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 ...
If he did, he should be removed from that position at once. The whole caucus should’ve abstained from this vote.
That’s what CQ politics claims.
http://www.cqpolitics.com/wmspage.cfm?docID=news-000003080049&cpage=2
“But even with Republican ire pointed in the direction of the legislation, GOP leaders, while publicly opposing the bill, quietly supported a different course of action behind the scenes. House Minority Whip Eric Cantor , R-Va., spent much of the morning urging freshmen and vulnerable members of the caucus (sic, I think the GOP uses “Conference”) to vote with the Democrats, according to a Republican aide familiar with the discussions.
Cantor himself voted with the Democrats.”
This is some real knee jerk legislation. What else has ever passed this fast?
Yes true ...
Linky Thing: PoliticalFact Article
At the moment, the retention payments that have drawn the most scorn are those to employees in the financial products division, the folks that got the insurance conglomerate into the deep mess it's currently in. Those agreements predate the company bailouts by the federal government. Back in April 2008 and "due to the declining market environment," the company established an employee retention plan with financial products employees "to manage and unwind its complex business," according to SEC filings. An installment payment on those retention bonuses came due on March 15 to the tune of $165 million. That's the payment that triggered the recent political storm.
In a congressional hearing on March 18, Frank asked if those who got retention bonuses and then left had to give back their bonus. "No," Liddy said. "The arrangement is, if you stay, wind down your particular business, do a good job of it, and we're comfortable with the job you've done, you'll get that retention bonus."
The ones who had left had already completed their agreed upon tasks .. thus fulfilling their part of the contract. So, do we honor the contract or let our new group of fearless leaders (Barney Frank, Chris Dodd, et. al.) trash it with a stroke of their greasy little pens?
Good 'root cause' analysis....I agree this may be the only 'repair' available to us at this juncture. Now that Al Qaeda has welcomed Barney and Charlie to their attack on Wall St.
“Guess you and I are the only people around who view this problem identically.”
Actually, I am s l o w l y seeing more people recognize the problems with Globalism and its negative impact on the US, our sovereignty, our security, our culture, our jobs, our economy, the middle class - generally in response to articles posted about the New World Order, the Shadow Government, CFR, Trilateral Commission, Bildeberger Group.
I see all the stuff about the AIG bonuses as street theater designed to have a strong emotional impact and distract one from the underlying immoral, anti-capitalism, unconstitutional various bailouts and stimuli. Passing a law to tax the bonuses at 90% is just one more step away from our country living under the rule of law.
I don’t think any of them deserve bonuses...and I am not prepared to take Mr. Liddy’s word for this...I want someone to invesigate...much as I would love to know who got these bonuses (many live where I went to High School-Ridgefield CT and Wilton where I once worked so I am very interested to see if I know any of them), it would be wrong because given the anger people feel, these bankers could get hurt...still I want to know the truth. Don’t trust Liddy...he used to run Allstate during the time when they got in trouble for trying to evade legal claims.
Bill of attainder.
nyconse ... you sound like you've channeling Barney Frank.
The issue isn't whether you think they deserve bonuses, the issue is ..are the contracts they signed, which specified these bonuses, binding>
The "Punishment Tax" that the idiots on Capitol Hill are rushing to pass has so many unintended consequences it's appalling ..
Linky Thing: Unintended Consequences
As I've pointed out to you in the past ... facts are such pesky little things. Especially when they contradict you emotions
Yes, stand for nothing. I was revolted as the news reported even Republicans voted for it. It’s so unprincipled for a party that already stands for NOTHING!
The same leadership that pushed TARP1
Yeah.
I hate to say it but it just doesn’t warm my heart when they say “Obama and the Dems will guarantee the midterms go to the Republicans.”
Yawn. What’s the difference?
We already know that Pandit the bandit (nice ring) lied to Congress so I trust none of these guys...they should all be fired and new management brought in...they are a big part of the problem a Wall Street culture that wants huge profits without risk...I get paid no matter what thinking is a huge problem. As for the 90% tax...I want that money repaid period. It should never have been handed out...also, Pandit should not be allowed to spend 10 million redecorating his office after laying off thousands and living on the government dole...this is not a conservative issue...sticking up for these fake capitalist is not conservative. They have blackened the reputation of capitalism and deserve the scorn of any free market person or any thinking conservative.
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