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Is the bill to tax AIG bonuses just for show?
The U.S. House is expected to pass a bill today that would tax bonuses made by AIG employees at 90%.
But, most of the AIG bonuses and the biggest bonuses were paid at the London office to largely British citizens.
I am not a tax expert, but I doubt that the IRS will be able to recover those bonuses paid on foreign soil to foreign citizens.
I suspect that this is just more of the dog and pony show to make the impression that they are outraged and trying to stop the bonuses.
We now know that Obama and the Congress knew about the AIG bonuses for months. Senator Chris Dodd who took the most campaign contributions from AIG admitted taking the amendment in the stimulus bill out that would have stopped the bonuses. Dodd said that the U.S. Treasury and the Obama administration wanted the amendment removed because they were afraid that AIG employees would quit if they didn't get their bonuses. Now, Obama and the Treasury say that they want to get the bonuses back. LOL. If they didn't want the bonuses to happen, then they would have left the Snowe amendment in the stimulus bill.
Dodd, Obama and Geithner have not been honest about this and this matter could prove to be very damaging to them if (and that's a big if) the media runs with it. Thus far most of the media is deflecting blame away from Obama and Dodd and onto Geithner.