Don't Bother the Mob With Facts
they have pitchforks to sharpen
What is a “retention bonus,” anyway?
Payment of an agreed sum of money to an employee in exchange for his or her promise to remain an employee until a certain date.
IOW, it’s like hazard pay to be the guy who “shuts the lights off.” Or an extra pay ration to keep an employees attention focused on the current employer’s business after a lay-off notice [instead of focusing on finding a new job]. That’s what AIG employees were contractually promised and what the POTUS, the Senate and the House are now rabble-rousing about.
It is not a “performance bonus” based on making a company successful. Yet…
The $165 million in bonuses set to go to American International Group executives would be taxed at 100 percent under a new bill introduced Tuesday in the House.
Arbitrarily taxed 100% by the Federal Gubbmint.
Surely that could never happen to any one of the rest of US....
The sponsor of the new bill, Rep. Steve Israel (D-Huntington), said Tuesday that “if we can’t kill the bonuses, we’ll tax the bonuses.
“American families shouldn’t be forced to reward these professional financial failures with extravagant bonuses that could buy fancy cars and yachts,” Israel said in a statement. “AIG may not like it, but since they had to come to the federal government for help, the federal government now has a say in how they spend taxpayer money."
Or so they could have a cushion to maintain their lives until they find a new job. [Oh, and to hell with the “fancy car” dealers, the “fancy car” manufacturers *cough*GM*cough*, the “fancy car” parts manufacturers, maintenance workers, the “yacht” manufacturers, maintainers, fitters, sellers their employees, dry cleaners, landlords, grocers and all the rest.]
Because we all know this is what they really do when they get home [after “bankers hours"].
Mob action is the hardest thing in the world to stop. Have we reached Critical Mass yet?
"I have a right to nothing which another has a right to take away.”
-- Thomas Jefferson
“Rep Steve Israel (D)... if we can’t kill the bonuses, let’s tax them”
Reminded me of Reagan’s quip about government:
“If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.”
Clearly the banks have a hard sell ‘splainin’ why they should get all that lettuce when their banks sucked big time, but if those are retention bonuses and not performance bonuses, Mr Israel and his band of merry men have no case.
“... fancy cars and yachts ...” Spoken like a true Marxist. Now let’s move on to other things and show the slides of the nice houses owned by Mr Gore and Mr Edwards and Mr Kennedy, and - oh, yes, here’s some photos of them taking off in taxpayer-supported private jets to that conference in the Bahamas, and then we’ll have a little talk about how great all that pork in the financial disaster recovery bill is for creating jobs and then we’ll close with the usual Prayer Against Global Warming.
(” ... from ghosts and goblins and things that go bump in the night and global warming, Good Lord deliver us")
Posted by ZZMike on 03/17/09 at 12:00 PMPS: “Mob action is the hardest thing in the world to stop”. I think you’ve hit the nail squarely on, calling Congress a mob.
Posted by ZZMike on 03/17/09 at 12:01 PMI would rather my tax $ go to an employee of a company than a gummint employee, other than a member of the armed forces, police or fireman. With the notable exception of the DEA and ATF.
Posted by on 03/17/09 at 03:38 PM
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