It's all smoke and mirrors and none of it seems to be real. The AIG bonuses situation is the logical outcome to the question "What happens when government gets involved in a publicly traded company" !! AIG had contracts to pay out the bonuses to these "payees".. AIG was contractually obligated to pay out the 165 million dollars. Yes it's morally disturbing that a "Bailout" company would use tax payer money to meet contractual obligations, but they did..
Congress approved the measure to bailout AIG. AIG paid out it' contractual obligations and now congress is OUTRAGED !!
The architect of the AIG bailout is Timothy Geithner , the same Tim Geithner that is now the Secretary of the Treasury under the Obama Administration.
Hmmm.. Something fishy is going on here.
What's really scary is not the 165 million in payout's , it's the knee jerk reaction from congress. These elected officials on the hill are now targeting AIG employees/former employees with a bill to impose a tax of 90% of the bonus money!!!
This 90% tax bill just passed a house vote (243-87)(Mar 19-2009)
"The bill would impose a 90 percent tax on bonuses given to employees with family incomes above $250,000 at American International Group and other companies that have received at least $5 billion in government bailout money."-- STEPHEN OHLEMACHER
The Associated Press - Washington Post
Congress originally approved these bonuses, now they are working to undo something they already approved.
It makes you wonder what other mistakes the congress has made in recent months in the name of an "Economic Bailout/Economic Recovery"..
Thoughts ??
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