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 ...
As Mark Levin just explained, the prohibition against ex post facto laws applies solely to criminal matters.
Not that I think the Congress should do this anyway.
“I don’t know why it’s so hard to get all the so-called capitalists here to agree, if you fail, if we help you, you don’t have money to spread around for bonuses.”
I’ll tell you why. Us so-called capitalists still believe in the rule of law.
If you get a home loan, they expect you to use that money to pay for the home... In fact they don't even trust you with the money, they pay the seller.
It is simple, AIG used that money for bonuses, if they wouldn't have gotten that money, they would be out of business. Which is what should have happened.
Suspend government instead, what good have they done?
You are confused.
Schumer is either a loud mouth fool or asleep at the wheel. Was he not on the Senate committee that forced banks to give loans that didn’t qualify? How dare he threaten vendettas against individuals from his Senate seat. We are a country of laws; his threat to pass a loan against one person is very frightening. The Senate passed this stimulus bill and is responsible for the known consequences.
Chris Dodd put the protection of the bonuses in the stimulus! Now he is against them, what a joke. The companies should have been allowed to fail, now there is nothing that can be done.
No sense leaving the 3rd intact while they trash the 1st,2nd,......
Absent the expertise of the employees they "retained" with the retention bonuses, they would have been out of business for lack of expertise.
You and I agree.
I can’t speak for some of the others here.
It’s been a sadly eye opening day reading some Freeper comments.
Sounds like Chuckie is having a ‘dagger’ moment.
I DO NOT WANT MY MONEY SPENT TO BAIL OUT COMPANIES WHICH WILL REMAIN OBLIGATED TO PAY BONUES. NOT WITH MY MONEY NO TIME NOW HOW. IS THAT CAPITALIST ENOUGH FOR YOU?
Size 17?
As it was explained to me, the bonuses were in the works for about a year. The government knew about them, AIG let the government know that if the bonuses were not paid, there would be penalties and fines that would be more than the original amount, due to some being overseas employees or something to that effect. The government, after reviewing the facts of the matter, gave the okay for the bonus payout.
He's warming up for a Presidential run. Just like Kerry, he was for it before he was against it. It's a standard Democrat drill.
Not confused angry.
There should have never been a bailout in the first place. Now the toothpaste is out of the tube.
“What is the difference between making a million dollars in bonuses or making 100,000 per month?”
200K I’ll take the salary.
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