Posts tagged as:

AIG

Is the White House Banking on a Financial Industry Tax?

12 January 2010

I can’t imagine that this looked all that good on paper… Apparently, in an effort to recover the TARP money from banks and other groups that the White House is anticipating won’t actually be paid back to taxpayers, they’re going to tax the banks, who will likely pass along the tax to taxpayers – to [...]

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House Approves “Bonus Tax”

19 March 2009

The House moved quickly to vote yes on a bill to tax big employee bonuses given by companies who have taken substantial amounts of TARP money. The bill would impose a 90% tax on bonuses to highly compensated employees of companies that received more than $5 billion (with a b) in TARP money from the [...]

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Legislation Introduced to Tax Bonuses at 90%

19 March 2009

The House Committee on Ways and Means has announced that Rep. Charles B. Rangel (D-NY) has introduced legislation to tax executive bonuses. The legislation, if passed, would affect bonuses received after January 1, 2009. You can read the text of the bill here as a pdf. The legislation, which has been introduced as H.R. 1586 [...]

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Liddy’s Terrible, Horrible, No Good, Very Bad Day

18 March 2009

When Ed Liddy took the reins of troubled insurance giant AIG, he probably thought it would be tough. I’m guessing he had no idea how tough. Today, Liddy will face the House Financial Services subcommittee on capital markets in DC, and chances are, he’s in for a flogging. It’s now been made clear that AIG [...]

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What About Taxing Those Darn AIG Bonuses?

17 March 2009

In response to the growing ire over the $165 million in bonuses paid out to AIG, Sen. Christopher Dodd (D-CT) has suggested that taxing the compensation might be the answer. The idea is that it would help the government recover some of the money paid out to the executives. AIG has received $173 billion in [...]

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AIG Sues IRS for Enormous Refund

15 November 2008

AIG has revealed that they are suing the IRS for $329 million, claiming a refund for back taxes and penalties. Hmm, I wonder if they’ll return some of that bailout money if they win? Oh wait. They won’t win. That’s because the IRS has already labeled the transactions “abusive” and penalized the company for taking [...]

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Who Is the “Government” Anyway?

19 September 2008

In light of the recent government bailouts of several high profile companies, some pundits are rushing to attempt to correct the idea that taxpayers are paying the tab. Some analysts are trying to push the idea that the billion dollars’ worth of bailouts are merely structured as loans or investments by “the government” and thus [...]

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Obama and McCain Speak Out on AIG

17 September 2008

You already know what I think. McCain says: We should never again allow the United States to be in this position. We need strong and effective regulation, a return to job-creating growth and a restoration of ethics and the social contract between businesses and America. Obama says: This crisis serves as a stark reminder of [...]

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Federal Government Plays Superman, Puffs Out Chest and Swears to Save the Country

17 September 2008

Imagine this scenario: I am a voracious spender, some would say reckless. I rack up tons of debt buying Jimmy Choo shoes (a good investment, I’d say), new furnishings for my house and iTunes. When I reach my limit, I panic. My friends panic. My family panics. But all is well when I get a [...]

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