without prescription, 2003 article for Pop Matters. He notes that, Diclofenac from mexico, Get Diclofenac, indeed, Common did record a version of "Compared to What, where can i buy Diclofenac online, Diclofenac steet value, " with the singer Mya. But the only lyrics from the original song that remain are, Diclofenac use, Diclofenac brand name, "Tryin' to make it real, compared to what?" Everything else is a rap by Common that includes lines like "the real can't be bought or sold."

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That version really cooks, Diclofenac coupon. Real brand Diclofenac online, It's interesting to hear John Legend and The Roots, who share enough of an affinity with Common that he appears elsewhere on the same album (Wake Up!), Diclofenac wiki, Purchase Diclofenac online, offer their take on this anti-war song. Diclofenac For Sale, Unlike Common in the Coca-Cola ads, John Legend sings the original lyrics more or less as written. The Roots provides a much more stripped-down, Diclofenac used for, Buying Diclofenac online over the counter, slower base for the song. Overall, online buy Diclofenac without a prescription, Buy no prescription Diclofenac online, it's a stirring version.

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What a shame that the structure of our economic and political life is simply a force of nature that is immune to modification. If only there were some way to structure a society so that the primary economic activities were directed toward something else in addition to "maximizing shareholder value."

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