Go for it, House o’ Reps!

“WASHINGTON (Reuters) – Moving with unusual speed, the Democratic-controlled U.S. House of Representatives on Thursday passed legislation to recoup most of the $165 million in retention bonuses paid to American International Group Inc employees.

“Responding quickly to public outrage over the bonuses after the giant insurer received government bailouts of up to $180 billion, the House voted 328-93 to approve a 90 percent tax on bonuses for some executives at companies getting federal aid.

“The tax would apply to executives with incomes over $250,000 who worked for companies that got at least $5 billion in government aid. That could ensnare others getting federal help, such as mortgage financing company Fannie Mae.”
House votes to recoup bonuses from bailed-out firms, by Jeremy Pelofsky and Susan Cornwell, Reuters, March 19, 2009

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