I never thought the deal where Sam Zell bought Tribune was fair, because it relied on the savings of workers in their ESOP [employee stock ownership plan]. Here is what I wrote in the past:
- Your Money or Your Job! (Or Both!)
- Tribunes are to Promote Justice among Common Men
- Tribunes are to Promote Justice among Common Men, Redux
Well, now Mr. Zell is getting sued by Tribune employees, and he deserves it. Zell could not have bought out Tribune without the support of the ESOP, but his actions harmed the economic interests of the ESOP, and thus the employees. Many will agree to anything if their job is threatened. The semi-coercion plus failure will not work out well for Mr. Zell.
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And, speaking of not working out well, we have the NYT Op-ed on AIG. I say good, let AIG, the Fed and the Treasury disclose what they said during the bailout. We already know that many areas of AIG would have gone under without the bailout. Though the Treasury Secretary has changed his tune on why AIG was bailed out, originally it was only and ostensibly for AIGFP, the derivatives subsidiary.
Let AIG and the Government reveal what they said regarding the bailout. The American people deserve to know it.
