One Libertarian trying to make you think harder about the world.

Those who can, do. Those who can't do, teach. Those who can't teach, administrate. Those who can't administrate run for public office.

Tuesday, March 17, 2009

Let AIG Die Already (Part 3)

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Well, now that AIG handed out nice big bonuses to a bunch of people for doing a bad job, the people who gave them the bailout money in the first place are angry. If they never gave them the bailout we wouldn't be having this discussion of course. Now the government is going to overstep its boundaries even more in order to fix the mess they created between themselves and AIG.

Quote from CNN article:

"'My colleagues and I are sending a letter to [AIG CEO Edward] Liddy informing him that he can go right ahead and tell the employees that are scheduled to get bonuses that they should voluntarily return them,' Sen. Charles Schumer said on the Senate floor. 'Because if they don't, we plan to tax virtually all of [the money] ... so it is returned to its rightful owners, the taxpayers.'"

Oh really? You are going to return the money to the taxpayers? No, you are going to spend it "in our best interest", not give us the money.

I forgot to mention that Chris Dodd is the one who put the legislation into the stimulus bill that exempted the bonuses from taxation. Now he has to cover his butt because it went public. What idiots will keep voting for these corrupted fools?

Quote from Newsmax article:

"Dodd, chairman of the Senate Banking Committee, thundered on Monday: 'This is another outrageous example of executives — including those whose decisions were responsible for the problems that caused AIG’s collapse — enriching themselves at the expense of taxpayers.'"

We wouldn't have to worry about them enriching themselves with the taxpayers' money if the taxpayers' money wasn't being sent to them by people like you, Dodd!

So again I will say it: AIG should have gone under. Now that the government screwed everything up as usual, they want to tax over 90% of the money back from those specific people. That means that the government will now be writing a form of tax legislation that applies to people based on where they work as well as the money they made. That action opens up a bunch of other doors that involve selective taxing that we do not want to go into.

Don't think that I don't blame the AIG executives as well, but they would have gotten their punishment when the whole company went down and the government stepped in and stopped it. If there is anything the government should have done it would be to make sure the executives lose if the company goes bankrupt, not to step in and control everything. The only punishment Senators get is when people vote them out (and people vote for the same idiots); which doesn't do much since every single Senator makes well over $500,000 a year on their own anyways.

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