Congress threatens to tax AIG executives' bonuses

Mar 17, 2009 | Posted by: Iria | Full story: news.yahoo.com

Congressional Democrats vowed Tuesday to all but strip AIG executives of their $165 million in bonuses as expressions of outrage swelled in Congress over eye-catching extra income for employees of a firm that has received billions in taxpayer bailout funds.
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“Try an take 'em ya Varmint”

Since: Jul 08

Rio Rancho

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#1
Mar 17, 2009
 

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NMP Oblahblah, Barney "The banking Queen" Frank, Chris "The weasel" Dodd, and Charles "The Enforcer for the supreme leader" Schumer are creating a dangerous situation for the employees at AIG. They are causing people to call, email and write threatening letters to employees of a private company.

The employees affected by this unwarranted and unfair treatment of private citizens by the Federal Government should sue the Government in a class action lawsuit for 20 Billion dollars in compensation.

Then they will wish that they had left their measely 163 million dollars in bonuses alone.
fanclub

Waltham, MA

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#3
Mar 17, 2009
 

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So my understanding is that they intend to tax bonuses over $100,000 at 100%. Unless that $99,999 bonus is the only cash they are receiving all year, that seems a little high to me. How about $10,000? Or $5,000?

“Truth to Power!”

Since: Apr 07

United States

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#5
Mar 17, 2009
 

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The Obama Admin KNEW OF EVERY SINGLE ONE OF THESE BONUS PLANS and have worked out MORE PAYMENTS due in July & Sept!

Don't be fooled again by our lying sack of shiite presidente.

http://www.huffingtonpost.com/jane-hamsher/ob...

“Truth to Power!”

Since: Apr 07

United States

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#6
Mar 17, 2009
 

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According to the NYT, "The administration official said the Treasury Department did its own legal analysis and concluded that those contracts could not be broken."

So according to the Treasury Department, where Geithner still presumably works -- nothing can be done about it.

It appears the person tasked with finding a solution already knows what the answer is.

AIG got another $30 billion of TARP money at the first of March.

Why didn't the Treasury demand they break the bonus contracts then as a condition of receiving the funds, just like they made the automakers break their union contracts?

http://www.huffingtonpost.com/jane-hamsher/ob...

http://www.nytimes.com/2009/03/16/us/politics...

Obama LIED to us again. He sucks.
ReasonableGuy

Clinton Corners, NY

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#7
Mar 17, 2009
 

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WHY IS NO ONE IN JAIL??????????
Mothra

Portland, OR

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#8
Mar 17, 2009
 

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How about a 100% tax on pay increases for all members of the House and Senate that voted for Obama's Porkulus plan until it's paid off?
partisan blindness

Columbus, IN

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#9
Mar 17, 2009
 

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If members of congress and other government officials yell loud enough, long enough, and often enough, they will be able to divert attention from the real issues. Irresponsible, targeted, and unnecessary spending by congress. Where is their accountability?

Should corporations who are in financial trouble and taking tax payer money give out and take large bonuses? Of course not. This is like a citizen who faces forclosure on their home, and has maxed out all credit cards but one, and uses that one for an extended vacation. It is just plain dumb.

Having said that, isn't AIG obligated to pay back the money advanced to them from the federal government? Is it a loan or not? How many citizens obtain a personal loan and have restrictions on how it can be spent?

Why aren't we, as taxpayers, asking questions of congress, the very people who approved this bailout? Why weren't they smart enough to put restrictions on the money before it was given to any financial institution? Does anyone think members of congress are responsible with our money?

The bailout should never have happened. It started under George Bush, congress readily agreed, and it continues under President Obama. Democrats were against anything and everything Mr. Bush did, but does anyone wonder why the democrats were so eager and willing to approve appropriating at least a quarter of a billion dollars for the Bush administration? Obama has approved approximately the same amount as Bush and has proposed spending $3.6 trillion dollars.

When do we as voters demand accountability from our politicians?

Since: Nov 08

Roanoke, VA

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#10
Mar 17, 2009
 

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Do it, the bouses are not deserved. That is the repubs will allow it with their obstructionist stance on everything. This bail out started in 2008, and continues now. So lots of cross responsibility not just Bush or Obama. Get real people. Stop the obstruction put your country before your party and check book.

“Love of $ is the Root of Evil”

Since: Sep 08

Gotham City

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#11
Mar 17, 2009
 

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The AIG executives are playing into the excuse needed for Obama to push through the tax increase on the extremely wealthy.....

Do it!
Jail anyone 2 A I G

Jamaica, NY

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#12
Mar 17, 2009
 
AIG = American Insurgent Gang !
AiG IS A GROUP OF HARD CORE WHITE COLLAR CROOKS WHO HAVE LED THE BIGGEST RIPOFF IN HISTORY.
1. AIG is an enemy of the state.
2. AIG is worse than the Mafia.
3. AIG is a gang of economic terrorists.
They must be disbanded. The entire company. Let it die.
DIE AIG DIE !
AIG = The Taliban times 1 million.
That Goes for you "Cravczec" Throw away and lock away the key to white collar criminal like you.
Who try's to cover up the Crimes of A.I.G.
A call to duty

United States

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#13
Mar 17, 2009
 

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Each american is call to duty to serve.
YES, TAX THE HELL OUT OF AIG MEMBER WHO HAS BAIL OUT MONEY.
Call it a bad economy tax Or a economy war tax for the poor--Bail out money greed tax---A company in danger tax.

Rick, on CNN and other media members need to understand pointing the fingers will not help america.

1. The news media need to get homeowners and lenders talking --- Yes the media can help.
2. Yes, Rick the internet can take the place of t.v. news--Many of you in the news are dated like old washington.
3. We all need to change and go forward for the better. Stop the blame and attacks. Take time and listen.
4. Jobs, training, product design, and putting americans products in the market.

5. Health care for America
6. The people should be apart of the money plans going back to the state governors. State governors, RNC AND DNC NEED TO UNITE FOR A BETTER AMERICA.
EACH AMERICAN IS CALL TO DUTY TO HELP A AMERICAN IN NEED.
REGARDLESS OF HOW BAD YOUR NEED IS THEIR IS ALWAYS SOMEONE FAR OFF.
Americans, News Media, Government and Others:
Come up with a design, plan , and a method of execution to take american forward. With in the law and safety ---JUST DO IT.
7. A food plant closed in a small town in Ohio and food net work can come up with ideas ----products---shows---design/ plan/execution to help this small town. CALL RAMSEY--PAULA---AND OTHER FOOD NET WORK MEMBERS.
8. Rick, you can help show the positive ways all americans are working as one to go forward. Jobs and health care for all people.

LEARN AND HELP------A CALL TO DUTY

Join with each american to create program and ideas.
It's not what your country can do for you but, what can you do for your country?
STOP THE BLAME--- LET'S DO IT.
YES WE CAN---LET'S DO IT!
mayo420

Baltimore, MD

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#14
Mar 17, 2009
 

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I think it's a wrong move. Giving the perpetrators my own money to totally screw our country up? Tough choice. And do I want to warn the next shift, of course.

But I think we should temoer that with assuring that any new executives have a fair equity future, as the job should have.

We should pay the $165 million and concentrate on our own mistakes. Let's put just a little thought into setting a plan in place to assure we don't need to go grabbing another generation of traders.

Not watching what we were doing is what got us in this mess. Pay the 165, change the system and let's not close our eyes in the future and wave our economy blindly to all takers.
Scarlett

Decatur, GA

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#15
Mar 17, 2009
 

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I think Congress should impose a special "gift tax" on these execs for the bonuses that were paid out with our money. They can do that. How can anyone earn a bonus when their company is in the tank? They should be penalized for failing.
Truth

Milledgeville, GA

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#16
Mar 17, 2009
 

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I'M TELLING YOU, PEOPLE...

You are missing the REAL outrage. While you folks are arguing over a few million dollars, about 93 BILLION of the 176 BILLION AIG received went to Goldman Sachs and 3 EUROPEAN BANKS.

The magician (government & media) has you looking at his right hand, while the trick is being performed by his left hand.

AIG - now 80% owned by the FEDERAL RESERVE - was just used to launder a massive transfer of wealth from the taxpayer to the politically connected Goldman Sachs and 2nd tier (- 2nd to the central banks -) banks in EUROPE!!!!!!!!!!

WAKE UP - your getting massively screwed and the million dollar bonuses are a DIVERSION.

“Truth to Power!”

Since: Apr 07

United States

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#17
Mar 17, 2009
 
OutVoice wrote:
Do it, the bouses are not deserved. That is the repubs will allow it with their obstructionist stance on everything. This bail out started in 2008, and continues now. So lots of cross responsibility not just Bush or Obama. Get real people. Stop the obstruction put your country before your party and check book.
Larry Summers (Obama admin)= This is a nation of Laws.

http://www.nytimes.com/2009/03/16/us/politics...

Mr. Obama’s aides said any surge of such a sentiment could complicate efforts to win Congressional approval for the additional bailout packages that Mr. Obama has signaled will be necessary to stabilize the banking system.

Even as Mr. Summers was denouncing A.I.G. for the bonuses, he suggested that there was little if anything the government could do to stop them, seconding the conclusion of Treasury Secretary Timothy F. Geithner.

But even if their reasoning was legally sound, they also risked having the administration look ineffectual in the face of what Mr. Summers said was the worst financial abuse of the last 18 months, since the economy began turning down in earnest.
jon

Fort Lee, NJ

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#18
Mar 17, 2009
 
geitner is looking more and more awkward.
what

Baltimore, MD

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#19
Mar 17, 2009
 
ReasonableGuy wrote:
WHY IS NO ONE IN JAIL??????????
maybe no one qualify as the prosecutor. he hehh hehhh!
mayo420

Baltimore, MD

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#20
Mar 17, 2009
 
You just can't precision tax 75 people out of 200 million. It didn't work with King George in the 1700's and it won't fly now. Now matter how well deserved such a penalty might be. Change the law.
Scarlett

Decatur, GA

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#21
Mar 17, 2009
 
mayo420 wrote:
You just can't precision tax 75 people out of 200 million. It didn't work with King George in the 1700's and it won't fly now. Now matter how well deserved such a penalty might be. Change the law.
Sure you can. Just as there are "targeted" tax cuts to encourage a certain outcome, like for education....there can be "targeted" taxation...to encourage a certain outcome. The government has always given with one hand and taken with the other. These bonuses were undeserved because a failing company apparently did not earn enough money to pay bonuses. I dare to bet there are car salesmen out here who are still waiting on a commission check for cars they sold before the dealership closed the door. Why should these AIG people be protected with taxpayer money, when many people who worked for smaller businesses that failed did not get the same benefit?
Seeking Truth

Dearborn, MI

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#23
Mar 17, 2009
 
That will teach the SOB's. They can't run forever...

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