Big shout out for the Wyden-Snowe amendment!!!

[RiverStone]

Sens. Ron Wyden, D-Ore., and Olympia Snowe, R-Me., have put forward a plan to claw back bonuses already paid to senior executives at firms that received TARP money in the final quarter of 2008.

It would give companies a choice: either they could return any amount paid in bonuses over $100,000 to executives immediately, or pay a 35% excise tax on the bonus over $100,000. Wyden argued the firms borrowed billions from the Treasury and will have to pay back the full amount over time. His amendment would enable them to avoid the penalty tax by paying an amount equivalent to the excess bonus amounts back within 120 days of the stimulus bill being passed.

"This is wrong, this is not right to give these excessive bonuses with taxpayer money," said Wyden on the floor of the Senate.

http://money.cnn.com/news/newsfeeds/articles/djf500/200902041315DOWJONESDJONLINE000663_FORTUNE5.htm

This is a good start to holding the greedy bastards accountable who spent YOUR money (to save their company's ass) on lavish bonuses --- 18 billion worth. They are still getting off too easy; even with this, they get to keep $100K. Most of us don't even come close to making that kind of money in a year...

Kudo's to Senators Ron Wyden and Olympia Snowe for at least trying to get some of it back. :applause:

[TwilightGardener]

1. I don't know--making something retroactive like this is going to be

very difficult to enforce, and could be challenged in court. Should have just been done originally.

[mod mom]

4. IANAL but think RICO should be used. They defrauded the government by having less assets and being

in worse financial shape BECAUSE OF THE BONUSES HANDED OUT.

RICO offenses

Under the law, racketeering activity means:
Any violation of state statutes against gambling, murder, kidnapping, arson, robbery, bribery, extortion, dealing in obscene matter, or dealing in a controlled substance or listed chemical (as defined in the Controlled Substances Act);
Any act of bribery, counterfeiting, theft, embezzlement, fraud, dealing in obscene matter, obstruction of justice, slavery, racketeering, gambling, money laundering, commission of murder-for-hire, and several other offenses covered under the Federal criminal code (Title 18);
Embezzlement of union funds;
Bankruptcy or securities fraud;
Drug trafficking;
Money laundering and related offenses;
Bringing in, aiding or assisting aliens in illegally entering the country (if the action was for financial gain);
Acts of terrorism.

[TwilightGardener]

6. Hmm. That's food for thought.

[northernlights]

2. Snowe is speaking out back here against the stimulus

says too much of it may be good policy but doesn't stimulate jobs.

They don't seem to get that a proposal can do more than 1 thing to stimulate the economy. Jobs is critical. So is stopping home foreclosures. So is supporting small businesses. So is a lot of stuff....

[AlinPA]

7. If she votes against vote for the stimulus, there's not much chance we will

get the vote for cloture. Collins and Specter would follow her on voting no.

[jwirr]

3. About time. If we did an audit of the 8 years and sued for the money

back we could go a long way toward fixing out debt.

[HiFructosePronSyrup]

5. How about you just charge them with embezzlement.

Throw them in jail. That way their companies have to fire their incompetent asses. Then seize all their assets and use it to put people to work.

[EmeraldCityGrl]

8. woohoo...heads are spinning!!

[OregonBlue]

9. This is exactly why we don't want him at HHS. He's one of the good guys. He's smart and well

liked and committed to healthcare reform. He can do a lot to help get legislation through. Go Ron.:bounce:

[Fire1]

10. k&r

[bullwinkle428]

11. I'm proud to call this "bi-partisanship I can believe in"!!

:patriot: