This AIG bonus tax is f'ed up!
 

"The Senate plans to vote next week on steep levies on employee bonuses after the House overwhelmingly approved a 90 percent tax on bonuses at American International Group Inc. and other companies receiving bailout funds. "

I know people are pissed etc but you can't just attack one group of people with a tax. Sometimes a contract will have a bonus if the work is done on time and under budget. Then they deserve that bonus. So you can't go fuck them just because. If i worked all year for 100k with the written contract of recieving x more in a bonus to even it out at such a date why should we now go after that?

Real bonuses should not be paid period. Don't tax them just tell the ceo to tell the employees "NO". We are almost bankrupt and you are lucky to have a job so of course no bonuses will be paid. How hard is all of this?







http://www.bloomberg.com/apps/news?p...ec4&refer=home

totally agree!
I hate this AIG shit but this tax is actually worse. These idiots in congress are just pandering to the masses that have no clue. Most of the masses are below the poverty line or will never see a bonus in their life

unless they go to Albertsons market and get a bonus 2 for 1 on tyson chicken fingers

glad I am not alone in this. It just seems so against everything the feds should be doing.

Fucking democrat politicians and their taxes. This was probably part of their plan all along... Just wait till they amend this in a year or two in the middle of the night to include ALL bonuses.

the US went from fascism to fucking communism in a matter of months. Once the Government starts heavily messing with the economy don't expect anything good...

Except one thing, bonuses are things you get for doing a GOOD job. If they were doing a good job at AIG they wuldn't be getting bailout money now would they? They fact is if I loan you money I can dictate how you use it or choose not to loan you it al all. Tough shit for AIG.

The problem is the fucking idiots who run this country should have dealt with the bonus issue BEFORE giving the bailout cash. Now it has turned into a political hacks wet dream with the prospect of the government taxing bonuses at 90%. Just listening to that rat bastard Chuckie Schumer trying to be a tough guy and threaten big business makes me want to puke.

WHY THE FUCK DO WE KEEP ELECTING THESE SCUM BAGS, PEOPLE?????

sounds delicious

Why won't they let AIG fail and just collapse the economy.... hit the goddamn reset button already and jail for life the fuckheads who started or participated in it. We will sort this shit out later...

Yeah! Fuck the economy! I don't like making money because people can still afford to buy porn! Fuck the banks! I don't like people whipping out their credit cards, debit cards and checks to buy porn! Who needs electronic transactions anyway? Just do it with money orders through the mail like we used to!

I'm pissed about the guys getting the bonuses, but I don't think this is the way to go. You can jump from extreme to extreme just to try to fix something. They need to just suck it up and do things that help ensure that this kind of thing doesn't happen again.

its for people who receive a bonus over 100k, that means top management, the ones that are responsible.

That is even worse. The fed govt is making a tax to target a select few.

BTW it is possible for a division of AIG to have had a stellar year. I still think the ceo looks at them and says um...NO. But maybe the CEO wants to reward the few areas that are doing well. The shear number and size says that is not what he was doing.

These bonuses were not performance based bonuses. They were retention based bonuses and in fact were not really bonuses but contracted salaries. Because of something to do with taxes the company pays a smaller salary on the books and uses contracted retention "bonuses" to pay what the actual salaries are. This whole thing is simply the media and politicians posturing for the sheeple.

Damn!!!
Don't you guys get it??????
First it is for the "mean" people at AIG, then it will be for everyone who makes more than welfare.
HOW DO YOU THINK BARACK THE PROPHET WILL PAY FOR ALL HIS FUCKING UTOPIAN PROGRAMS????????

lol i guess you leaving out the REPUBLICANS who voted for them too. :1orglaugh

:2 cents:

Just trying to get the thread going Fletch... I don't have a horse in this race but you and I know this is a liberal democrats dream scenario. The Republicans in office right now are mostly spineless so they are going along with it because they know Americans are fucking pissed off.

More taxes is such an ass backwards way to deal with the situation. When you look at how these politicians leech off of the American people with their expense accounts, funds for 'business' vehicles (BMWs, Lexus etc) and more it is a joke. Only in Washington would a 90% tax seem like a reasonable solution.

This bailout is going to bring many entertaining days and nights once the meat of it starts getting implemented. All these idiots signed a bill they did not read and it is going to come back to burn them really badly in the end...

Obama will veto the bill if they send it to him... mark my words... it's unconstitutional and he knows it... btw... alot of Republicans voted for this tax bill.

http://www.guardian.co.uk/world/2009...eithner-resign

Precisely.

Those greedy bastards should be glad they're not getting the "bonuses" they really deserve.

http://www.executedtoday.com/images/...Pro_volley.jpg

If it gets to his desk, he will sign it.

It won't get there though.

The senate is going to wuss out on this and the thieving AIG bastards will get to keep our money :disgust

Dont blame the people who took our money blame the people who GAVE them our money. :2 cents:

Every single AIG employee would have been standing in the unemployment line had the government not put the company on life support.

Quit crying over their lost bonuses. They have a lot to be thankful for.

I have to agree. Hate the bonuses thing but using the tax system to get justice is just as bad.

:2 cents: We shouldn't have bailed their shit out in the first place - they're going to waste our money too.

that's insane... the administration PUT THE PROVISION FOR PAYING BONUSES IN THE BILL IN THE FIRST PLACE!!!!!


Are you really such a sucker for this "evil rich" propoganda crap???



.

Completely wrong. There are thousands of people working for AIG as brokers and salespeople that make over $100k and don't have a DAMN thing to say about company policy or overall direction.


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Evidently they held it up as a legal challenge and so the gov. said "ok, it's cheaper to let the bonuses go through than it would be to fight in court" so they left them in.

This is kind of a "gotcha" move now to let them have it, but tax the hell out of it.

Since when are bonuses gauranteed anyway with no means of measuring if it's DESERVED? Thats not a "bonus" really is it? It's more of a balloon payment or something. AIG apparently have been suckers for a long time.

I agree completely.

Im a democrat but this is distasteful to say the least.

These are retention bonuses that were in the employee's contract. The government knew about them when they gave AIG the bailout funds. It would have been quite easy to put the ultimatum out there to begin with. If you keep the retention bonus language in the employee contracts you will not receive the bailout funds. Then AIG takes it to the employees and its pretty cut and dried.

It's not the employee's fault that AIG was stupid enough to include bonus based incentives not dependent on the performance of the company.

You cant simply single out one segment of the population and tax the shit out of them for a short period, then go back to normal. What's next? A new administration comes in and decides they dont care for the adult industry so they institute a 90% tax on all earnings? Not likely but under the precedent they just set, its possible.

Everyone should go back to the basics...

Don't throw good money after bad
You cant polish a turd.

If I gave a bonus to my employee and now they want to quit, should I call my senator and have him go after them? This is so fucked up and most people are screaming lets do it.

AIG bonuses is just drama for sheeps.
they should some of them put them in jail for writting CDS contracts they didnt have money to pay off (not even 5% of them). that was a fucking fraud.

wait, they would have to admit that regulators let the fraud run before their eyes and that CDS contracts are often based on fraud (there is no money to cover the losses)

Would work for me just don't make special taxes to punish certain people.

If these guys at AIG don't get their bonuses they will quit and go to a company that didn't take bailout money. In fact every employee who has a contract to receive a bonus but works for a company that took bailout money will have to reevaluate his employment. The end result will be companies that received bailout money will lose all their talent and fail costing us billions of wasted bailout money. I'd rather waste millions on bonuses.

dude... honest people who sincerely want what's best for a country cant run for president. In the US the choice is between 2 candidates and no way in hell an honest candidate gets that far... so if you vote, you have to pick 1 out of only 2 people which is fucking rediculous... And if you don't vote, that wont help one bit either... because there will never be a day that nobody is voting, so you will always have someone out of the 2 become president. There is no other option. A dictatorship in disguise.

Hey the American people were outraged by these bonuses. I say they should of paid right from the get go and move on. Now the same people screaming have no clue on what they started. This tax is totally fucked up. We the people wanted the bonus money back so we will get it back but with dire consequences :2 cents:

yep lol The problem is the people defending them are listening and reading pundits (who are rich people). Its these motherfuckers that caused this problem not some guy in cleveland who cant pay his mortgage.

here is the summary of guys who are one of the best analytics, when it comes to the financial industry. he is saying the same as me, the CDS contracts from AIG were based on fraud:


"The key point is that neither the public, the Fed nor the Treasury seem to understand is that the CDS contracts written by AIG with these various non-insurers around the world were shams - with no correlation between "fees" paid and the risk assumed. These were not valid contracts as Fed Chairman Ben Bernanke, Treasury Secretary Geithner and Economic policy guru Larry Summers claim, but rather acts of criminal fraud meant to manipulate the capital positions and earnings of financial companies around the world. "

"The significance of this for the US bailout of AIG is profound. If our surmise is correct, the position of Feb Chairman Ben Bernanke and Treasury Secretary Tim Geithner that the AIG credit default contracts are "valid legal contracts" is ridiculous and reveals a level of ignorance by the Fed and Treasury about the true goings on inside AIG and the reinsurance industry that is truly staggering."

http://us1.institutionalriskanalytic...ry.asp?tag=351

Something I've learned these past few months.

You can't reason with someone who is holding a pitchfork, so don't even bother trying.

Actually it's almost everybody's fault Tony.

If the guy in Cleveland was paying his mortgage on time (I'm guessing you're using that metaphor for homeowners in general), none of the big financial houses who bet on mortgages would be in trouble.

It takes two to tango.

The contracts that they signed for those bonuses create liability for not paying. The bonuses have nothing to do with profits usually. they are longevity. Which I am sure you wont be seeing much of any more.

These are retention bonuses not performance bonuses, HUGE difference