It's going to be interesting to see how quickly Congress and the administration caves in to banks and Wall Street after expressing so much indignation about bonuses over the last week.
Here is the backdrop.
Senator Chuck Grassley said AIG "Sucking The Tit Of The Taxpayer". President Obama said "It's hard to understand how derivative traders at AIG warranted any bonuses, much less $165m in extra pay" Obama pressed Treasury Secretary Timothy Geithner to "pursue every single legal avenue" to block the bonuses.
House Passes 90% Tax On Bonuses
The indignation was round one. For additional discussion of round one, please see Bonus Bonanza Bingo, a Blessing In Disguise.
In round two Bonus Tax Heads to Senate After House Passes 90% Levy.
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