If someone doesn't stand up to the bankers, they will only continue to walk all over Congress and the White House. The current proposal being kicked around would slap at 50% tax on anything about $400,000 for bailed out bankers. It's better than nothing but that figure ought to come down a lot more. A salary alone should be enough when you look at the damage that they caused.
You know it's bad when even Larry Kudlow is blasting the bailed AIG bonuses and arguing that they have nothing to do with free market capitalism. Let the bankers say "thank you" and consider themselves lucky. How long until the Republicans stand up and side with Wall Street, as they like to do?
Two Democratic senators on Thursday proposed legislation that would impose a one-time tax on bonuses paid to executives of companies bailed out with taxpayer money.
Senators Barbara Boxer and Jim Webb proposed a 50 percent tax on 2009 bonuses above $400,000 at any firm that has received more than $5 billion in government assistance.
