Tax on AIG bonuses: Congress shouldn'...

Tax on AIG bonuses: Congress shouldn't confuse pandering with p...

There are 59 comments on the Chicago Tribune story from Mar 20, 2009, titled Tax on AIG bonuses: Congress shouldn't confuse pandering with p.... In it, Chicago Tribune reports that:

I didn't like the AIG bonuses. You didn't like the bonuses. Even AIG Chief Executive Edward Liddy didn't like the bonuses.

Join the discussion below, or Read more at Chicago Tribune.

First Prev
of 3
Next Last
marc duncan

Canada

#1 Mar 20, 2009
Greed is the usa's number one problem

“BET DAP”

Since: Feb 09

GOOM BOWN

#2 Mar 20, 2009
marc duncan wrote:
Greed is the usa's number one problem
Actually I give it a close second to government incompetence.
MostHatedInAmeri ca

Brooklyn, NY

#3 Mar 20, 2009
The recklessness and incompetence of Congress is mind-boggling.
In the middle of the worst financial system crises after WWII, Congress adopts an asinine measure which disinsentivizes anyone who've already made more than $250K (probably anybody above AVP in GS, JPM, AIGFP etc) from working through the end of the tax year! Hope cabin crew knows how to land this plane in Hudson now, the pilot is on gardening leave.
ziggy

United States

#4 Mar 20, 2009
There has not been a moral compass in this country in many decades. The situation in the country and this city are very scary and it seems there is no way to get back to a reasonable lifestyle.
deh

Harvest, AL

#5 Mar 20, 2009
Fury over aig personnel who signed up for a bonus to stay at least a year, will cause many to leave. The 'bad guys' who created the mess at aig are mostly gone, and the attacks are against the folks trying to clean it up. Does this make sense? Good luck getting anyone to work there after this; time to pay back the retention bonus and go to the competitors. Not worth it.
NiteCat

Chicago, IL

#6 Mar 20, 2009
There is plenty of blame to go around and I'm including individuals who couldn't wait their turn and had to have it all now.

But I'm more angry at a congress who stands up there and vilifies others for their mistakes and to go after Mr. Liddy that way when they were the ones who begged him to come out of retirement to help AIG. Congress had warnings about the economy and I don't care what anyone says, Mr. Geithner and friends knew about these bonus payments last fall when they gave AIG the first bailout money.

Congress is a joke - they pass a trillion dollar stimulus package without even reading it and now we get to watch them run around DC stamping out all the little fires that will continue to erupt as we turn the pages on that massive bill. Heaven help us.
Taxpayer

United States

#7 Mar 20, 2009
This is all smoke and mirrors used to keep America focused on something other than a completely incompetent Congress and an inept President.

Since: Aug 07

Evanston

#8 Mar 20, 2009
Michelle Obama only found herself able to be proud of this country recently (coincidently when her husband turned out to be a viable presidential candidate). Well now I am ashamed of my country.

This law, should it pass, will indiscriminantly penalize thousands of hard working men and women because of the actions of a few dozen.

This bill doesn't limit the tax to AIG employees, it would affect thousands of employees at dozens of other companies. Employees at companies like JP Morgan Chase, which was essentially forced by treasury to take TARP funds in a fruitless attempt to convince people that accepting the funds didn't mean that a bank was in trouble.

Does Congress think that only the rich receive bonuses? What of those people who used their bonues to pay down debt, pay their child's Spring tuition bill. Where do they come up with the cash to pay this tax that they didn't know they would have to pay?

What is happening here is wrong and Obama and every rep who voted in favor of this bill should be ashamed of themselves.
Microrub

Chicago, IL

#9 Mar 20, 2009
David, you are wrong here. There are more AIG's out there giving out bonuses while laying off staff and receiving Federal Bailout loans and unless the Feds crack down HARD it won't stop. These Company Execs think they are entitled to bonuses. What ever happened to the line you must earn it. Taking a compnay into the Red is reason to be fired not given a bonus. Common sense elludes these people. If the FEDS don't knock some sense into these EXECs then who will?
Chicago South Side

Evanston, IL

#10 Mar 20, 2009
Oh wait, I see, let's not rush to cut the fat bonuses paid to our oh-so-worthy financial overlords.

Here's an idea- let's ship the finance jobs to China, they would probably do it better, I know they would do it for less and Greenwich and East Hampton can be our new Detroit!
Calendar

Chicago, IL

#11 Mar 20, 2009
NiteCat wrote:
Mr. Geithner and friends knew about these bonus payments last fall when they gave AIG the first bailout money.
Really???!!! You mean the Geithner that was sworn into office in January of 2009? Or was there another one who served under Bush, who was the President last fall, your referring to?
Blanche

United States

#12 Mar 20, 2009
This would be the Geithner who cheated on his federal income taxes.

The Geithner who made sure AIG employees
got their outsized bonuses because, he said, the legal costs of denying them would be too high.......then abruptly reversed course when the public started to raise objections.

The Geithner whose first thoughts are always for Wall Street and its employees....not the American people as a whole.

He should be told to resign. If the Obama administration doesn't have anyone to replace him, they really are incompetent. You should never put all your eggs in one employee basket. They should have a replacement ready now.

After all, at any time, Geithner could decide this was too much hassle. If he is as smart as everyone says he is, he likely has many employment options.
Nobody is indispensable and Obama is looking increasingly inept in the personnel selection and management department.
karl

United States

#13 Mar 20, 2009
Couldn't agree more. This administration is starting to look worse than GWBush. How far overreaching is this move? If passed, what precedent does it set? Can Congress pass a 90% tax whenever they deem necessary?

This is a ridiculous move on the part of Congress, and if BObama is not the crooked Chicago politician that he's clearly showing signs of, then he should veto or refuse to sign into law this bill on principal alone.

I had hoped that Obama was not a 'typical' politician. I believed him when he said that the government under him would be run with 'transparency'.

So far, neither are true.
smithbarneyharri supham

United States

#14 Mar 20, 2009
The President has led his Dem colleagues in a disgraceful replay of McCarthyism with showtrials of corporate execs and the wholesale demonizing of the private business sector. AIG employees have been receiving death threats and are being harassed in front of their own homes. This is the "change" this stooge has brought to America. And he LOVES it and is continuing to stoke political mayhem WITH INTENT.

He has shown his true colors. He is honorless.
Fish

Chicago, IL

#15 Mar 20, 2009
Blah Blah Blah

The country is 15 trillion in debt, the government has failed the people just as much as AIG has - the people there should have never taken the money.

They're in the whole $165 plus billion dollars and have the nerve to take bonuses.

Maybe they owe the company and the people a break and should do the best job they can to save the company and country they tanked.

These sort of people are in high demand to work elsewhere ?
I can just imagine - "I need a job cause I bankrupted AIG"

It's amazing the people are getting screwed with 400% increases in Chicago for parking the government is taking all the money selling public assets to the people's detriment and wants to opt out of the work as in hiring private security firms to arrest people.

But the Chicago Tribune decides enough is enough only when the government goes after the influential super rich.

The press needs to do what the constitution intended it to do and this country will be a lot better off.
KOBrien

Charlotte Hall, MD

#16 Mar 20, 2009
All of Washington knew about the bonuses, they're in the stimulus Bill, and Geithner was on CSPAN 3/3 during a NY rep's statement opposing them! Of course he knew.
KOBrien

Charlotte Hall, MD

#17 Mar 20, 2009
ziggy wrote:
There has not been a moral compass in this country in many decades. The situation in the country and this city are very scary and it seems there is no way to get back to a reasonable lifestyle.
You are absolutley right, and I despair for our country, and the freedomthat my family have fought for for almost 400 years!
Steve

Concord, CA

#18 Mar 20, 2009
Microrub wrote:
David, you are wrong here. There are more AIG's out there giving out bonuses while laying off staff and receiving Federal Bailout loans and unless the Feds crack down HARD it won't stop. These Company Execs think they are entitled to bonuses. What ever happened to the line you must earn it. Taking a compnay into the Red is reason to be fired not given a bonus. Common sense elludes these people. If the FEDS don't knock some sense into these EXECs then who will?
Okay, let me get this straight. You think you know how better to manage AIG (or any other company payroll) then the company itself. What exactly do you know about these bonuses? Anything?

It's stupid generalized comments like this that P*ss me off.
Steve

Concord, CA

#19 Mar 20, 2009
Calendar wrote:
<quoted text>
Really???!!! You mean the Geithner that was sworn into office in January of 2009? Or was there another one who served under Bush, who was the President last fall, your referring to?
Pay attention please. He was the head of the NY FED that negotiated the initial deal...

“BET DAP”

Since: Feb 09

GOOM BOWN

#20 Mar 20, 2009
The White House has let us down.
Congress has lied and deceived us.
Wall Street has sold us out.
But what about us? Collectively this country has slowly lost its sense of accountability and personal responsibility. There is plenty of blame with the aforementioned big three gorilla's, but too many people have lived beyond their means in this country and as Rev. Wright says, "the chickens are coming home to roost". Hind sight is 20/20, but our entitlement mentality is largely to blame....and there are too many people looking for a hand out instead of offering a hand. Nothing for nothing leaves nothing.

Tell me when this thread is updated:

Subscribe Now Add to my Tracker
First Prev
of 3
Next Last

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Chicago Discussions

Title Updated Last By Comments
News Barack Obama, our next President (Nov '08) 1 min RoxLo 1,523,964
News BARACK OBAMA BIRTH CERTIFICATE: Suit contesting... (Jan '09) 2 min Jacques Ottawa 240,412
Topix Chitown Regulars (Aug '09) 3 hr CrunchyBacon 105,141
A Little Ditty 10 hr Longfellow 1
News Israeli troops begin Gaza pullout as Hamas decl... (Jan '09) 11 hr TRD 71,285
A few ITEMS of interest. 13 hr Jocularity is Best 2
Look at Minn. Maine & Michigan. 13 hr EAT PORK 18

Chicago Jobs

More from around the web

Personal Finance

Chicago Mortgages