The Campaign Spot

After Writing a Letter Re: AIG Bonuses, Claire McCaskill Feels Better

I almost hesitate before mocking Sen. Claire McCaskill — she voted against the omnibus, objecting to the number of earmarks, and Tweets almost as often as Saul Anuzis. But her latest blog post suggests she takes comfort easily when it comes to the issue of those AIG bonuses:

There will be a letter sent to the CEO of AIG from most, if not all, of the Democratic Senators momentarily.  This letter will demand that any bonuses be withheld or repaid immediately.  The letter goes on to explain that we will proceed to recover the bonuses through taxation if AIG fails to recover this money for taxpayers. We state the obvious in the letter, bonuses should not be given for failure.

Legislation wil be introduced in the next 48 hours or so that will tax these companies and the bonus recipients. The tax will be aimed at executives at companies that have recieved significant taxpayer assistance through the TARP funds and will recover almost all of these funds for taxpayers.  The Finance Committee is drafting the legislation with the assistance of a number of Senators.

I feel better. We are taking action. It’s time we right this wrong on behalf of hard working Americans everywhere.

1. Senator, the checks have been mailed, and probably cashed by now. The money’s gone. The CEO doesn’t have the power to get it back. An angry letter isn’t going to change anything. You might as well send a letter to Octomom demanding she not implant herself with multiple embryos.

2. I understand the urge to enact some special tax on the executives or the company over this, but does the term “bill of attainder” ring a bell? Go check out the Constitution, Article One, Section Nine, Clause Three.

3. Did you recognize that you specifically voted to protect these bonuses when you passed the stimulus?

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