Backtracking on tax clawback?

Posted: Tuesday, March 24, 2009 3:53 PM by Mark Murray
Filed Under: Congress, Democrats, Economy, Mike Viqueira

From NBC's Mike Viqueira

Speaker Nancy Pelosi says that if AIG folks are really coughing up their bonuses, "then we have accomplished what we set out to do."

Recall that it was Pelosi who last week rushed the 90% bonus tax to the floor of the House, only to see congressional ardor for legislation fade this week in the Senate. It now appears that the Senate won't even get to its own version of the "clawback" measure until late in April, after the spring recess.

Pelosi says the goal was "to get the taxpayer money back," yet it is unclear just how much will be returned by AIG bonus recipients.

ON another front, Pelosi is supportive of Geithner's proposal for new power to "unwind" companies like AIG through a broadening of federal power. "It is a good step in the right direction," she said.

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Comments

Speaker Pelosi had a great strategy. They pass a bill that they know will be controversial at the least and won't make it through the Senate or be signed by the President but that will focus on the receipients of the bonuses thus shaming them into giving it back. We aren't likely to see all of it returned by apparently a majority of it will be given back.

eagle1776 (Sent Tuesday, March 24, 2009 4:04 PM)

[ON another front, Pelosi is supportive of Geithner's proposal for new power to "unwind" companies like AIG through a broadening of federal power.]
--Meaning nationalization: "Not that there's anything wrong with that!"

Nicholas: MInnesota (Sent Tuesday, March 24, 2009 4:06 PM)

Pelosi needs to chill, this isn't about scoring points...it's about making sure that safeguards are in place so that this situation does not come up again.

Focus on that rather than "yay, we scared them into returning the money"

Also this isn't mission accomplished...there was only a portion returned (Kudos to some of them for doing the patriotic thing for a change) to the taxpayer pool.

I wan't investigations on who gave the green light to swamp the market with toxic derivatives.

GP NW Indiana (Sent Tuesday, March 24, 2009 4:08 PM)

the tax on bonuses was a bad call. yes, we got screwed on that, but it is done. AIG has blown their ride, no more bailout money for you. It is time to inest in something other than bank debt. Invest in new technology that gets us away from fossil fuels. 100% tax credits spread over 5 years, for the costs to convert to solar, wind or tidal power for residential and commercial use. eliminate tax breaks for oil companies and car manufacutuers and provide financing for electric car mass production. the proven technology exists today to completely eliminate our need for foreign oil but reduce our need for domestic oil and coal as well.

Louis, Phoenix, Az (Sent Tuesday, March 24, 2009 4:10 PM)

Probably few people actually thought the tax bill was constitutional but it made us feel better. Congress was like the rest of us, frustrated, annoyed and angry that the people who caused such massive economic problems were rewarded for failure. It obviously got their attention.

Geithner deserves credit and the feeding frenzy has been unjustified and unfair. It takes time to sort out this mess and if you're not a public speaker, it takes time to become comfortable at it. In this age of rapid communication, Twitter, computers, people on the right and left seem to think everything can be solved as quickly as sending an e-mail.

Jody, Iowa (Sent Tuesday, March 24, 2009 4:14 PM)

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