The US Congress has written and is debating legislation, today 19 March 2009, to "claw back" the bonuses that AIG awarded to certain employees in the amount of $165 million. Cheap? No. 100% Free. Trade stocks for free on Zecco.com. The Free Trading Community. www.zecco.com
It turns out that Sen. Chris "Sweetheart Countrywide Mortgage" Dodd (D-CT) admitted to writing the legislation that allowed the bonuses in $787 billion stimulus package.
Dodd, D-Conn., told FOX News that Treasury officials forced him to make the change.
"As many know, the administration was, among others, not happy with the language. They wanted some modifications to it," he said. "They came to us, our staff, and asked for changes, and the changes at the time did not seem that obnoxious or onerous."In a brazen attempt to cover their political backsides, Congress has written legislation "...that would levy a 90 percent tax on bonuses paid to employees with family incomes above $250,000 at companies that have received at least $5 billion in government bailout money." Guess who wrote this gem, none other than tax cheat Charlie Rangel (D-NY). Become a Decision Maker. Search Director, VP, & Manager level Jobs.
The legislation is clearly unconstitutional, as it specifically targets AIG who lawfully paid bonuses, that were approved by Congress. Congress approved the bonuses as part of the last $30 billion in aid that AIG received. In short, it is a Bill of Attainder. According to techlawjournal.com a Bill of Attainder is:
A legislative act that singles out an individual or group for punishment without a trial.
The Constitution of the United States, Article I, Section 9, paragraph 3 provides that: "No Bill of Attainder or ex post facto Law will be passed."As I wrote in my previous post, "Bonus Indignation" Congress is trying to make political hay and create cover, by using AIG as a scapegoat. This is all a big distraction from the disastrous spending they have written and President Teleprompter has signed.
Americans are finally beginning to clue in to the enormity of the bailouts and fiscal irresponsibility of Congress and President Teleprompter. As America's future generations have been sold down the river of debt, and the current generations are getting ready to face hyper inflation, Congress fiddles with manufactured outrage over $165 million. Protect your Medical Identity with TrustedID. $1,000,000 Warranty & Great Customer Service
Too bad they don't have President Bush to kick around any more.