AIG

House Passes Bill Taxing AIG and Other Employee Bonuses – Kabuki Theater

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Michelle is RIGHT about referring to the passage of the House Bill today exacting 90 per cent taxes on AIG and other companies who enjoy government bailouts employee bonuses as Kabuki Theater.
Denouncing a “squandering of the people’s money,” lawmakers voted decisively Thursday to impose a 90 percent tax on millions of dollars in employee bonuses paid by troubled insurance giant AIG and other bailed-out companies.

In some cases the bonuses might be taxed 100 percent leaving the recipients with nothing.

The House vote was 328-93. Similar legislation has been introduced in the Senate and President Barack Obama quickly signaled general support for the concept.

“I look forward to receiving a final product that will serve as a strong signal to the executives who run these firms that such compensation will not be tolerated,” the president said in a statement.

“We want our money back now for the taxpayers,” said House Speaker Nancy Pelosi. “It isn’t that complicated.”

Rep. Charles Rangel, a New York Democrat, chairman of the tax-writing House Ways and Means Committee, said he expected local and state governments to take the remaining 10 percent of the bonuses, nullifying the pay-outs.

The bonuses are outrageous but it was President Obama who signed the economic stimulus bill that allowed them – whether he knew or understood they were in the bill. And, it was Timothy Geithner’s Treasury Department that asked Senator Chris Dodd to insert a provision in last month’s $787 billion economic- stimulus legislation that had the effect of authorizing American International Group Inc.’s bonuses.

But, the Kabuki Theater comes from Flap’s own Congressman, Elton Gallegly and the fact this TAX AS A WEAPON legislation is a BILL of ATTAINDER which is prohibited by the U.S. Constitution.

From Congressman Gallegly’s Press Release:

“As a person with a lifetime record of opposing tax increases, today I voted for a bill to tax bonuses awarded to executives who received federal bailout money. It was the least the House could do to reclaim hard-earned taxpayer money from Wall Street firms who insult American taxpayers by rewarding those responsible for our economic crisis.

“It’s not the bill I would have preferred. I wanted to vote for the Republican alternative that would have recouped 100 percent of the bonuses. It would have done so by denying future federal funds to any company who did not recoup bonuses paid out under previous bailouts. It also would have required Treasury Department approval before companies could give future bonuses. I believe the bill would have been more effective and would have passed constitutional muster.

“Unfortunately, my Democratic colleagues—who stripped language banning bonuses from the stimulus bill and therefore allowed these payments—did not give members an opportunity to vote on the better bill.

“Right now, this was the only bill available to prevent AIG and other companies who receive bailout money to know of my outrage at giving outlandish bonuses to executives who failed the American people. These companies must get the message that the American people will no longer tolerate this behavior. Therefore, I voted for this bill.

“I look forward to working with my Democratic colleagues to pass meaningful legislation that will fix this loophole.”

The AIG bonus bill is a JOKE. The Democrats are blaming Bush and everyone knows the REAL culprits are Timothy Geithner, Chris Dodd and Barack Obama.

The Democrats are running for cover and Flap’s Representative should have voted NO today and for any additional federal government bailouts PERIOD.


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Will Obama, McCain and Dodd Return Political contributions form AIG Employees?

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Oh those dirty AIG employees are up to no good again.

Really?

AIG employees kept doling out donations to politicians, including presidential candidate Barack Obama, after getting bailed out with federal funds last year, raising the question of whether those politicians will now return the money.

AIG executives gave more than $630,000 during the 2008 political cycle even as the company was falling apart

According to the Center for Responsive Politics, which tracks campaign finance reports, more than $120,000 of that money was donated after AIG received its first $85 billion in federal bailout funds in September. The company has since received a total of $170 billion in taxpayer cash to prevent its collapse.

Their generosity included more than $23,000 to Obama’s campaign.

Both Obama and Republican presidential candidate John McCain raked in much larger sums from AIG earlier in the year. Obama collected a total of $130,000 from AIG in 2008, while McCain accepted a total of $59,499.

Exit answer: Don’t count on a refund.

But, look for this to be a campaign issue to be used against Senator Dodd in his 2010 race for re-election to the Senate.


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GOP’s Rob Simmons IN – Is Chris Dodd OUT?

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Former Rep. Rob Simmons (R) is challenging Sen. Chris Dodd (D)

Senator Chris Dodd will be in a tough race for re-election.

Former Rep. Rob Simmons will challenge embattled Sen. Chris Dodd next November, a recruiting success for national Republicans who believe that the Connecticut Democrat has badly imperiled his chances at reelection over the last several years.

“The family had a long meeting today and was unanimous that I run,” Simmons e-mailed the Associated Press on Sunday. “So, I’m running.” Simmons added that a recent Quinnipiac University poll showing him in a dead heat with Dodd had helped close the deal for him.

Republicans were quick to tout Simmons’s candidacy as evidence that the party was on its way back after a series of devastating losses in 2006 and 2008.

“Connecticut represents a tremendous opportunity for Republicans in 2010, particularly when you have an experienced and respected candidate like Rob Simmons already polling ahead of a 30 year incumbent,” said National Republican Senatorial Committee communications director Brian Walsh.

Well, perhaps.

The polls are now favorable but the Democrats will Bush blast Simmons. On the other hand, have Dodd’s political opportunism and favorable personal loans with Countrywide mortage already sunk him?


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Poll Watch: Democrat Senator Chris Dodd in Trouble for 2010 Re-election Race

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Senate Banking Committee Chairman Sen. Chris Dodd, D-Conn., left, asks a question of Treasury Secretary Tim Geithner, not pictured, as the committee’s ranking Republican Sen. Richard Shelby, R-Ala., right, listens during the committee’s hearing on Capitol Hill in Washington, Tuesday, Feb. 10, 2009

Yes, he is.

Democratic Sen. Chris Dodd continues to struggle in the eyes of Connecticut voters with a new poll showing the five-term incumbent in a statistical dead heat with his likely Republican challenger.

The survey, conducted by Quinnipiac University, shows former Rep. Rob Simmons (R) taking 43 percent of the vote to Dodd’s 42 percent in a hypothetical 2010 matchup — a danger zone for any incumbent, particularly a Democrat in a state as blue as Connecticut.

Inside the numbers, the prognosis isn’t much better. Simmons is winning the support of 15 percent of self-identified Democrats in the poll and independents are siding with the former Republican House member by a whopping 49 percent to 32 percent.

Dodd’s personal favorability ratings are also languishing with 46 percent expressing a favorable opinion about him and 45 percent feeling unfavorably. Compare those middling numbers to Dodd’s showing in Q polls from May 2007 (45 percent fav/31 percent unfav) and February 2007 (49 percent fav/30 percent unfav) and you see just how badly he has been hurt by his ties to the troubled mortgage lender Countrywide and his quixotic presidential bid.

The re-emergence of the national Republican Party may come in unanticipated places, like solidly blue states such as Connecticutt and perhaps New York.

But, corruption has sunk Chris Dodd and the GOP needs to exploit this pick up opportunity.


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