Congressional Democrats vowed Tuesday to all but strip AIG executives of their $165 million in bonuses as expressions of outrage swelled in Congress over eye-catching extra income for employees of a firm that has received billions in taxpayer bailout funds.
"Recipients of these bonuses will not be able to keep all of their money," declared Senate Majority Leader Harry Reid, in an unusually strong threat delivered on the Senate floor.
"If you don't return it on your own we will do it for you," said Chuck Schumer of New York.
The bonuses were paid legally, part of a program that had been disclosed in advance in filings that American International Group Inc. made with the government.
House and Senate Democrats were crafting separate bills to tax up to 100 percent of generous bonuses awarded by companies rescued by taxpayer money. Republicans said President Barack Obama's administration should have done more to stop the bonuses.
Congress doesn't get it. It isn't so much about the $165 million, it's more about the principle of the matter.
Realistically, the bonuses are a small pittance of the actual bailout. What is truly outrageous is that these idiots are rewarding themselves for fucking up the system.
No, don't take back the bonuses: take back the entire bailout.
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