House passes 90% tax on bonuses for employees of 12 firms

[w¡n9Nµ7 §£@¥€r 123]

The new bonus tax passed by the House today will apply a 90% rate to bonuses paid at firms that have taken over $5 billion from the TARP. While hundreds of banks and other companies have received capital injections from the TARP, only a dozen have taken enough to get hit by this restriction.

If the bill becomes law, here are the 12 firms that would be hit.

* Citigroup (New York)

* JPMorgan Chase (New York)

* Wells Fargo & Co. (San Francisco)

* Bank of America Corp. (Charlotte, N.C.)

* Goldman Sachs Group Inc. (New York)

* Merrill Lynch & Co. (New York)

* Morgan Stanley (New York)

* PNC Financial Services Group Inc. (Pittsburgh)

* US Bancorp (Minneapolis)

* AIG (New York)

* General Motors (Detroit)

* GMAC Financial Service (New York)

In addition, Fannie Mae and Freddie Mac would be subject to the new tax.

http://www.businessinsider.com/the-dirty-d...onus-tax-2009-3

[I AM NOT THAT GUY 5,715]

[Time2gopeacefully 0]

Fannie Mae and Freddie Mac can have Big Mac too

[w¡n9Nµ7 §£@¥€r 123]

All 12 of those firms have plenty of the best and brightest in the industry. If they don't get their bonuses, non-TARP competitors will get the talent and these 12 companies will be in even more trouble than they are now.

AIG, for example, consists of many business units - most of which are quite profitable. This affects all AIG employees, not just the fools in their financial products group. This is another example of Congress using a sword when they really need a scalpel.

[I'm Gone 60]

Plus these were legal contracts and I believe people in the Obama Adminastration, The Fed and Congress knew about them and now want to do CYA that the sh*t has hit the fan.

[onwa 6]

I wonder if this effects the little workers too. My husband works for one of those companies--and gets a performance bonus most months (he has to earn it of course).

[Hilarious Clinton 452]

I wonder if this effects the little workers too. My husband works for one of those companies--and gets a performance bonus most months (he has to earn it of course).

Yes. Capitalists are the devil.

[Mr. Big Dog 10,747]

This is another example of Congress using a sword when they really need a scalpel.

It's a knee-jerk reaction to address public frustration. I doubt it'll become law.