Fred Harteis News Articles - Spurred on by a tidal wave of public anger over bonuses paid to executives of the foundering American International Group, the House voted 328 to 93 on Thursday to get back most of the money by levying a 90 percent tax on it.

 

The measure easily surpassed a procedural hurdle requiring a two-thirds majority vote, thanks to considerable Republican support. The Senate will consider a roughly similar measure, perhaps next week. If something is approved in that chamber the House and Senate versions would have to be reconciled, so prospects for final passage of a bill are unclear.

 

But there was no doubt after the House vote that the lawmakers were keenly aware of their constituents’ anger.

 

“The people have said ‘no,’ ” Representative Earl Pomeroy, Democrat of North Dakota, shouted on the House floor. “In fact, they said ‘hell no, and give us our money back.’ ”

 

“Have the recipients of these checks no shame at all?” Mr. Pomeroy continued. Summing up his personal view of the so-far anonymous A.I.G. executives, he said: “You are disgraced professional losers. And by the way, give us our money back.”

 

Representative Barney Frank, the Massachusetts Democrat who heads the House Financial Services Committee and has been among A.I.G.’s fiercest critics, spoke contemptuously of the bonus recipients as people “who had to be bribed not to abandon the company” they had nearly ruined.

 

Republicans were not to be outdone in expressing disgust, and they had a collective “I told you so” message for Democrats. Representative Ed Royce of California, for instance, said he would vote for the bill on the floor, but he proudly recalled that last fall he had voted against the Troubled Assets Relief Program, the bailout plan that is the source of mounting public fury.

 

Other Republicans signaled that they would vote “no” and would line up instead behind a countermeasure that Representative John A. Boehner of Ohio, the minority leader, said would recover the taxpayers’ money much faster.

 

Representative Judy Biggert, Republican of Illinois, said that while virtually everyone agrees that the A.I.G. executives should not be getting bonuses for failing, it would be a mistake for the House to rush through a piece of legislation. If that happened, she said, there could be regrets later, as there are now over the TARP bill, “made public in the dead of night, just hours before the vote.”

 

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http://www.nytimes.com/2009/03/20/business/20bailout.html?_r=1&partner=rss&emc=rss

 

Source: Nytimes.com

 

About Fred Harteis: Fred Harteis leads Harteis International.   Fred Harteis has a background in agriculture and has created many successful business ventures.