Posted on 03/17/2009 3:49:35 PM PDT by rrdog
Senator Chuck Schumer today expressed a desire to target specifically the recipients of the AIG bailout with a targeted tax rate of 100% on their bonuses. This is clearly unconstitutional and Schumer is well aware of the illegality of his proposal. Article I, Section 9, paragraph 3 of the constitution provides that: "No Bill of Attainder or ex post facto Law will be passed."
For those who may be unclear on exactly what this means we can refer to the Federalists papers and James Madison. He wrote the following, "Bills of attainder, ex post facto laws, and laws impairing the obligations of contracts, are contrary to the first principles of the social compact, and to every principle of sound legislation."
The bonuses of course were in poor taste, but the government owns 80% (and thus complete control) of AIG, and chose correctly to honor the original contracts. President Obama himself has argued that their is nothing legal that can be done.
(Excerpt) Read more at u4prez.com ...
Rush had a good explanation of how those bonus’ were to work, then too, the CEO of AIG is a government appointee ...
Could you explain for the less savvy among us why they were in poor taste.
ML/NJ
Sounds like something Hugo Chavez would say. It’s a sorry state this country is in...
Soon Chucky Shumer will be for the quartering of troops in your home too.
It’s only the third amendment, no one has any lobbying groups to prevent it so hell, why not?
Burn it Chucky! Burn that Constitution!
What an ass!
Bonuses should be contingent upon a company not going bankrupt or needing taxpayer bailouts. If they are not, set the regulation before you provide the funds. Better yet, no bailout.
All these idiots have already thrown the Constitution in the trash. They are our enemy plain and simple.
We are heading for war and if you don’t want to be a part of it then get out of the freakin’ way! I don’t want it but obviously they do why else would they be bent on our destruction?!
That all depends, unions have contracts too. Is it really any different.
I say they should be pressured to renegotiate.
What most people don’t understand is many executives make very little in terms of a salary, but get the bulk of their pay in bonuses. What is the difference between making a million dollars in bonuses or making 100,000 per month?
Charles Schumer is an enemy within. He would have fit right into the Soviet Bureaucracy back in the day. He hates the country our founders established and left for us.
His vision of what this country should be will be no country I will accept.
When someone from the government taps you on your shoulder and says "Bend over and grab your ankles", you too are soon to receive your "piece" of the bailout.
Two hundred grand.
Once you let the camel in your tent, or the tiger in your house....there really is no good way to arrange things.
The bailout was bad. It’s only going to lead to messier situations.
Dummy Senators.....IRS is ALREADY Taxing the Bonus’s at ..what?...35 %
They are getting the Govts. fair share. Americas are not STUPID...i can tell the diffo of the STIMULUS waste from the BONUS waste...example below...
165,000,000
1,200,000,000,000
Quiz: Which is the BIGGEST PROBLEM ?
Cause the did not “bail-out” the company. They acquired 80% of it - like every other LBO done they acquired the debt and got on the Board. They are the owners they did not just give money. They now have legal responsibilities of ownership.
That is what us capitalist understand.
Love the title.
Chuck Schumer sure is an arrogant bastard, isn’t he?
Funny. I’d just take the cash and see ya in Barbados 8-)
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.