Senator proposes suspension of Constitution

U4prez ^ | 3/17/2009 | Eric Gurr

[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.

[nufsed]

When a company fails you certainly can ignore contracts. The agency or company taking over has to honor the contracts or not. Is agreed to upfront in the take over.

[TigersEye]

President Obama himself has argued that their is nothing legal that can be done.

0bobblehead might pretend he cares about that. Chucky Shmuckey ... not so much.

[Mike Darancette]

I own a business and would not give someone a bonus if we were swimming in red ink.

Would you renege on your contractual obligations to your employees?