Thursday, March 19, 2009

AIG Bonuses

House overwhelmingly OKs 90-percent tax on AIG executive bonuses

The Detroit News — The House overwhelmingly approved Thursday a bill co-authored by U.S. Rep. Gary Peters of Michigan to slap punishing taxes on big employee bonuses from AIG and other firms bailed out by taxpayers.
The vote was 328-93.
Of Michigan's 15 House members, only Rep. Thad McCotter, R-Livonia, voted against the bill, which he called unconstitutional because it uses "the tax code as a penal code."
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Obama: AIG can't justify 'outrage' of exec bonuses

L.A. Times — President Barack Obama declared today that insurance giant American International Group is in financial straits because of "recklessness and greed" and said he intends to stop it from paying out millions in executive bonuses.
"It's hard to understand how derivative traders at AIG warranted any bonuses, much less $165 million in extra pay," Obama said at the outset of an appearance to announce help for small businesses hurt by the deep recession.
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Obama's AIG Panic

Wall Street Journal — The AIG Beltway bonfire continued yesterday with the spectacle of Ed Liddy, AIG's government-appointed CEO, enduring the wrath of Congress for embarrassing the Members with post-bailout bonuses. What we now have is a full-blown political panic ignited by no less than President Obama himself that is threatening to engulf his attempts to revive the financial system, and is undermining confidence in his leadership. This is no way to promote an economic recovery.
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