Bankers Call AIG Bonus Tax a Witch-hunt

  For every action there is an equal and opposite reaction. I heard that somewhere before. We are beginning to see backlash in the banking industry because of the confiscatory taxes that are about to be laid onto AIG’s executive bonuses ex post facto. And it is not just American bankers, this backlash is coming from bankers on the other side of the Atlantic also.

the “anti-American” measures smacked of “a McCarthy witch-hunt” that would send the country “back to the stone age”.

  This does seem to be turning into a witch-hunt. This administration has built up anger through class warfare, Obama built most of his campaign around it, and when the people heard about these bonuses and became outraged because of the language coming out of Washington, politicians jumped on the opportunity to fan the flames of discontent for political gain.

  The congress, now that they have worked up all of this hatred in America, (so much for bringing the country together) is going after a mere $165 million in bonuses compared to the almost $4 billion that Merrill Lynch handed out in bonuses last year. Merrill Lynch will not be subject to this new 90% tax. That is what makes this look like a witch-hunt. Someone yelled “WITCH!” and congress decided to burn them at the stake.

  AIG is getting what they deserve though, they got drunk and jumped into bed with the federal government and when they woke up they realized who they had slept with and she was coyote ugly. But other bankers are concerned that the same will happen to them.

Finance is one of America’s great industries, and they’re destroying it,” said one banker at a firm that has accepted public money. “This happened out of haste and anger over AIG, but we’re not like AIG

  This banker also went on to say that this was the “most un-American thing I’ve ever seen.” And he makes a good point, once again the congress and the Obama administration see something as critical and they hastily try to solve the problem. Before you know it there is another, bigger problem that the solution to the first problem caused. That is how this whole mess with the AIG bonuses started; by hastily passing the stimulus bill without reading it because Obama wanted to look good. He claimed delay would lead to a catastrophe that America could never recover from so the stimulus bill was rushed through congress and nobody read it. But congress didn’t learn the lesson and is now hastily passing this bill of attainder on AIG without thinking about the consequences.

  This bill of attainder could very well lead to more banks being less will to make loans to people who can afford them and also to a larger credit crunch which could lead to a worsening of the economy and a deepening of the recession. Banks are afraid to loan money and to do everyday business because they know that big brother is watching their every move.

  The Obama administration needs to stop being so reactionary and shortsighted and Obama himself needs to start leading.