Here Comes The Stocks And Bonds

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Thursday, March 19. 2009

Here Comes The Stocks And Bonds

From today's Marketwatch:

"Responding to the anger about bonuses paid to AIG traders, the House approved a bill Thursday that would impose a punitive 90% tax on bonuses paid by American International Group Inc and other financial companies that receive federal help. The vote was 328-93. The bill would apply to bonuses of people making more than $250,000 a year, and would apply only to payments from companies getting more than $5 billion from the federal government."

From James Madison:

"Bills of attainder, ex post facto laws, and laws impairing the obligations of contracts, are contrary to the first principles of the social compact, and to every principle of sound legislation. ... The sober people of America are weary of the fluctuating policy which has directed the public councils. They have seen with regret and indignation that sudden changes and legislative interferences, in cases affecting personal rights, become jobs in the hands of enterprising and influential speculators, and snares to the more-industrious and less-informed part of the community."

Sober people are in short supply nowadays, ain't they?

Posted by Roger de Hauteville at 15:38 | Comments (4) | Trackback (1)

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AIG - Congress And <i>Ex Post Facto</i> Law
I couldn't have said it better. From MarketWatch: "Responding to the anger about bonuses paid to AIG traders, the House approved a bill Thursday that would impose a punitive 90% tax on bonuses paid by American International Group Inc...

Weblog: Weekend Pundit
Tracked: Mar 19, 21:53

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Thursday, March 19. 2009

Here Comes The Stocks And Bonds