FT.com / Global Economy - Banker fury over tax ‘witch-hunt’: "Bankers on Wall Street and in Europe have struck back against moves by US lawmakers to slap punitive taxes on bonuses paid to high earners at bailed-out�institutions.
Senior executives on both sides of the Atlantic on Friday warned of an exodus of talent from some of the biggest names in US finance, saying the “anti-American” measures smacked of “a McCarthy witch-hunt” that would send the country “back to the stone age”."
Saturday, March 21, 2009
Courts Unlikely to Strike Down AIG Tax Law, Legal Experts Say - Bloomberg.com
Courts Unlikely to Strike Down AIG Tax Law, Legal Experts Say - Bloomberg.com: "March 20 (Bloomberg) -- Courts probably will uphold Congress’s effort to tax employee bonuses at American International Group Inc. and other companies receiving federal bailout funds, several legal experts said.
The House yesterday voted 328-93 in favor of a 90 percent tax on bonuses, including the $165 million insurer AIG paid last week after receiving $173 billion in bailout funds. The Senate plans to vote next week."
The House yesterday voted 328-93 in favor of a 90 percent tax on bonuses, including the $165 million insurer AIG paid last week after receiving $173 billion in bailout funds. The Senate plans to vote next week."
Administration Seeks Increase in Oversight of Executive Pay - NYTimes.com
Administration Seeks Increase in Oversight of Executive Pay - NYTimes.com: "WASHINGTON — The Obama administration will call for increased oversight of executive pay at all banks, Wall Street firms and possibly other companies as part of a sweeping plan to overhaul financial regulation, government officials said."
he outlines of the plan are expected to be unveiled this week in preparation for President Obama’s first foreign summit meeting in early April.
Officials said the proposal would seek a broad new role for the Federal Reserve to oversee large companies, including major hedge funds, whose problems could pose risks to the entire financial system.
It will propose that many kinds of derivatives and other exotic financial instruments that contributed to the crisis be traded on exchanges or through clearinghouses so they are more transparent and can be more tightly regulated. And to protect consumers, it will call for federal standards for mortgage lenders beyond what the Federal Reserve adopted last year, as well as more aggressive enforcement of the mortgage rules.
The administration has been considering increased oversight of executive pay for some time, but the issue was heightened in recent days as public fury over bonuses spilled into the regulatory effort.
The officials said that the administration was still debating the details of its plan, including how broadly it should be applied and how far it could go beyond simple reporting requirements. Depending on the outcome of the discussions, the administration could seek to put the changes into effect through regulations rather than through legislation.
Friday, March 20, 2009
School Committee 4; Board of Selectman 1
Last nights Open Forum sponsored by the SRTC in my opinion was a great success.
There were far more in attendance from Town Leaders and Residence alike then I could have hoped for. Furthermore the Board Members and Department heads that were in attendance were forthcoming, educational, honest, and appeared to enjoy answering questions and engaging the Residents of Seekonk. For me it was great to see the Town Leaders sort of role their sleeves up and just dig into whatever the the Residents wanted to talk about.
The Chief of Police (Ron Charron) gave some great insight on the stability of the SPD in terms of Officer Retention, performance, and the overall infrastructure of the Police Department. The Chief also assured the Residents that despite rumor, there is in fact adequate police coverage in town. I personally would like to see at least one more Police Officer added per shift (I think the Chief probably would too) but there is confidence in the SPD that they can handle covering the Town, though at times it is challenging.
4 Members of the School Committee as well as the School Department Finance and Special Education Directors were both in attendance. Dr. Chevrette had a last minute personal matter he had to attend to so he was not able to attend. All the before mentioned individuals offered up some great information, answered some tough questions, and really engaged the residents in attendance.
Bob McClintock, though I will never agree with his antics at the November Town Meeting, showed himself to be incredibly knowledgeable on just about every aspect of the Town's Government. He was even able to fill in the where Board of Selectmen Members could not. (More on that later.) So where Mr. McClintock sometimes lacks in delivery, he certainly makes up for in knowledge. As our new President has demonstrated, knowledge is a little more valuable than a nifty and polished speech.
The Moderator Mr. Mike Durkay did an outstanding job. We could not have asked for a better person to do that job.
Now onto the lashings....
Two Members of the BOS attended the meeting; Bob Richardson who was only inclined to stay for about five minutes before leaving, and Francis Cavaco who has only been a member of the BOS for about six months. Mr. Cavaco did his best to answer what he could, and was honest enough to say when he did not know an answer to something.
While the members of the Board of Selectman where under no obligation to attend, they apparently do not share the same desire to communicate with the Residents of Seekonk as the School Committee, Chief of Police, School Department Heads, Board of Accessors, Planning Committees, Building Committees, or any other members of Town Committees I may have missed who were in attendance. Especially when two Members of the Board of Selectman are up for re-election and their opponents were in attendance.
So with that in mind, take note. Francis Cavaco, Victoria Kinniburgh, and Dave Parker attended an Open Forum voluntarily to help discuss and address the needs and concerns of the Community they wish to serve.
Victoria Kinniburgh and Dave Parker are currently running for Board of Selectman.
Vote Accordingly.
There were far more in attendance from Town Leaders and Residence alike then I could have hoped for. Furthermore the Board Members and Department heads that were in attendance were forthcoming, educational, honest, and appeared to enjoy answering questions and engaging the Residents of Seekonk. For me it was great to see the Town Leaders sort of role their sleeves up and just dig into whatever the the Residents wanted to talk about.
The Chief of Police (Ron Charron) gave some great insight on the stability of the SPD in terms of Officer Retention, performance, and the overall infrastructure of the Police Department. The Chief also assured the Residents that despite rumor, there is in fact adequate police coverage in town. I personally would like to see at least one more Police Officer added per shift (I think the Chief probably would too) but there is confidence in the SPD that they can handle covering the Town, though at times it is challenging.
4 Members of the School Committee as well as the School Department Finance and Special Education Directors were both in attendance. Dr. Chevrette had a last minute personal matter he had to attend to so he was not able to attend. All the before mentioned individuals offered up some great information, answered some tough questions, and really engaged the residents in attendance.
Bob McClintock, though I will never agree with his antics at the November Town Meeting, showed himself to be incredibly knowledgeable on just about every aspect of the Town's Government. He was even able to fill in the where Board of Selectmen Members could not. (More on that later.) So where Mr. McClintock sometimes lacks in delivery, he certainly makes up for in knowledge. As our new President has demonstrated, knowledge is a little more valuable than a nifty and polished speech.
The Moderator Mr. Mike Durkay did an outstanding job. We could not have asked for a better person to do that job.
Now onto the lashings....
Two Members of the BOS attended the meeting; Bob Richardson who was only inclined to stay for about five minutes before leaving, and Francis Cavaco who has only been a member of the BOS for about six months. Mr. Cavaco did his best to answer what he could, and was honest enough to say when he did not know an answer to something.
While the members of the Board of Selectman where under no obligation to attend, they apparently do not share the same desire to communicate with the Residents of Seekonk as the School Committee, Chief of Police, School Department Heads, Board of Accessors, Planning Committees, Building Committees, or any other members of Town Committees I may have missed who were in attendance. Especially when two Members of the Board of Selectman are up for re-election and their opponents were in attendance.
So with that in mind, take note. Francis Cavaco, Victoria Kinniburgh, and Dave Parker attended an Open Forum voluntarily to help discuss and address the needs and concerns of the Community they wish to serve.
Victoria Kinniburgh and Dave Parker are currently running for Board of Selectman.
Vote Accordingly.
Congressional Democrats Were for Them Before They Were Against Them
There must be something very special in that kool-aid they are drinking over on Capital Hill, because that can be the only explantion for the behvior of the Democratic Congress.
First Senator Chriss Dodd crafts the loophole that allows AIG employees to get their bonuses, bonuses that mind you were guarenteed by the most of these employees contracts, then Congress passes a Bill to tax 90 -100 percent of those bonuses.
Some of you may be saying, "Justice has been served, they didn't deserve that money in the first place.". They may not have deserved it, but you should be vary wary indeed when Congress starts using taxes as a weapon.
This new administration has made it clear that they have declared war on the rich in this country. In doing so they have decided that anyone who makes more money than they think is neccessary they are going to tax the proverbial crap out of them.
"We don't like you." - Tax increase
"You have more money than you will ever need." - Tax Increase
Since when was it the governments business to control the payroll decisions of private companies? They cannot even manage their own budget and they want to manage the budget of corporate America? Sure they are giving out our tax money, but you know what? We told them not to. We told them to let these companies who have poor business models and practiced recklessly to fail. But they gave them the money anyway, and then act shocked when they continue the same practices that got them into this mess in the first place.
If my company wants to give me a 2 million dollar bonus even though they only have 1.8 million in the bank. That is their decision, and their funeral. So be it....that will be the last check they sign.
The problem is that the primary players on both sides of the isle are waist deep in the bureaucratic muck that they don't even know which hand they are supposed to be spanking and which hand is feeding them anymore.
We can only pray that their is a mass injection of new blood in 2010 that can help stear this train wreck back onto the tracks, or this country is going to be in very, very tough shape.
First Senator Chriss Dodd crafts the loophole that allows AIG employees to get their bonuses, bonuses that mind you were guarenteed by the most of these employees contracts, then Congress passes a Bill to tax 90 -100 percent of those bonuses.
Some of you may be saying, "Justice has been served, they didn't deserve that money in the first place.". They may not have deserved it, but you should be vary wary indeed when Congress starts using taxes as a weapon.
This new administration has made it clear that they have declared war on the rich in this country. In doing so they have decided that anyone who makes more money than they think is neccessary they are going to tax the proverbial crap out of them.
"We don't like you." - Tax increase
"You have more money than you will ever need." - Tax Increase
Since when was it the governments business to control the payroll decisions of private companies? They cannot even manage their own budget and they want to manage the budget of corporate America? Sure they are giving out our tax money, but you know what? We told them not to. We told them to let these companies who have poor business models and practiced recklessly to fail. But they gave them the money anyway, and then act shocked when they continue the same practices that got them into this mess in the first place.
If my company wants to give me a 2 million dollar bonus even though they only have 1.8 million in the bank. That is their decision, and their funeral. So be it....that will be the last check they sign.
The problem is that the primary players on both sides of the isle are waist deep in the bureaucratic muck that they don't even know which hand they are supposed to be spanking and which hand is feeding them anymore.
We can only pray that their is a mass injection of new blood in 2010 that can help stear this train wreck back onto the tracks, or this country is going to be in very, very tough shape.
D'amico is an idiot!
He blames the Republicans for the past 16 years. The democratically controlled legislature of taxachusetts, that has been in control since the British left many years ago, has been overriding any budgets put forth by the Republicans. He is trying to justify his yes vote on taxing anything and everything, under his property tax lowering governor! Like the huge pay raises for the 2 sherriffs put forth yesterday, the huge job salary of 2 new pike hires, and of course the $175,000.00 salary to a position that has not been filled in 12 years, under the Rep. administrations. But that is the GOP's fault! Moron. His liberal spending of eveyone else's money is the reason we are where we are! It is his great party that is passing laws to pay huge bonuses to AIG executives, his party that has spent probably in excess of 3 trillion dollars, and he talks about the GOP mortgaging our future. Ask him what he has done since being elected, nothing! Oh forgive me, he has mastered stuffing that snout of his into the trough, the one that paid him a 5.5% raise to tell all the Towns he represents they are getting less money! He is the problem, not a solution to the problem. I do have to congratulate him though for one thing, keep talking you are showing how much of an idiot you trully are.
He blames the Republicans for the past 16 years. The democratically controlled legislature of taxachusetts, that has been in control since the British left many years ago, has been overriding any budgets put forth by the Republicans. He is trying to justify his yes vote on taxing anything and everything, under his property tax lowering governor! Like the huge pay raises for the 2 sherriffs put forth yesterday, the huge job salary of 2 new pike hires, and of course the $175,000.00 salary to a position that has not been filled in 12 years, under the Rep. administrations. But that is the GOP's fault! Moron. His liberal spending of eveyone else's money is the reason we are where we are! It is his great party that is passing laws to pay huge bonuses to AIG executives, his party that has spent probably in excess of 3 trillion dollars, and he talks about the GOP mortgaging our future. Ask him what he has done since being elected, nothing! Oh forgive me, he has mastered stuffing that snout of his into the trough, the one that paid him a 5.5% raise to tell all the Towns he represents they are getting less money! He is the problem, not a solution to the problem. I do have to congratulate him though for one thing, keep talking you are showing how much of an idiot you trully are.
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