One Hand Gives, the Other Takes
The AIG bonus brouhaha has a positive side: it vividly demonstrates that the government should mind its own business, neither bailing out nor hyper-regulating private enterprise. Also, thanks to Chris Dodd, it’s providing some comic relief:
Senator Chris Dodd (D-Conn.) on Monday night floated the idea of taxing American International Group (AIG: 0.985, 0.2049, 26.27%) bonus recipients so the government could recoup the $450 million the company is paying to employees in its financial products unit. Within hours, the idea spread to both houses of Congress, with lawmakers proposing an AIG bonus tax.
While the Senate constructed the $787 billion stimulus last month, Dodd unexpectedly added an executive-compensation restriction to the bill. That amendment provides an “exception for contractually obligated bonuses agreed on before Feb. 11, 2009,” which exempts the very AIG bonuses Dodd and others are seeking to tax. The amendment is in the final version and is law.
Also, Sen. Dodd was AIG’s largest single recipient of campaign donations during the 2008 election cycle with $103,100, according to opensecrets.org.
If only Dodd would take RINO Senator Charles Grassley’s advice to AIG execs, who are encouraged to
come before the American people and take that deep bow and say, I’m sorry, and then either do one of two things: resign or go commit suicide.
Is there anyone left who thinks government bailouts are a good idea?
On tips from Wiggins and Viking04. Cross-posted at Moonbattery.