Blagojevich, Executives, and Unions

When the story first broke about former Illinois Governor Rod Blagojevich, I did a post wondering whether Blagojevich was like any other executive. I guess I was wrong to wonder, because the treatment he received is far different from that given to executives on Wall Street.

Ironically, on the day that Blagojevich’s impeachment trial resulted in his removal from office, we learned that Wall Street executives received $20 billion in bonuses in 2008. Who is worse — Blagojevich or the Wall Street executives?

When company losses are mounting, employees by the tens of thousands are being laid off every day, government bailout money has been given to some of the firms that paid out these bonuses, and a new stimulus package is being proposed to also help some of these firms, executives are paid $20 billion in bonuses. What Blagojevich did may be a crime. What the Wall Street executives did isn’t. But I have a feeling that many American citizens will readily say that taking the bonuses under present circumstances is criminal.

President Obama called the executives’ action shameful. I don’t think they agree, since as far as I know, no executive has returned his or her bonus because of the shame they feel.

It’s been recently reported that union membership rose in 2008 by the largest percentage in 25 years and for the second year in a row. So, we have a trend, a pro-union administration, and a bunch of executives giving unions all the ammunition they need to organize a growing number of employees who realize that their companies are much more interested in protecting their executives than their employees. I hate to say it, but it may just be time for the union movement to have another day in the sun.

1. 

   ACU Frank says:

   January 30, 2009 at 3:50 pm

   Thank goodness the UAW was there to save our auto manufacturers!
2. 

   John Phillips says:

   January 30, 2009 at 3:59 pm

   Point to Frank.