Legal Commentary

House Passes Bailout Bonus Tax

By Big Tent Democrat

NYTimes:

Spurred on by a tidal wave of public anger over bonuses paid to executives of the foundering American International Group, the House voted 328 to 93 on Thursday to get back most of the money by levying a 90 percent tax on it. . . . In one sign of the bonus issue’s political potency, 85 Republicans joined 243 Democrats in the House in voting for the measure, rather than for a rival proposal put forth by the Republican leadership. Only 6 Democrats voted against the bill, along with 87 Republicans.

The GOP House Leadership voted against:

. . . Republicans signaled that they would vote “no” and would line up instead behind a countermeasure that Representative John A. Boehner of Ohio, the minority leader, said would recover the taxpayers’ money much faster. . . Mr. Boehner was disdainful of Mr. Rangel’s proposal, calling it “a sham” and urging adoption of a bill to get back the bonus money at once . . .

There will be no more free bank bailouts. Geithner better be working on a Plan B - temporary takeovers.

Speaking for me only

Full post as published by TalkLeft on March 19, 2009 (boomark / email).