There should be no argument from anyone that it's pretty disgusting to see AIG take taxpayer money from you and me, and uses it to reward failure by giving out more bonuses. These guys should never have gotten a dime from the government. This systemic failure is total nonsense; if a company fails let them fail. As a small business owner, I know that if I can't keep my doors open I'm not getting any free money.
HOWEVER - Don't start cheering when Chris Dodd and Nancy Pelosi start talking about taxing these bonuses at such a high rate rate that they get all the money back. Or Barnie Frank saying "We should start exercising our ownership rights." or that "We should take over the company."
The government was stupid enough to give these losers money - no strings attached. You can't change the rules after the fact. And by supporting the government into doing targeted taxing, you're walking down ANOTHER slippery slope. How long before they decide that other companies or industries should also be taxed extra, for whatever reason they see fit? What happens when they go after you?
Next time, let them fail. You can't expect a failed company to take money from the government and be successful. How many success stories are there of people who took welfare money and started a successful business with it?
Incidentally:
Chris Dodd and Barack Obama Top Recipients of AIG Contributions
Will they get taxed excessively on this too?
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