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Archive for March 19th, 2009

While President Barack Obama, continues his adoration tour in California the political storm continues in Washington over AIG bonuses and the debate is amping up with respect to the call by members of Congress for Secretary of the Treasury, Timothy Geithner to resign his post.

President Obama has stated that the embattled Treasury Secretary has his full confidence which in most every game would indicate that it is only a matter of time before Secretary Geithner exits from the national political scene. Geithner has been under fire since it was revealed shortly after he was nominated that he had failed to pay some federal income taxes that he eventually rectified.

With the abundance of populism evident in Congress, the tidal wave is forming for Geithner to step down. Obama has added fuel to the fire by feigning additional outrage over the AIG controversy even though it has been public record for several months that these bonuses were to be paid.

The House, in its latest populous legislative rant passed a bill today to tax the subject AIG bonuses and other firms that have received at least $5 Billion in federal support funds at a 90% rate on any bonus where income exceeds $250,000. This is a vengeful act by Congress and casts a bright light on Nancy Pelosi and her Democrat minions in the House. The Republicans that supported this vindictive legislation should be ashamed.

Whether or not one agrees with the compensation policies or not of AIG, the broader issue at hand is the government intruding upon the private sector to dictate compensation. These elected officials that are obsessed with the minutiae of AIG bonuses are guilty of  performing a great disservice to the American electorate. They are a simple, petty group of officials who represent the worst of our nation. Shame on Congress and shame on Barack Obama for their populist rants and continuing their class war.When so many are shamed they look for someone to channel it through. Good luck Mister Geithner.

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