Isn’t It Ironic….dont ya think

SO MUCH FOR THE PHONEY BALONEY PLASTIC BANANA PSEUDO OUTRAGE ON THE PART OF THE MAJORITY OF POLITICIANS IN WASHINGTON ONCE AGAIN THE RAT BASTARDS BLEW IT!

Senate quietly stripped measure restricting bonuses from bailout legislation

 

"A new revelation in the scandal surrounding AIG’s decision to pay multi-million dollar bonuses to executives — a provision that would have restricted companies receiving federal government bailout aid from paying bonuses was quietly stripped from a bill last month.

The measure, introduced by Sen. Ron Wyden (D-OR), was removed by negotiators in a late-night, close door meeting. In the negotiations, senators agreed to limit executive compensation but decided to forgo barring excessive bonuses — in fact, they specifically exempted it.

Senator Ron Wyden said on Tuesday that the furor surrounding AIG’s bonus payments could have been avoided had the Obama White House and members of Congress simply backed legislation that he and Sen. Olympia Snowe introduced more than a month ago.

http://rawstory.com/news/2008/Senate_quietly_stripped_measure_restricting_bonuses_0318.html

In an interview with the Huffington Post, the Oregon Democrat noted that during the crafting of the stimulus package, he and his Republican colleague from Maine introduced a provision that would have forced bailout recipients to cap their bonuses at $100,000. Any amount paid above that would have been taxed at 35 percent. The language made it through the Senate, but during conference committee with the House, it was inexplicably removed.

"The reality is, had that legislation been passed it would have been a very strong disincentive to anybody paying out bonuses in the future," said Wyden. "Earlier, the President had denounced those bonuses that came at the end of the year. And when Senator Snowe and I said it is not enough for those in elected office to say it was wrong, that they have got to have a plan to have them pay it back, we were able to get legislation through the United States Senate. Not a single United States Senator was willing in broad daylight to stand up and oppose our bipartisan amendment… but it died in conference."
 

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2 Responses to Isn’t It Ironic….dont ya think

  1. thothamon says:

    was it imperative that you quote a washed up pop star’s single big hit in your opening line? Oh, before the wails of protest begin, perchaps she had more than one hit…but her fade back into obscurity didn’t happen soon enough for me.

  2. Vertigo says:

    They should have outlawed contractual bonus’s. All they are is a corporate loophole so they can pay a (rhetorical low ball) $1 wage to a multi million dollar employee.

    They should legislate all bonus’s be based directly on the bottom line of the end of year inclome of the company. If the bottom line is in the black, then they get their bonus based upon the bottom line, if its in the red, they should be happy with their $1 paycheck.

    Recieving multi million dollar bonus’s from a company in the red is wrong, and I suspect much of the business’s would go into the black if those bonus’s were not distributed.

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