It appears that the political subterfuges in the AIG fiasco just keep pouring from the Halls of Congress and Capitol Hill now daily.
The most recent word is that Congress has overwhelming passed a bill which now will tax the bonuses recently handed over to the executives of AIG by the Executive Office’s lackey, Timothy Geithner, last Sunday. It appears maybe this is Mr. Obama’s answer to “pursuing every legal course available” in order to “get back” those bonuses. The tax measure was passed again in haste by Congress, and was reported to involve a 90% return to the U.S. Treasury of the sums afforded those executives, many of which received literally millions in claimed unpaid bonuses.
You do the math. 10% of 20 million dollars (the amount of bonuses paid, after all, were over 165 million) is still 2 million dollars. Add interest since those sums will not be due for another year at the U.S. rate of interest and you have a pretty sizeable bonus (not to mention most of those sums will go to the Caymans). In fact, I wonder if the amounts of those bonuses weren’t inflated to begin with in order to provide such a cushion to those executives for just such a maneuver.
Not to mention the fact that within the terms of that bailout, Congress actually disempowered themselves from any such actions against the Executive branch to whom they acceded all power and control over the distribution. This move now is a corporate tax attorney’s dream, and by the time it winds its way through the courts when those executives challenge such a move, their interest and profits will have quadrupled on those original illegally distributed bonuses.
And Mr. Obama is, after all, a lawyer – although appears to be so far no Constitutional lawyer, so as such well aware that these executives can use such loopholes to eventually avoid repayment fighting through the U.S. Tax Courts if U.S. citizens (then again, since AIG is a global concern and now even “corporate” foreigners have been given “rights” simply intended for the American citizens by the founders, even that little technicality I’m sure at this point would be overlooked).
The spins now are getting to the point where most Americans are not simply outraged anymore, they are nauseous.
By Betsy Ross