Posted by
bob's my uncle on Friday, March 20, 2009 1:46:19 PM
Every day new revelations are forthcoming that show the corruption, thievery, and downright ineptitude of our elected representatives. Yesterday, the House of Representatives voted to tax all AIG executive bonuses at 90% in order to recover these monies for "the taxpayer". I cannot wait to be "enriched" by this piece of legislation. I just know that, as a taxpayer, as soon as they are able to yank that bonus money away from those execs, they are going to cut me a bonus check for $1 million. Yeah, right! Why has our Government handed out $180 Billions to AIG only to choke on $165 million? It's an issue they can use.
Now don't get me wrong. AIG is fully culpable in the Sub-prime mortgage debacle. They don't deserve bonuses for their bad judgment. Their failure is a direct result of massive investment in the Credit Default Swap business. AIG was stupid. Your government guaranteed those risky loans through Fannie Mae and Freddie Mac, thus creating this market. What I am saying is that Congress, your government created the circumstances under which AIG and other banking and insurance entities have failed. They made stupid investments based on unreal guarantees from your Federal Government.
So, it is interesting to me that the Stimulus Bill contained language protecting those AIG bonuses now in question. Now, how did that get in there?! Some Congressional Aid must have tripped and accidentally inserted that language during the conference committee meeting. Oh crap! Get the name of that aid! We need to investigate! Probably a Republican! They should be fired, and their taxes audited!
But, wait! The name of Senator Christopher Dodd (D-CT) keeps coming up in conjunction with that bonus protection clause. Hmm. I also seem to remember something about Chris Dodd having received in excess of $100,000 in campaign donations directly from AIG. Hmm. Isn't he the top recipient of AIG money in Congress. Why, yes, I believe he is!
On Tuesday, Dodd denied having anything to do with the bonus protection language. On Wednesday, he admitted that he did write that into the bill. Thursday he pointed the finger at the Obama Treasury Department; they "made him do it". Now "Tax-cheat" Tim Geitner, Treasury Secretary, is himself is admitting that he told Dodd to protect those bonuses. Hmm.
One more thing. In his short time in the US Senate, didn't Barack Obama receive in excess of $100,000 in campaign donations from AIG? Hmm. And isn't "Tax-cheat" Tim Geitner the President's Treasury Secretary? Say, wasn't Tim Geitner a player in writing the Bailout Bill last September and the Stimulus Bill in January? Why, yes, I believe he was. Hmm.
Now there is OUTRAGE!, OUTRAGE I tell you, that these bonuses should be paid to AIG executives. HOW COULD THEY!!! Those scoundrels at AIG enriching themselves off of the taxpayer. After the law that was passed by the Democrat Congress and signed by the Socialist President guaranteed that the bonuses should be paid to those "good buddy" AIG executives. Now, Congress has passed a new law which is, in effect, an Un-Constitutional Bill of Attainder, going after and punishing a specific group of people RETROACTIVELY. Having passed a law that specifically rewarded the AIG executives, they are now punishing them to try to cover their own ASSES! Our OUTRAGE should be directed at Congress and this President for lying through their teeth at the Citizens of this Country, for refusing to follow the Constitution, for trying to turn this country into their idea of some Socialist Utopia simply by ruining the capitalist system that has made it great.
The Constitution of the United States, Article I, Section 9, paragraph 3 provides that: "No Bill of Attainder or ex post facto Law will be passed."
"These clauses of the Constitution are not of the broad, general nature of the Due Process Clause, but refer to rather precise legal terms which had a meaning under English law at the time the Constitution was adopted. A bill of attainder was a legislative act that singled out one or more persons and imposed punishment on them, without benefit of trial. Such actions were regarded as odious by the framers of the Constitution because it was the traditional role of a court, judging an individual case, to impose punishment." William H. Rehnquist, The Supreme Court, page 166.
"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." James Madison, Federalist Number 44, 1788
It appears to me that Justice Rehnquist and James Madison have covered this situation with great aplomb, without any equivocation or ambiguity. Congress is specifically singling out and punishing AIG execs for fulfilling the obligations of contracts, (previously sanctioned by Congress), and at the same time, ensnaring "the more-industrious and less-informed" American People.