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Stopping Future Bonuses

March 30, 2009 - by Donny Shaw

While the 90-percent bailout bonus tax bill has basically stalled out in the Senate, there's a new bill coming to the floor of the House this week that is designed to block future bonuses - like the $1 billion in AIG bonuses scheduled for later this year - from being paid out. House Progressive Caucus member Rep. Alan Grayson [D, FL-8] is teaming up with New Democrats member Rep. James Himes [D, CT-4] on a bill, the Pay for Performance Act, to freeze executive bonuses at companies receiving bailout money until they are in a position to start repaying the government.

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House Approves 90% Bailout Bonus Tax

March 19, 2009 - by Donny Shaw

As you have probably heard, the House this afternoon passed a bill (H.R. 1586) to impose a 90 percent tax on bonuses to employees at financial institutions that has received bailout money. The bill would levy the tax on any bonuses from bailed out firms paid out in 2009 to individuals with incomes over $250,000.

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AIG Bonuses and Tracking Changes in the Stimulus

March 17, 2009 - by Donny Shaw

By comparing the Senate version of the bill to the final conference version of the bill that was signed into law, Jane Hamsher shows that a provision to block bonuses retroactively on TARP contracts, inserted by Dodd in the Senate bill, was actually taken out by the conference committee.

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Tax AIG bonuses at 100%

March 17, 2009 - by Donny Shaw

As David Waldman at CongressMatters points out, the scandal over executive bonuses at A.I.G. has set off a race to the hopper. The legislative solutions that's picking up the most steam is Rep. Carolyn Maloney's [D, NY-14] plan to levy a 100 percent tax on bonuses to AIG execs that are not related to a commission. The bill's not up on OpenCongress yet- we'll update when it is. Here's the text of a letter she sent around yesterday to members of the House: Dear Colleague: Like many of...

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It's none other than AIG Chairman and Chief Executive Officer, Edward M. Liddy. I'm not sure exactly how long this has been planned, but, for Liddy, this is awful timing given the recent news that his company, which has taken $170 billion in taxpayer bailout money, is paying out $165 million in bonuses to their executives

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