“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.
I was a little off, he didn't want to tax a vets health care, he wanted to charge vets for private health care insurence and treatment of injuries received during battle. http://voices.kansascity.com/node/4061
It seems to me a more reasonable approach would be similar to what New Jersey is attempting to do: shareholder actions against those that made the bonus deals possible. Or the Feds could have, essentially, forced AIG into bankruptcy and restructuring so the ridiculous bonuses could be set aside. The Federal government essentially nullifying contracts through specific legislation merely because of public outcry is weak and sets a terrible precedent. Ed O.
We're a couple of guillotines short of the Terror, but with Dodd, Frank and Pelosi playing the role of Marat et. al., it's getting a bit hard to read about.
Wow, no one mad at AIG for declaring they will go under without gov't help then giving out millions in bonuses . . . including those who have already left the company. I'm all for the gov't stepping in and regulating this situation.
No, not mad at AIG at all. If the government was stupid enough to give them money, caveat emptor. They had contracts as well as legal protection within the economic stimulus program that specifically protected these bonuses and the government changed the taxation code to essentially nullify them.
Yes, if you want government to control businesses, say how much people earn, and to tell you what you need to do.
Nope. They had the freedom to use that money as they saw fit, without restrictions as was the terms given to them. Also, per the terms of the money, the contracts for bonuses were to be protected (per Chris Dodd). The government is manipulating its policies mid-game in a way that no other entity would be allowed to. There should be a fight for this, legally but its probably not going to happen. Government intervention into private businesses do not work.
Once again I say good. Gov't manipulate the businesss that you give millions of dollars to. better than saying, "oh they got the best of us so let's roll over" . . . fuck that, gov't fight for the money, change rules mid-game, screw over AIG . . . just don't let them throw away our money on undeserved bonuses.
Not going to argue with you there. Apparently many of the top economist in the country felt the gov't needed to bailout AIg to curb the growing economic crisis . . . but not knowing anything about that I think it was a mistake. But 2 or 3 mistakes doesn't mean the gov't should throw their arms in the air and give up and let AIG get over on the American taxpayer . . . if gov't messed up, they need to fix it.
They should honor their commitment and agreement as it was drafted, not retroactively place measures to punish after the fact.
And these are the same economist who believed that "everything was fine" or saw no inherent danger in these risky loans and practices. Fuck them, all the experts are idiots and it was proven so.
Disagree . . . they should take whatever action they need to, to make things right. AIG can bite me as far as I'm concerned and I don't care what commitments and agreements the gov't made . . . AIG shouldn't ask for gov't money then insult the gov't by dishing out money for undeserved bonuses . . . hopefully AIG messed with the wrong entity this time.
The government should have negotiated as such. However, this TARP and Stimulus bill was rushed so the senators could slip in as many pork into it as they can without anyone noticing. Fuck congress. This is all on their hands, not AIG.
I get you're position . . . if gov't makes a mistake, they (and the American people) should suffer the consequences. My postion . . . if the gov't makes a mistake, fix it. That is taxpayer money, you are the gov't, do something about it.
I don't think you do get my position as you are misconstruing it. I'm not saying the American people should suffer the consequences. How can they, these bonuses were agreed upon prior to the bailout money in writing. After that they were protected by the government in the stimulus bill. Then when the public got wind of it, the outrage and grandstanding happened while hiding the real flaw and throwing the blame on AIG instead of the government, where it rightfully belongs.
