With the passing of the House Bill taxing AIG and other bonuses at 90%, have we returned to a McCarthyism mindset? One senator even received national television coverage for encouraging AIG bonus recipients to perform seppuku, the Japanese ritual of suicide. In more than one jurisdiction, encouraging suicide is illegal, but apparently not for senators. Disappointingly, but not surprising, CNBC gave play to his statement throughout the day. A great deal of the congressional noise stems perhaps from their fear that the citizens may discover congressional members received $1.7 billion from the very firms and industry that caused the financial meltdown, not to mention another $3.8 billion that went to lobbyists from these same firms. If not fear, is it because they settled for too little and are now angry at those who receive more?
If anyone is as disgusted as I with these mob leaders who take money then pretend anger against those who paid them, I would suggest voting against incumbents.
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The other side of the AIG bonus scenario is best described by the resignation letter of an AIG-FP bonus recipient. His letter was published in the New York Times. The full text can be read here. In spite of the oft repeated furor, the recipients were not those responsible for the credit default swaps that brought AIG down. Facts are easily ignored by mob leaders seeking to divert attention from themselves, even if those harmed are innocent.
In Britain, the Banque AIG Compliance Officer has asked the Serious Organised Crime Agency (SOCA)to investigate whether the pressure to repay bonuses amounts to extortion. http://www.cnbc.com/id/29890568
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