Posted on 03/19/2009 12:10:57 PM PDT by ConservativeMind
Acting with lightning speed, the Democratic-led House has approved a bill to slap punishing taxes on big employee bonuses from firms bailed out by taxpayers.
The vote was 328-93.
(Excerpt) Read more at breitbart.com ...
Personally when I hear the words ‘too big to fail’ I think monopoly. If there is a monopoly...then there is a legal consequence.
If there was to be any bailouts etc. it should have come from the bankruptcy court system. The courts should have never ever been circumvented. Even now, much of this could be stabilized by turning matters over to the bankruptcy courts for reorganization. Congress trying to do this with the tactics their using is fascism in my opinion.
Rally up anger towards these people, they are not trying to save their company, their just running away with our tax money...c’mon. It is all propaganda. The more I watched this today the more I believe AIG is a prop, an excuse, and is being abused as a means to a more sinister end. Poor useful idiots.
You're the one confusing a bad law with contracts.
Eric Cantor voted for this disgusting piece of legislation. He’s no better than the rest of them.
We will all pay for this down the road.
I can guarantee you that many operations staff and finance personnel were offered retention bonuses at AIG. As the previous posters have stated, believing that all this money was paid to 50 people at AIG-FP is naive.
You misunderstood my post. I fully support your position. I was referring to the knee jerks in Congress and on the thread who want to punish AIG for something that the government already controlled and condoned.
I agree that Congress has no business passing any such nonsense.
Republicans better start fighting this administration on something or we’re going to be in a heck of a lot of trouble.
Folks, we have Karl Marx, Jr. as our President. If you can’t be against him on just about every issue, you don’t deserve to be elected.
$200 billion? Try $1.6 trillion (or more) in outstanding liabilities. If AIG goes belly-up, there's going to be more than a foot wound - the sound we'll all hear is that of a sucking chest wound.
You're point is very well made.
Which one would almost think Congress is hell bent on forcing to happen! You said it well, these facts need be told often. The real news was that the $80 Billion in Credit Default Swaps have been closed out and the division that caused the problem is all but shut down! By simply NOT reporting the real news, the media is complicit in this witch hunt (which they are covering!).
Lovely, just lovely.
I am a retail sales manager.
I get a salary
and a quarterly bonus...
When we filed chapter 11 years ago...
I got a bonus to stay on board and work it out.
You can bet they will be hiring some real clever tax lawyers when they do their taxes next year.
LOL! Of course not.
"The bonus money paid people to PREVENT further failure."
Paying bonuses to the folks that caused the failure in the first place is an act of stupidity.
...and those people were NOT the people that got AIG into trouble in the first place!"
Whatever you say...
I am very against the bailout, but this is absolutely chilling!
Wonderful!
Liberals don’t pay taxes, just the little people.
The same exact thing happened to my sister-in-law. As I understand it, it is very common in commercial bankruptcy filings, especially in liquidations.
Do you understand that is what these bonuses were?
He doesn't understand and he doesn't care. He just want to "get the man".
I should have been more specific. The $200 billion was in reference to the essentially unsecured TARP money. The policyholder liabilities are protected by the various state regulations and are deemed safe. It is that fact that keeps it out of bounds from Fed seizure in the event of bankruptcy. In short the policyholders are protected and the taxpayers are screwed. I guess that would make the policyholders the next public enemy #1.
I have to really, really wonder if AIG is regretting the bailout.
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