House Passes Outrageous 90% Bonus Tax Targeting AIG (AIG) Bonus Outrage
In response to the public outrage over the AIG (NYSE: AIG) bonuses, the Democratic-led House passed a bill that would slap a 90% tax on bonuses paid to employees with income levels above $250,000 at companies that received $5 billion or more in bailout funds.
The vote was overwhelmingly in favor of the measure, at 328-93.
House Speaker Nancy Pelosi said, "We want our money back and we want our money back now for the taxpayers."
Republicans called it a "constitutionally questionable" attempt to divert attention away from the Obama administration's missteps.
Other TARP companies that would be subject to this bill if it were to become law are: Bank of America (NYSE: BAC), Wells Fargo (NYSE: WFC), Goldman Sachs (NYSE: GS), Morgan Stanley (NYSE: MS), among others.
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