I am shocked and dismayed to find that the ill-planned attempt to divert the disaster of the AIG bonuses has gone so far.
First of all, who of us would have refused the original "bail-out" money. It was free. Obama said it would help free up credit. Of course the banks would take it. He did not put any stipulations or decrees before they took the money.
Now, Obama is trying to MAKE the banks fail. He is saying to all of the CEOs whose banks are NOT failing that they cannot make any extra money for their good work. My husband works for PNC, which has done pretty well. They didn't make bad mortgages, they used the bail out money to provide credit to people in need. Now, their CEO is going to have to pay the government back his well-earned bonus?
If I were him, I would quit and move to the Bahama's like the AIG CEOs. There is no incentive for him to work hard right now. He should take a well-deserved vacation. Unfortunately, this poorly planned tax is only going to tax the "good guys". The executives that have driven the banks to fail have already taken their money and run away. Just like Obama's friends and acquaintances, they do not plan on paying their taxes. They will let the "chumps" who thought that their hard-earned money was theirs to do what they wanted with take the tax burden.
Obama's plan will backfire. CEOs will drop like wildfire out of banking and into any other industry. Do we have a problem paying our NBA stars $30 million a year? No, because they are in high-profile positions that very few other people could handle. Same thing with most CEOs. So why don't they deserve the money? They thought the bail-out was to be used to free up credit, they didn't realize that accepting the money would force them to change their entire business model. Tell your Congressmen and Representatives that Obama's plan is going to send our economy into a downward spiral from which it may never recover.