U.S. House bill would slap surtax on AIG bonuses
WASHINGTON, March 17 (Reuters) - A Democratic U.S. congressman said on Tuesday he has introduced a bill that would slap a 60 percent surtax on large bonuses to be paid to executives at bailed-out insurer American International Group Inc (AIG.N).
Michigan Democratic Rep. Gary Peters introduced the bill and has picked up five co-sponsors. He said in a statement that the bill would "create a 60 percent surtax on bonuses over $10,000 to any company in which the U.S. government has a 79 percent or greater equity stake in the company. Currently, AIG is the only company that meets this threshold."
Had they let AIG fail, there’d have been no bonuses.
Now Rush is saying that it’s hard to tell the difference between Barney Frank, Elmer Fudd, and Sylvester the Cat.
FOR IMMEDIATE RELEASE: March 17, 2009
SCHUMER PUSHES TO INCLUDE GROUNDBREAKING PROVISION TO DESIGNATE 9/11 AS A NATIONAL DAY OF SERVICE AS PART OF NATIONAL PUBLIC SERVICE INITIATIVE
Provision Would Encourage All Americans to Spend Every September 11th Serving Their Communities
Schumer: This Designation Would Send a Powerful Message That Americans Are Committed to Their Community and to Each Other
Today U.S. Senator Charles E. Schumer announced that he will fight to include language that designates September 11th as a National Day of Service and Remembrance in the “Serve America Act” which was introduced in January by Senators Ted Kennedy (D-MA) and Orrin Hatch (R-UT). The Serve America Act will be marked up by the Senate Health, Education, Labor and Pensions (HELP) Committee on Wednesday, and a similar bill, the “Generations Invigorating Volunteering and Education (GIVE) Act” (H.R. 1388), will be voted on in the House this week. Schumer’s provision will designate September 11th as a national day of service and will encourage Americans to spend that day working for and with members of their community, for the benefit of others. Service opportunities on September 11th will be publicized through the Corporation for National and Community Service (“Corporation”), a public-private partnership established in 1993.
“I could not be more proud to work to pass this important provision,” said Senator Schumer. “September 11th should not only be a day for mourning - it should be a day to think about our neighbors, our community, and our country. We can take a tragic day in our nation’s history and turn it into a force for good. We can make it a day on which we can give back in remembrance of those who lost their lives.”
The “Serve America Act” encourages 175,000 more Americans to give a year of service to address specific national challenges such as strengthening our schools or increasing economic opportunities, thereby expanding the total number of such service participants to 250,000. The legislation will also increase opportunities for individuals to serve at any stage of their life, from childhood through retirement, and will support social entrepreneurs with innovative solutions to tackle our most pressing problems.
The Corporation will conduct a nationwide “Call to Service” campaign to encourage all Americans to volunteer in the non-profit or government sectors. In conducting the campaign, the Corporation will collaborate with other Federal agencies and entities, state commissions, governors, nonprofit and faith-based organizations, businesses, institutions of higher education, elementary schools, and secondary schools. Schumer’s provision will also allow the Corporation to assist organizations across the country with creating memorials, remembrances, and service opportunities related to the September 11 National Day of Service.
Senator Schumer has worked on this legislation with MyGoodDeed.org, a charitable organization that has lead the multi-year effort to establish 9/11 as a national day of service. To recognize 9/11 and honor the lives of the victims and the efforts of 9/11 volunteers and rescue and recovery workers who rose in service, each year MyGoodDeed.org organizes activities that encourage individuals and organizations to set aside time on the anniversary of 9/11 to perform simple good deeds and service that help others in need. In recent years support for the initiative has grown rapidly. More than one million individuals from all 50 states and more than 150 nations have posted 9/11 service ideas and pledges to perform good deeds on the organization’s Web site.
The Give Act being considered in the House includes:
The designation of September 11 as a National Day of Service and Remembrance.
A boost in the educational stipend offered in exchange for service to $5,350, with the provision that it will continue to rise in tandem with Pell grants. (Pay for full-time AmeriCorps service is about $11,000 a year.)
A $500 education award for middle-school and high-school students who take part in a “Summer of Service” or other service activities.
The establishment of a Clean Energy Corps, Education Corps, Healthy Futures Corps and Veterans Services Corps.
The establishment of new Serve America Fellowships.
The expansion of the Civilian Community Corps to include work on weatherization and other energy-conservation projects.
The expansion of the Peace Corps (to 16,000) and other existing programs.
The Give Act includes the September 11 Call to Service Campaign – the Senate Serve America Act did not include the provision. Senator Schumer is working with the HELP Committee to ensure that the provision is included in final version. The HELP Committee will mark up the legislation on Wednesday. The Senate is planning to take up the bill for consideration on the floor next week.
The GIVE Act and the Serve America Acts are sweeping pieces of legislation that will reshape the way Americans volunteer and participate in public service. The President has indicated that this legislation is a priority for him and has said he would like enactment by April 1st. It is the only piece of legislation that President Obama mentioned by name in his address to Congress last month.
In 2004, Schumer authored the very first Congressional resolution which called upon the President of the United States to proclaim 9/11 as a National Day of Service and Remembrance
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Congress needs to give back EVERY penny donated by AIG their campaigns in the past two years. Chris Dodd should lead the charge on that.
Oh what am I thinking.....
Know what infuriates me about the media’s focus on AIG?
Note that this is about $165 million in bonuses.
Now. Compare that to Franklin Raines, former head of Fannie Mae.
(Who pleaded guilty to FRAUD and cooking the books).
Raines ALONE was paid $91 MILLION in just 3 years!
One man = a full 55% of the amount AIG is paying out to its employees!
Add in Jamie Gorelick and the other lackeys who took home hundreds of millions more in bonuses while they were undermining the entire economy.
Yet-— due to the lack of media spotlight-—I’d bet no more than 3% of adult Americans are even aware of Raines et al.