Is Schmucky Shoomer going to tax those on the list for taking bribes and kickbacks from AIG at 100% or demand they return the money?
Posted on 03/17/2009 12:25:56 PM PDT by tobyhill
Congressional lawmakers are scrambling to think up creative ways to recover at least some of the $165 million in bonuses that bailed-out American International Group is paying executives -- but they could be their own worst enemy.
Though Sen. Chris Dodd, D-Conn., is among those leading the charge on retrieving the bonuses, an amendment he added to the $787 billion stimulus bill last month created a roadblock to getting that money back.
The amendment, meant to restrict executive pay for bailed-out banks, also included an exception for "contractually obligated bonuses agreed on before Feb. 11, 2009."
This would seem to exempt the AIG bonuses that lawmakers and President Obama are looking to recover. Incidentally, Dodd is the largest single recipient of 2008 campaign donations from AIG, with $103,100, according to the Center for Responsive Politics.
The Dodd amendment creates a "prohibition on what the president is now talking about," Virginia Rep. Eric Cantor, the House minority whip. He also accused the administration of being in "disarray."
In addition, lawmakers dropped an amendment during negotiations on the stimulus last month that would have mandated companies paying bonuses over $100,000 face either a 35 percent excise tax on the money or return the cash. The amendment was drafted by Sen. Olympia Snowe, R-Maine, and Sen. Ron Wyden, D-Ore.
(Excerpt) Read more at foxnews.com ...
“he should have known what he signed. “
He was too tired from partyin’.
He knew what he was signing. Now he is looking for cover.
Obama is either the dumbest President ever, the most corrupt ever or both.
Just keeps getting better and better.
We're to ignore the thunderstorm of debt drowning us — while this president and congress attempt to focus our attention on the measly millions in bonuses by pissing on our shoes....hoping this will distract us from the HUNDREDS OF BILLIONS they've pissed away in the Porkulus Bill.
If ever a Congress deserved to be violently expelled from Washington -- it is THIS ONE.
post expo facto
As for the ex post facto aspect of it, that is Latin and no one understands Latin anymore. Besides, that stuff was wriiten by a bunch of dead white European males, so who needs to pay attention to them? Ignore it.
This administration has grossly undermined the foundations of contract law. We are so sc***ed.
Obama is either the dumbest President ever, the most corrupt ever or both.
_____________
BOTH
Zero’s military just relieved a ship commander for a screwup made by one of the ship navigators when they went aground.
In the same sense, because Zero is ultimately responsible for what he signed, he should take resign. The absence of due diligence is a huge problem for him and his administration.
This whole thing seems planned.
http://freerepublic.com/focus/f-news/2207793/posts
What we are seeing here is not law, but theater. There is no way to get that bonus money back because of the incompetency of our leaders. They are playing he victim so they are acting outraged, and are figuratively throwing feces like so many pissed-off primates, because they can't publicly admit how badly they managed this.
I agree. My comment about the undermining of contract law was more general than just this particular case. The forced renegotiating of mortgages will make those who invest in mortgage backed securities nervous about the promised returns. They will want much higher returns in exchange for not knowing if the terms of the contract will be changed on them later. That will drive up costs for everyone in the long run, even if the contracts are honored as originally negotiated.
As well, one can apply this type of reasoning to any installment contract or credit card agreement. It is one thing for the two parties to agree on a modification to an existing contract. It is another thing entirely when a third party barges in and specifies that the contract terms be modified. This will have repercussions for a long, long time.
Good catch on article I section 6. If this were a law abiding admin the Constitution would indeed get in the way, but since we’re dealing with people, as seen by the House voting the District full representation, for whom the Constitution is a topic learned in 7th grade and never again revisited, I don’t see the Constitution being a problem here.
Is Schmucky Shoomer going to tax those on the list for taking bribes and kickbacks from AIG at 100% or demand they return the money?
In the case of AIG, McCain was number 3 (~$50,000) but Obama was number 2 (over $100,000, twice as much).
Dodd should be mentioned by name in the headline as THE lawmaker who PUT IN the protection for AIG bonuses.
Recall back to the first Clinton term. He retroactively raised taxes, even on dead people.
The US will get back at least a third of this when the execs file their 2009 taxes. But I’m sure that more than that was withheld from their paychecks, so the government is already sitting on a big chunk anyway.
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