The anger over AIG bonuses is misdirected. We should be angry that employees of companies receiving federal bail out money are being paid bonuses. Our anger should be directed at the elected officials that wrote, supported and voted for the bill!
The authors of the bailout plan should have set limits on, or called for the elimination of employee bonuses as a condition of receiving federal bail out funds. AIG could then have renegotiated the contracts which guaranteed the bonuses with its employees.
The administration was aware of these bonuses and chose to rush through an inadequate policy rather than address and correct the problem.
I believe that this administration is now feigning outrage and indignation over the issue of bonuses to increase our own anger. The Obama administration is using our anger to rush this bill through as the will of the people when they are actually acting in order to further their own agenda. The bill proposing a 90% tax on the bonuses is the first step toward government control of corporate pay structure including salary caps and pay limitations. This bill is reactionary and fundamentally wrong.
I believe that the government should be working with AIG and other companies to have any bonus money returned as these employees should not profit from tax payer money. I would support a bill that sets limits on bonuses to employees of companies receiving future bail out type funding from the federal government. I do not support government regulation or control of private industry pay and compensation. That said, I also believe that companies and employees of companies receiving our tax dollars should concentrate on stabilizing their business and our economic system and not on their individual profit.
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