Tuesday, January 26, 2016

Another form of welfare for the rich.

From Robert Reich
Richmond, CA ·

It seems fitting that Donald Trump mentions Carl Icahn as a possible Treasury secretary, because the two billionaires have grown rich screwing average workers. The latest example is the Trump Taj Mahal in Atlantic City, which just used bankruptcy protection to wipe out the health and pension benefits it had promised its workers – thereby cutting worker costs down to the point where Icahn is now buying the casino to make a fat profit off it. By this point Trump has only a small stake in the casino that bears his name, but will still come out ahead. The use of bankruptcy law to cancel obligations to workers and make two billionaires even wealthier is another form of socialism for the rich.

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