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House Passes Bill Taxing Wall Street Bonuses

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posted on Mar, 19 2009 @ 08:27 PM
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reply to post by kosmicjack
 


Star for you friend you beat me to it. They all KNOW this isnt going to pass constitutionally so they all jumped on board to make it look like they are doing something of value for the people. This my friends is one big dog and pony show. I hope yall enjoyed the cheap disgusting show compliments of the two party crime family.....




posted on Mar, 20 2009 @ 02:53 AM
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A Republican during the debate stated that it was unconstitutional and a Democrat stated 'If you think its unconstitutional then sue'.

The Republicans wants to go after the individuals responsible for taking the language out that stopped AIG from getting bonuses.

The Democrats wants 90% of the bonuses to be returned by trying to passing two pieces of bills that are unconstitutional.

Hmmmmm......Perhaps the majority of the Democrats Didn't know about the bill being changed, since none of them didn't read it.

OR

The Republicans sabotaged the bill, knowing good and well the Democrats will get blamed, saying none of the Republicans voted for it or where allowed in the conference.

Does this make sense..........

As time goes on we will see what really happened.....

Who would stand to see or gain from the house and senate to be in disarray. POTUS?. FEDS?.



posted on Mar, 20 2009 @ 03:24 AM
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This is a move of desperate people. It is one of the examples of folks being overtly political to create sound bites for themselves and is one of the things most despicable about politicians.

I'm not sure about the legality and will trust those on the thread for their considered opinion in that regard. As someone who has spent their entire working career in the asset management business, it in some ways is immaterial as to the legality of it, however. The damage has been done.

With the government doing this, even attempting to, will do a bunch of things.

1. cause more companies to list on non-US exchanges. London is already the listing capital of the world, thanks in no small part to Sarbanes/Oxley. Even more firms will list out of the US. In a knowledge capital economy, the long term consequences of that are not good.

2. The smartest and best folks in the industry will simply move to non-US firms and receive payment in non-cash compensation that is housed of-shore. The government may be able to get your off-shore cash, even if it is in a private bank. They will not be able to get the value of stock options that, upon grant have $0 value and can be housed in a non-US based trust. Upon exercise, the real money comes to these folks and Uncle Sam has no way to get their hands on that.

3. The smartest and best folks in the industry will simply move to small and private firms where they don't have to put up with this BS. This is a trend that is already well underway and it will pick up steam in a big way.

4. Private equity firms and hedge funds will refuse to do business with other firms who are subject to this government oversight. It will rightly be viewed as the same thing as a university who receives government research money and therefore has to conform to any number of government rules, etc.

One other thing to consider is the fact that this is a massive violation of privacy for folks. In a public firm, only the top 5 highest paid folks have their compensation published in corporate documents by current law. Moving the level of compensation transparency down to as low as $250, which is mid-management in the asset management business violates privacy in a big way. Why should my neighbor, brother-in-law or some dude who's kid plays on the same football team as my kid know what I make? It is outrageous.

Legal or not, it does not matter.

Watching the AIG chairman get grilled the other day was sickening. What these boneheads don't understand is that when you have $trillion of complex instruments in a portfolio and you are trying to wind that portfolio down, you don't fool with the folks winding it down. They will get together and just walk out all in the day. Those guys don't need to work another day in their life and you can only push them so far. I've worked in firms where it has happened - whole departments jump to another firm and just don't come in, leaving the firm with $billions of positions exposed to the market. Folks may not like the fact that these folks get paid this much money and that they can tell their firm's and the US government to stick it, but that is the way it is.



posted on Mar, 20 2009 @ 09:30 AM
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you wanna know how to prevent this? DONT BAIL OUT COMPANIES IN THE FIRST PLACE.


BTW using taxes as a weapon sets a very dangerous precedent



posted on Mar, 20 2009 @ 09:37 AM
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reply to post by tiso_us
 


Its unlikely that there's anything more behind it than willful ignorance of the Constitution. This was basically a case of bipartisan stupidity; virtually all of the Democrats voted for it, but so did about half of the House Republicans.




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