Salary drive

On Thursday last we found out that our newly-minted Congressman, who’s sworn to uphold the law, isn’t above shaping it to punish those he deems unworthy of the money they’ve legally become entitled to.

With this vote on H.R. 1586 Frank Kratovil (along with 87 Republicans who should be hanging their heads in shame) decided that contractual obligations completed long before the TARP money was given to AIG (who in turn laundered it to dozens of other recipients) – and which comprised less than 1% of the total payout – mean nothing when the federal government takes over a large chunk of the company.

Certainly the bonuses seem excessive and one can argue that the legislation is an incentive not to take the federal bailout money in the first place. Truthfully the federal government should not have bailed out AIG in the first place but unfortunately they already cast that die some time ago.

But Thursday’s vote also signified another step in the continuing attitude change among Congress that they’re just damn well entitled to make decisions for the rest of us when it comes to how a business should be run; never mind that their sole expertise seems to come from accepting campaign contributions from many of these same outfits.

Moreover, the hypocricy of screaming about this less than 1 percent of the AIG money devoted to bonuses intended to insure an employee stays put as long as the company needs him yet forgiving the pork-laden stimulus bill because the earmarks “only” comprised 1 percent of the total is nearly beyond belief until you look at who’s in charge of the place.

It’s more unfortunate that Congress is becoming interested in selecting the winners and losers in American business. Those in the financial sector being counted on at one time to save the venerable AIG ship were instead tossed overboard in a fit of rage because what Congress and both the Obama and Bush administrations have attempted as a fix hasn’t worked very well if at all. On the other hand, Congress received its annual raise and they’re not moving swiftly to enact a 90% tax on that which they were legally entitled to (because of legislation written in such a manner to make raises automatic without a recorded vote for them) but didn’t earn based on lousy performance.

Given the results of what has come to pass in recent days Congress shouldn’t have earned a penny over the last two sessions and it’s dubious that much in the two to three previous ones is worthy of compensation either.

Author: Michael

It's me from my laptop computer.