Tuesday, March 17, 2009

Congress looking at huge taxes on AIG

http://news.aol.com/article/congress-looking-at-huge-taxes-on-aig/386132 That is the link to the story posted earlier on the AP news wire.

AIG has become the proverbial tar baby of this economic fallout - huge bonuses, stock options, private jets and golden parachutes are commonplace, and the taxpaying public has decided - enough!

Congress is now looking to levy huge taxes on those at AIG who received the bonuses. Had I my druthers, I would like NY's AG Andrew Cuomo to "out" those rascals and publish their names in the Wall Street Journal or NY Times for all the world to see exactly where their wrath should be directed.

Please don't misunderstand - I am not against bonuses per se, certainly not those linked to performance, but in this case, not only did these executives pretty much run AIG into the ground, but the American public has bailed out AIG to a tune of significant proportions (more than $170 million) and I do not think that now is the time for any of the executives to dig deeper into the proverbial pot, particularly given the country's financial woes, and given that some of the workers are no longer still employed by the company.

I also particularly liked the following two quotes from prominent Democrats: "One way or another, we're going to try to figure out how to get these resources back," said Christopher Dodd, D-Conn., the panel's chairman.

Sen. Jon Tester, D-Mont., said AIG executives "need to understand that the only reason they even have a job is because of the taxpayers."

It is again, important to note that the taxpayers - yes, that's you, me and all the rest of the working public - out there - bailed out AIG before and we, the American public own about 80% of AIG.

I am with Harry Reid on this one - tax them to the hilt on those bonuses!

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