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Thread: Banker fury over tax ‘witch-hunt’

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    Banker fury over tax ‘witch-hunt’

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    FT.com / Global Economy - Banker fury over tax ?witch-hunt?

    This is very much what I feared might happen, when I first read about the proposed punitive taxation of AIG workers, who received the Retention bonus after the US had injected so much cash into AIG, in an attempt to save it from crashing.
    However people feel about these guys receiving an apparent reward, especially after their own actions in causing the mess in the first place, a simple fact still remains, these are the only people who can work to undo the mess they created.

    If they decide to leave and take their knowledge of AIG with them to another financial institution that has not received US bail out money (and yes there are such Banks) their knowledge can be used against the interests of AIG, such that their new employers may gain profits in the Billions.
    Naturally they will also receive bonus for these profits, could Pelosi and her crowd then charge punitive taxation for those bonus's.
    I believe (I am not certain) it may be possible under this new Tax law, to limit the amount anyone gets by way of a bonus, retention or otherwise.
    I would have wished for Congress to have stepped back a pace and actually thought things through.
    But it seems that with such an outpouring of Public (potential voter) indignation, Congress decided on a knee jerk reaction.
    Which may well turn round and make this situation immeasurably worse.

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    Re: Banker fury over tax ‘witch-hunt’

    If what the House voted for actually becomes law and the Supreme Court does not rule it unconstitutional then maybe next we can Tax Jews for being Jewish...retroactively. I'm using Jew to make a point sink in.


    Not only did the house vote for something that is inherently unconstitutional but they also intentionally worded it to sidestep what they know they are violating.


    Article I, section 9, clause 3 -

    No bill of attainder or ex post facto Law shall be passed.
    The United States Constitution - The U.S. Constitution Online - USConstitution.net

    That is exactly what they passed.

    I'm definatly not one of those who runs around screaming constitutional violations and all that crap. This act by the House though violates the Constitution so badly its appalling.

    They are supposed to be the Representatives of the People while upholding the Constitution of the USA.


    Did they do this for the People..or to cover their own butts?
    IMO clearly the later.

    Did they uphold the Constitution?
    IMO clearly not.

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    Re: Banker fury over tax ‘witch-hunt’

    Quote Originally Posted by jujuman13 View Post
    Link
    FT.com / Global Economy - Banker fury over tax ?witch-hunt?

    This is very much what I feared might happen, when I first read about the proposed punitive taxation of AIG workers, who received the Retention bonus after the US had injected so much cash into AIG, in an attempt to save it from crashing.
    However people feel about these guys receiving an apparent reward, especially after their own actions in causing the mess in the first place, a simple fact still remains, these are the only people who can work to undo the mess they created.

    If they decide to leave and take their knowledge of AIG with them to another financial institution that has not received US bail out money (and yes there are such Banks) their knowledge can be used against the interests of AIG, such that their new employers may gain profits in the Billions.
    Naturally they will also receive bonus for these profits, could Pelosi and her crowd then charge punitive taxation for those bonus's.
    I believe (I am not certain) it may be possible under this new Tax law, to limit the amount anyone gets by way of a bonus, retention or otherwise.
    I would have wished for Congress to have stepped back a pace and actually thought things through.
    But it seems that with such an outpouring of Public (potential voter) indignation, Congress decided on a knee jerk reaction.
    Which may well turn round and make this situation immeasurably worse.
    Not only is it unconstitutional as Traid pointed out who the hell are any of those idiots to point a finger.

    Lets think about this before we go off saying who does and does not deserve a bonus.

    What if the majority of the people receiving the bonus' had nothing to do with the financial collapse?

    I mean if one of these individuals is a marketing executive, and he/she lead many successful marketing campaigns for the year.

    Is this person not "allowed" to receive a bonus?

    I hate this nonsensical populous pandering, it does nothing but serve the wealth envy in this country.
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    Re: Banker fury over tax ‘witch-hunt’

    Quote Originally Posted by Triad View Post
    If what the House voted for actually becomes law and the Supreme Court does not rule it unconstitutional then maybe next we can Tax Jews for being Jewish...retroactively. I'm using Jew to make a point sink in.


    Not only did the house vote for something that is inherently unconstitutional but they also intentionally worded it to sidestep what they know they are violating.


    Article I, section 9, clause 3 -



    The United States Constitution - The U.S. Constitution Online - USConstitution.net

    That is exactly what they passed.

    I'm definatly not one of those who runs around screaming constitutional violations and all that crap. This act by the House though violates the Constitution so badly its appalling.

    They are supposed to be the Representatives of the People while upholding the Constitution of the USA.


    Did they do this for the People..or to cover their own butts?
    IMO clearly the later.

    Did they uphold the Constitution?
    IMO clearly not.
    The Constitution does not mean much if anything to leftists.
    Especially this bunch.
    For them it's a trivial document.

    They don't like America.
    They don't understand freedom and its great good.

    How can they?

    That is what "fundamental" "Change" is about.

    But in the 1930s, during the Great Depression, the Statists successfully launched a counterrevolution that radically and fundamentally altered the nature of American society.

    President Franklin Roosevelt and an overwhelmingly Democratic Congress, through an array of federal projects, entitlements, taxes, and regulations known as the New Deal, breached the Constitution's firewalls.
    Last edited by zimmer; 03-21-09 at 06:01 AM.
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    Re: Banker fury over tax ‘witch-hunt’

    Quote Originally Posted by Harry Guerrilla View Post

    I mean if one of these individuals is a marketing executive, and he/she lead many successful marketing campaigns for the year.

    Is this person not "allowed" to receive a bonus?
    If they lead SUCCESSFUL marketing campaigns AIG wouldn't be in the mess it is in, no they don't deserve a bonus.

    The whole company deserved to just fail, not get bailed out for their mistakes.

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    Re: Banker fury over tax ‘witch-hunt’

    Quote Originally Posted by TheNextEra View Post
    If they lead SUCCESSFUL marketing campaigns AIG wouldn't be in the mess it is in, no they don't deserve a bonus.
    Yes and no.

    Lets just speculate that the majority of the marketing was for retail products and that those products sales were higher, then that would deserve a bonus.

    And to add, that a lot of what was done to cause the failure was out of the hands of most of the people who worked there.

    Quote Originally Posted by TheNextEra View Post
    The whole company deserved to just fail, not get bailed out for their mistakes.
    I completely agree with this. They should have never received a dime.

    Another thing to consider though is that they had to ask the New York state government if they could borrow money from one of their subsidiaries.
    It didn't happen though because they got their bailout.

    What the hell does the NY state government have to do with the functions of AIG. That is completely none of their business to meddle with the affairs of a private enterprise.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: Banker fury over tax ‘witch-hunt’

    Quote Originally Posted by Harry Guerrilla View Post
    What the hell does the NY state government have to do with the functions of AIG. That is completely none of their business to meddle with the affairs of a private enterprise.
    Don't you know that Cuomo has an upcoming election?
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    Re: Banker fury over tax ‘witch-hunt’

    Quote Originally Posted by RightinNYC View Post
    Don't you know that Cuomo has an upcoming election?
    Since I more or less hate the NYC mayor, I try to avoid all NY politics.

    Its the pander marathon 5000.
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    Re: Banker fury over tax ‘witch-hunt’

    Quote Originally Posted by zimmer View Post
    The Constitution does not mean much if anything to leftists.
    Especially this bunch.
    For them it's a trivial document.
    Yeah, does that apply to the Republicans that are supporting this inexcusable nonsense, too? Or the ones that supported the idiotic bailout plan which allowed for this situation to arise?

    Both parties showed a great deal of cooperation in their efforts to screw this pooch. It's the finest example of bipartisanship I've ever seen.

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    Re: Banker fury over tax ‘witch-hunt’

    Quote Originally Posted by Korimyr the Rat View Post
    Yeah, does that apply to the Republicans that are supporting this inexcusable nonsense, too? Or the ones that supported the idiotic bailout plan which allowed for this situation to arise?

    Both parties showed a great deal of cooperation in their efforts to screw this pooch. It's the finest example of bipartisanship I've ever seen.
    It is the best reason why bipartisan should not even exist in government.

    Not only that but it shows that during the next election cycle there should be no more incumbents in the senate or house.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
    —Adam Shepard

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