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March 17, 2009

I Was For Bonuses Before I Was Against Them

...or, at least until folks found out about it

Senator Chris Dodd (D-Conn.) on Monday night floated the idea of taxing American International Group (AIG: 0.9629, 0.1828, 23.43%) 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.

Oh, and did I mention

Also, Sen. Dodd was AIG’s largest single recipient of campaign donations during the 2008 election cycle with $103,100, according to opensecrets.org.

You can't make this stuff up.

But they can make you pay for it.

Posted by Mr. Bingley at March 17, 2009 12:17 PM

Comments

Wouldn't that be a Bill of Attainder?

Posted by: N. O'Brain at March 17, 2009 01:08 PM

Oh, there you go mentioning that stuffy old Constitution again! What's that got to do with Hope! and Change! ?

Posted by: Mr. Bingley at March 17, 2009 01:11 PM

Ah, the concept of "do over" reigns supreme! Must be spring and baseball time.

Posted by: tree hugging sister at March 17, 2009 01:13 PM

GwnZAe

Posted by: Vxlatjxw at July 13, 2009 10:12 PM