An amusing editorial in the Washington Times
You can see the entire piece here.
Washington is overwhelmed by anger over the AIG bonuses. How could government money be going to pay millions in bonuses to employees who were responsible for losses that resulted in AIG taking $173 billion in government bailouts? Of course, if we had our way, the government wouldn't have bailed out the company to begin with.
Politicians who supported the bailout have had their own solutions. Sens. Chris Dodd and Charles Schumer are threatening to get the bonus money back by taxing away every dollar that these former or current AIG employees get in bonuses. Yet, with deductions and other complications that won't get everything back.
Well, we have a simple solution to help make up the difference and help taxpayers get back some of the employees' supposed "ill-gotten" gains. . . .
Labels: Washingtontimes
posted by John Lott at 2:09 AM
3 Comments:
Well, if Congress has such power, what is stopping them from taxing the hell out of everyone and taking all of our money?
The subjective nature of these "interventions" is so pathetic and clearly outlines why government should NEVER be involved in the markets or bailing ANYONE out.
Perhaps if some of them read the concept of free markets, ala Milton Friedman, they would have a better handle on what's actually happening and how to manage it - by doing nothing! Oiy!
Well, going after AIG is a positive step, if we drag down the Politicians who've been taking their money and enabling the crash that resulted.
As if that's not bad enough, an article linked at the bottom of the page affirms that they're going after Guns in the Cockpit, snatching away funds to stop the Armed Pilots Training Program. And, even (if I read this right)muttering that they'll be disarming Pilots who already have a License next, and, Air Marshalls might also be in the crosshairs.
http://hotair.com/archives/2009/03/18/hey-guess-who-else-has-an-executive-retention-bonus-plan/
Take a look at Freddie Mac's retention bonus program.
Don't even start with me that Dodd, Frank and Schumer don't know about this, or could not have estimated the amount of AIG bonuses Dodd protected in the Porkulus bill, either.
They knew or should have long ago. That is the way such plans work, the numbers can be estimated well in advance of the payout. So the pols were incompetent to ask or are lying about what they knew and when.
For which reason, incomptence or dishonesty, should they be forced to resign?
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