Word: congression
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...There are proposals in Congress to reverse some of the bonuses through legislation, and Liddy called on executives to spit back half their bonus. Some have done so. The program for 2009 has already been pared. That my placate, for now, Main Street constituents who want to get back at those overpaid Wall Street types...
Further complicating the challenge, the uproar over AIG has scared potential private investors from any involvement in a government-run program. "AIG makes everything worse," says the senior administration official. Private investors fear that an angry Congress might place restrictions on pay packages for anyone who participates, Treasury, Federal Reserve officials and industry officials...
Alliances die when they win. Take away the enemy, and you take away the glue that holds a coalition together. The European alliance against Napoleon was all but dead seven years after they had danced the last waltz at the Congress of Vienna. The entente that followed the defeat of Wilhelmine Germany collapsed five years after the armistice. The Soviet-American alliance against Hitler was practically finished...
...banking crisis--but, on the other hand, this is uncharted territory and maybe a cautious, case-by-case strategy will prove to be the right one. And yes, I'm worried that Obama is deferring a bit too much to the snails and toads (of both parties) in the Congress--but, on the other hand, savvy aides like Joe Biden, Rahm Emanuel and congressional liaison Phil Schiliro will focus and massage the legislative packages that will be forthcoming. It is entirely possible, as this magazine surmised last week, that Obama has taken on too much, too soon. Or maybe...
Members of Congress are talking up bills to levy a 90% or 100% tax on current bonuses at AIG and other financial-industry wards of the state. But if such selective tax increases are constitutional - and it appears that they can be - another approach would make far more sense (I am brazenly stealing it from financial blogger Steve Randy Waldman): impose a less punitive (50%?) but retroactive tax on the past four years of bonuses above a certain amount ($1 million?) paid out by any financial institution that receives a bailout. That is, spread the net wider to catch...