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Thread: Democrats pushing legislation to protect insane wall street bonuses, jesus fuck

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    Elite Member Grimmlok's Avatar
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    Angry Democrats pushing legislation to protect insane wall street bonuses, jesus fuck

    They are categorically insane.

    Charlie Rangel, the guy who came to AIG's rescue on Monday, telling other House members not to dare try to tax AIG's exorbitant bonuses, now has legislation to "fix" the problem, and Speaker Pelosi appears to have endorsed it. I'll let Speaker Pelosi explain the details of the legislation, lest my head explode:


    As a result of extraordinary abuses of the public trust by companies rewarding employees with excessive compensation while receiving billions in taxpayer assistance, Congress introduced legislation to recover taxpayers’ dollars.

    • The bill would apply a separate income tax rate of 90 percent to bonuses received by individuals from companies which have received at least $5 billion from TARP. It would also apply to bonuses paid by Fannie Mae and Freddie Mac.

    • For this purpose, bonuses will be defined as any retention payment, incentive payment, or other bonus which is in addition to regular employee compensation payable on a periodic basis.

    • The special tax rate only would apply to individuals and families with overall income (including income other than bonuses) in excess of $250,000.

    • The bill applies to payments received after December 31, 2008.



    So let me explain the Pelosi-Rangle bill in simple English.

    1. If you get a $4.99 billion bailout from the American taxpayers, give all the bonuses you want.

    2. Even if your company falls under this legislation's restriction on bonuses, if you as an individual make $249,000 a year, you're exempt and can get all the bonus you want! Would a $10m bonus be too high for the Dems on the Hill? Hell no! $10m is middle class!

    3. If you're a company that got a bailout before January 1 of this year, bonus away!

    Are they freaking insane? Why does a company that got a $4.9bn bailout, or even a $2bn bailout, get to hand out $10m bonuses to their top employees? The Democrats don't think that little story is going to infuriate the American people? And why are you and me paying, in a year in which we're not even sure if we're gonna have a job, for anyone's bonus on Wall Street? Let alone someone making $249,000 a year? Who came up with that brilliant idea?

    Oh, and get this. The Dems are suggesting that if you work on Wall Street, you can get a full, unlimited bonus, perhaps in the millions, even if you make $249,000 a year. But if you work on main street, and earn more than $75,000 a year, the Democrats in Congress just passed legislation making sure that you don't get the full $8,000 first-time homebuyer tax credit, because you're too "rich." See, if you make $75,000 a year NOT on Wall Street, you're "rich" according to the Democrats in Congress. But if you make $249,999 a year on Wall Street, you get a free handout, courtesy of the American people!

    Think that's just a fluke? Think again. The Dems did the same thing with Obama's stimulus tax rebate. Remember that little $400 tax cut we were all supposed to get? In fact, if you make more than $75,000 a year, they start to take away your tax cut because - let's all say it together now - YOU'RE RICH!

    So to recap: To the Dems in Congress, if you make more than $75,000 a year and work on Main Street, you're rich and undeserving of federal help. But if you make up to a quarter of a million a year, and work on Wall Street, you're middle class and the sky's the limit. And even better, you $75,000 a year people are actually paying for the $249,000 a year people to get their benefits!

    These people are categorically insane.

    AMERICAblog News| A great nation deserves the truth
    *rubs temples*

    Are they TRYING to self destruct before 6 months is up?!
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    Elite Member MohandasKGanja's Avatar
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    What mystifies me is that a certain business segment has defended the bonuses by saying "a contract is a contract" or "you can't keep good people on if you do stuff like cancel the bonuses".

    However, AIG would have gone into receivership if the U.S. Government hadn't stepped in. These dumbass execs at AIG wouldn't have gotten a SALARY much less a bonus without the bailout, which is turning out to be bottomless.

    And another thing on Wall Street bonuses. Here is a statistic I just saw in a financial report my brother sent me:

    From 2002 to 2008, the five largest Wall Street firms paid $190 billion in bonuses while earning $76 billion in profits. What....the....f*ck????

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    Elite Member sparkly's Avatar
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    Quote Originally Posted by MohandasKGanja View Post
    What mystifies me is that a certain business segment has defended the bonuses by saying "a contract is a contract" or "you can't keep good people on if you do stuff like cancel the bonuses".

    However, AIG would have gone into receivership if the U.S. Government hadn't stepped in. These dumbass execs at AIG wouldn't have gotten a SALARY much less a bonus without the bailout, which is turning out to be bottomless.

    And another thing on Wall Street bonuses. Here is a statistic I just saw in a financial report my brother sent me:

    From 2002 to 2008, the five largest Wall Street firms paid $190 billion in bonuses while earning $76 billion in profits. What....the....f*ck????
    What the hell? Something has to be going on behind the scenes...
    Everyone is entitled to be stupid, but some abuse the privilege.

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    Archie and Lenny and that damn Ruskie must be behind it all.

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    Elite Member Grimmlok's Avatar
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    doesn't AIG own a ton of government pensions?
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    Elite Member MohandasKGanja's Avatar
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    Quote Originally Posted by Grimmlok View Post
    doesn't AIG own a ton of government pensions?
    I wouldn't be surprised. AIG's tendrils are everywhere. One of my wife's life insurance plans is through them. And I think their major business for a while was guaranteeing financial transactions that basically gave them unlimited liability.

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    Elite Member Mel1973's Avatar
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    Quote Originally Posted by Grimmlok View Post
    doesn't AIG own a ton of government pensions?
    Quote Originally Posted by MohandasKGanja View Post
    I wouldn't be surprised. AIG's tendrils are everywhere. One of my wife's life insurance plans is through them. And I think their major business for a while was guaranteeing financial transactions that basically gave them unlimited liability.
    that's exactly what I asked yesterday. i've heard repeatedly that the only damn reason AIG was given the bailout was because they do have the government pensions. I wish I could find the frigging email.
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    Silver Member albatross's Avatar
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    Quote Originally Posted by Grimmlok View Post
    doesn't AIG own a ton of government pensions?
    Quote Originally Posted by MohandasKGanja View Post
    I wouldn't be surprised. AIG's tendrils are everywhere. One of my wife's life insurance plans is through them. And I think their major business for a while was guaranteeing financial transactions that basically gave them unlimited liability.
    Quote Originally Posted by Mel1973 View Post
    that's exactly what I asked yesterday. i've heard repeatedly that the only damn reason AIG was given the bailout was because they do have the government pensions. I wish I could find the frigging email.
    According to Snopes - No - snopes.com: AIG Bailout

    PolitiFact also says No - PolitiFact | AIG does not insure the pensions of Congress
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