FAIR USE NOTICE

FAIR USE NOTICE

A BEAR MARKET ECONOMICS BLOG

DEDICATED TO OCCUPY AND THE ECONOMIC REVOLUTION

OCCUPY THE MARKETPLACE

FOLLOW ME ON FACEBOOK

This site may contain copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in an effort to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. we believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law.

In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml

If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission from the copyright owner.

FAIR USE NOTICE FAIR USE NOTICE: This page may contain copyrighted material the use of which has not been specifically authorized by the copyright owner. This website distributes this material without profit to those who have expressed a prior interest in receiving the included information for scientific, research and educational purposes. We believe this constitutes a fair use of any such copyrighted material as provided for in 17 U.S.C § 107.

Read more at: http://www.etupdates.com/fair-use-notice/#.UpzWQRL3l5M | ET. Updates
FAIR USE NOTICE FAIR USE NOTICE: This page may contain copyrighted material the use of which has not been specifically authorized by the copyright owner. This website distributes this material without profit to those who have expressed a prior interest in receiving the included information for scientific, research and educational purposes. We believe this constitutes a fair use of any such copyrighted material as provided for in 17 U.S.C § 107.

Read more at: http://www.etupdates.com/fair-use-notice/#.UpzWQRL3l5M | ET. Updates

All Blogs licensed under Creative Commons Attribution 3.0

Creative Commons License
This work is licensed under a Creative Commons Attribution 3.0 Unported License

Wednesday, February 3, 2010

AIG Bonuses: Back at the Public Trough

FOR IMMEDIATE RELEASE
February 3, 2010
1:39 PM

CONTACT: Public Citizen
Phone: 202-588-1000

AIG Bonuses: Back at the Trough

Statement of Robert Weissman, President, Public Citizen

WASHINGTON - February 3 - They're back at the trough. The folks at AIG don't get it. Do they expect to be congratulated for taking $100 million in bonus payments instead of $110 million or $120 million? Payment of the bonuses is justified as contractually required but the government-owned AIG can honor such contractual terms only because the firm was rescued with $180 billion in taxpayer supports.

This latest outrage comes on top of reports that emerged in recent months that AIG employees en masse reneged on promises made last year to return bonus payments.

The refrain that bonus payments must be made to retain "talent" doesn't even qualify as a cruel joke. This is the so-called talent that presided over the collapse of AIG and cost taxpayers countless billions.

Congress is not helpless on this issue, and has no excuse for failing to take action. When the AIG bonus scandal broke, there was serious talk of imposing a 90 percent tax on the bonus payments. Once fooled, it is time for Congress to return to this remedy.

AIG, of course, is only the most egregious example of bonus abuse. It is time for Congress to adopt an across-the-board windfall bonus tax on Wall Street and the financial sector. The place to start is by taking up the Responsible Banking Act, introduced by Rep. Dennis Kucinich (D-Ohio).

###
Public Citizen is a national, nonprofit consumer advocacy organization founded in 1971 to represent consumer interests in Congress, the executive branch and the courts.
Public Citizen Links:
Posted by at

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)