To the Editor:
The following is an open letter to U.S. Sen. Bob Corker, R-Tennessee.
I am a retired GM executive, and when I retired, GM agreed to pay my medical insurance for life - as a result of having a combined age and years of service greater than the number 85. I also got an executive retirement amount that I would receive monthly. And more times than once, I made career decisions regarding not leaving GM for a higher paying job elsewhere, knowing that I had earned that retirement as part of my total compensation package.
Now let me say upfront that I am not complaining, because I know the importance in the survival of General Motors, both to myself and this country, but GM has unilaterally moved to reduce my executive retirement plan by 10 percent as part of their survival plan, and has informed me that myself and my wife will no longer be covered by private medical insurance, since we are age 65 or over.
On the contrary, I commend them for making these hard decisions in view of the need public money through the TARP. I even sent Rick Wagoner an e mail stating as much.
My question, however, is why does AIG not seem to show the same corporate sense of responsibility?
Why do they feel that they cannot take some unilateral action, in view of the unusual circumstances of the day?
AIG's recent action with respect to bonus payment is unacceptable, and the failure of Washington to not put prearranged conditions on the payment of such money, is unacceptable.
Why is it that GM, Ford and Chrysler were treated like unwelcome cousins come to visit when they appeared before you and the others on your committee, yet AIG continues to be treated with kid gloves? Why is it that GM and Chrysler have been given detailed and specific criteria for payments when AIG has been allowed to write their own rules? Why is it that you continue to make news calling for GM to file Chapter 11 bankruptcy, when I hear no such calls for AIG.
Are there different rules for the Wall Street boys than for the Detroit three?
Does it matter that GM and Chrysler have thousands of blue collar workers who might not vote Republican, while AIG employs mostly white collar workers, typically part of the Republican Base?
Hmmm... I wonder.