When the word came out that AIG executives were getting bonuses, public outcry reached a crescendo. Rightly or wrongly, the fact was that these people had received compensation as detailed in the various employment contracts signed by them and their employer. I don’t think that those who actually ran the operation should get those bonuses, but the middle-tier folks should not be sucked in because of following corporate direction.
Add to that the group of folks working outside of the Dirivatives department, people whose departments actually MADE money for AIG and it becomes apparent that there was much more to the story than just the old ‘evil big business’.
Of course, our elected oaf-icials (again) began crying foul. Just like during this past election, they promoted the class warfare issue and decried that the AIG employees MUST give back the bonus money or they would get taxed so heavily as to recoup the entire fund. I was glad to see that our congress was looking out for the little guy. Heck, even House Republicans, 85 of them, joined the band wagon to extort private citizens of their money. It does not matter, to me, about that pesky founding document (Consti-something or other) that provides the basis for all binding contracts. This was a crisis that had to be immediately dealt with.
Luckily, our hallowed halls were righted with the passing of a 90% tax on those criminals. We The People were on our way to getting our $200 million back. Necessary, though, was to let go of the $65 billion paid to foreign banks, as there was no one really to focus our anger on about that. Not important. Since those evil employees live here in the US, we can bus ourselves to their houses and give them what for!
It also does not matter that this precedent would allow congress to, later on, target any other private citizen with a tax. If that person did a bad thing (like make money for The Man) they deserve to get the shaft. Congress has been shafting the rest of the country for ages; why would they be any different?
I am perturbed, though. It seems that some in the Senate have blocked this legislation. It seems they have actually (idiots) looked at the illegality of this bill that creates a law to tax a specific group of 70 people. Who do they think they are? They trample the Constitution repeatedly and NOW they grow a conscience? What, have they been listening to the PEOPLE? Did they hear the VOICES raised up in anger over the punishing(however well-intentioned) of private citizens?
Hell hath frozen over. Dress warm.
The revolution is at hand. Will you be a leader or a follower?