Bailout for the insurance bosses
April 19, 2002 | Page 2
YOU CERTAINLY can't accuse George W. Bush of letting his never-ending "war on terror" get in the way of his never-ending quest to line the pockets of Corporate America.
At a media event at the White House last week, Bush shamelessly stumped for Congress to enact a federal "backstop" for the insurance industry to issue terrorism insurance to real estate developers and property owners.
After paying out $20 billion in connection with damages from the September 11 attacks, the insurance giants claim that they can't afford a repeat. But the Bush-backed "backstop" legislation would authorize government payments up to $100 billion for damages from terrorism--while the insurance bosses line their pockets by charging exorbitant premiums.
Unfortunately, some labor leaders bought the line that the terrorism insurance "crisis" has led to a slowdown in new construction. Teamsters President James P. Hoffa and AFL-CIO Construction and Building Trades Department President Edward Sullivan appeared alongside Bush at his press conference.
But the Bush gang doesn't care about workers. They and their corporate donors have their eyes on more big bucks for corporate welfare.