Today I learn of yet another instance where compensation restrictions that could have prevented the AIG bonus blowout were ignored!Senator Ron Wyden said on Tuesday that the furor surrounding AIG's bonus payments could have been avoided had the Obama White House and members of Congress simply backed legislation that he and Sen. Olympia Snowe introduced more than a month ago.In an interview with the Huffington Post, the Oregon Democrat noted that during the crafting of the stimulus package, he and his Republican colleague from Maine introduced a provision that would have forced bailout recipients to cap their bonuses at $100,000. Any amount paid above that would have been taxed at 35 percent. The language made it through the Senate, but during conference committee with the House, it was inexplicably removed.
"The reality is, had that legislation been passed it would have been a very strong disincentive to anybody paying out bonuses in the future," said Wyden.
AH it's too tempting, I know I'd say I wouldn't write, but please understand my frustration too!!You might say, yes a missed opportunity, but I say there's knowone to blame but themselves, all of them, everybody that was for bailouts. If people would just admit what some on the right are saying, ahh 165M just chicken feed to the 100s of billions in the stimulus and porkulus budget. I see BO had to come out and boost certain lending and other perks to small businesses because of critics. I'm not saying he shouldn't micromanage to an extent, but it's showing his lack of foresight on policies that work to get out of recesions, and supporting agenda's or economic models that his administration had drawn-up last year. I think this country is center to center right leaning, and all these far left appeasing issues will hurt him in the long run. Just like Bush handed us Obama, Obama will hand back the House and or Senate. It's a cycle that everybody gets caught in the crossfire.
ReplyDeleteAfter leaving the blog I seen that the House is going to pass a bill(I hope not), that will tax @90% any INDIVIDUAL recieving bonuses that make over 250k, in companies receiving 5B or more in bailout money. This is on the verge of insanity. Constitutionality issues arise now. I think everyone needs to take a chill pill. I dont make 250K or more but if someone made a deal it gets honored unless bankruptcy is involved.
ReplyDeleteHow come nobody is addressing the "too big to fail" situation. My feeling is that if an institution has such power over the economy that deems it too big to fail, then it it too big to exist in the first place! There were protections put in place long ago that were meant to keep companies from becoming too powerful and having too much influence over the markets, but those protections were torn down over the last decade to satisfy Wall Street!
ReplyDeleteThis isn't a matter of government getting in the way of business, this is a matter of national security!
This is scary. Congress makes a law to retroactively tax bonuses they(Dodd and White House)knew was going to happen. Leave emotions out of it and look at the big picture. I say tax union workers more, they recked the Auto Industry. Tax Congressmen more, because they couldn't get a job outside of Washington. I can find a dozen reasons to target groups of people that take my tax dollars and spend unwisely.
ReplyDeleteSince last writing allot has happened. The President wants no nukes in defense. Talk of one world currency. Wants a State dept head lawyer that believes in International law over U.S. Constitution. Korea launches a planned missile test, that Obama promised Severe consequences if it happened, then whines to the UN. Chatter of gun-control already, that didn't take long. Fannie Mae and Freddie Mac employees are getting their BONUSES. Hummm. Where is ACORN with the bus trips to CEO houses. Thats right Rahm Emanual had a job there once a while and made 300K. What a slush fund money pit. Lastely Stimulus money to help Microsoft(I think Gates can afford it) build a Bridge. Hipocracy doesn't matter as long as it's done in the open(transparency). Man I'm tired of that T word.
ReplyDeletecongrats!!
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