Disgraced Losers

“You are disgraced professional losers. And by the way, give us our money back.” – Rep. Earl Pomeroy, Dem. of North Dakota, to the executives who were paid bonuses after a federal bailout.

This is the reaction to the anger of general public by politicians. Populist utterances, no doubt. The House has already passed a bill to tax 90% on bonuses paid by Companies like AIG.

The legislation would apply to bonuses paid to executives at companies holding at least $5 billion in bailout money and would essentially wipe out the phenomenal paydays that have been a tradition on Wall Street, at least until the firms reduce the amount they owe taxpayers to less than $5 billion.

“They are getting paid for the destruction they have caused our communities,” that is the reaction of the people on the street.  And the elected representatives are responding to the peoples displeasure. Nearly half of House Republicans joined Democrats in supporting the measure, which was approved by a 328-to-93 vote.

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