Unions Renegotiated Their Contracts, but AIG Executives Won't

Rep. Gary Peters (D-Michigan) attacked AIG for not renegotiating their “iron clad” contracts the same way the auto workers union (UAW) was forced to do during the recent car-maker bailouts.

“In my Congressional district in Michigan, there are thousands of UAW employees who have employment contracts, and they’ve been told they need to renegotiate those contracts and make concessions to justify taxpayer investments. There are thousands of white collar employees with employment contracts who have forgone promised bonuses and benefits and have taken pay cuts in order to save the companies they work for. People are sick of this double standard where working class and middle class workers are treated differently than the financial industry executives.”