Bill Taxing (some) Bonuses Passes The House
Via MSNBC:
WASHINGTON – Acting swiftly, the Democratic-led House approved a bill Thursday to slap punishing taxes on big employee bonuses at firms bailed out by taxpayers.
The bill would impose a 90 percent tax on bonuses given to employees with family incomes above $250,000 at American International Group and other companies that have received at least $5 billion in government bailout money.
85 Republicans, including Cantor, and 243 Democrats voted yes. 6 Democrats and 87 Republicans, including I can’t hold back the tears Boehner, voted no.
I’m fine with this fight, even if it turns out to be largely symbolic, because I’m sick to death of these whiney losers and their empty threats.
“My fear is that the damage is done,” he told a congressional subcommittee. “That they will return [the money], but that they will return it with their resignations.”
There is little doubt within Financial Products that he’s right about that.
“Nobody is going to give it back and then stay,” said one of the firm’s employees. “If they give back the money, then they will walk. And they will walk into the arms of AIG’s counterparties.”
Do it. I double-dog dare you. Walk out the door and into this economy. These guys suffer under Alberto Gonzales disease.
Tags: AIG, Bonuses, House of Representatives
Boom goes the dynamite!
All of a sudden the REPUK’s are worried about the Constitution
Class war engaged! I just read a study that rich people don’t leave high tax states. What a surprise.
have they gone Gault yet? are we surrounded?
This is what I don’t quite get about the resignations — what I’ve read is that these guys and gals will leave and go to work for one of AIGs counterparties. OK.
Now what is wrong with that? Especially since AIGs counterparties are being paid 100 cents on the dollar for their CDO bets anyway.
This is a serious question, BTW — I really don’t get what the risk is here.
if they can even get jobs. think of the bad P.R who is gonna hire them? all it takes is ONE leak and suddenly Citi, who whoever is hiring morons who almost killed the world economy.
MY bet? anyone who resigns in protest for not being rewarded for being a f*ck-tard, finds the self working at a burger king under an assumed name.
I think these guys who are threatening to walk are in danger of over-estimating the counterparties goodwill as well as their indispensable-ness.
a. price, you’re right. The negative PR could hurt the hiring company.
I think maybe those “indispensable” people may finally start to get it. We are angry! I think Obama described it right yesterday – AIG is the guy with a bomb strapped to his chest threatening to blow everyone up.
Yeah, who cares? We’re talking about less than a hundred people, right? There are a thousand more people, MUCH smarter, waiting to take their places.
The only argument I’ve heard in favor of the bonuses that makes ANY sense is that the people who screwed up the company are the only people who understand how to unscrew it. They, and only they, can comprehend the complex investments and crap. But that also sounds just a teensy bit like blackmail, y’know?
It is blackmail. It’s also nonsense. This is fiercely competitive industry. There’s a line of people waiting to step into these jobs.
If an electrician screwed up your wiring and caused a fire would you hire the same electrician to fix the problem since he would be the only one who could comprehend his mistake?