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February 13, 2012
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Menachem Wecker: Though Controversial, LL.M.'s Can Lead to Specialized Legal Jobs
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February 7, 2012
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Jonathan Tobin: Iran Threatens Israel With Destruction, But the New York Times Doesn't Hear It
Jeffrey Fleishman: In newly democratic Egypt, tens of democracy activists jailed, to stand trial; their groups are 'threatening the stability of the homeland'
Julie Deardorff : Researchers say antioxidants may not be that effective and could do more harm than good
Mark Clayton: How did Anonymous hackers eavesdrop on FBI and Scotland Yard?
February 3, 2012
Edmund Sanders : Israeli official says Iran is creating missile that could reach East Coast of US
Victoria Kim: Immigrant-smuggling ring used black drivers to avoid racial profiling
February 2, 2012
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Reza Kahlili : Ex-CIA spy in Iran's Revolutionary Guard: What Obama doesn't grasp about striking deals with Tehran
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February 1, 2012
Brian Bennett: US officials see increasing threat of domestic attack from Iran
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January 31, 2012
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Paul Richter and Ramin Mostaghim: Misreading Teheran's limits -- deadly and economically devastating as they may be -- is a risk administration, Europe seem willing to take
Suzanne Bohan: Warning: Nap-deprived tots missing more than sleep, study finds
Meg Handley: Banks Revamping Rewards Programs to Woo Customers
January 27, 2012
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Yochonon Donn: In liberal New York City, fervently-Orthodox Jews may soon be getting a district to call their own
Jeannine Stein: An inflated ego and thinking you're 'all that' doesn't just make others sick of you, it can make you ill
Katy Hopkins: New budget rules may affect how much money you get for college
January 26, 2012
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Jeannine Stein: Mental illness struck one in five U.S. adults in 2010: Report
January 25, 2012
Richard Simon: House passes two bills endorsing the use of religious symbols at military memorials
Fred Weir: Putin: Multiethnic Russia cannot survive as a US-style 'melting pot'; must find its own way
Susan Johnston: 5 Sneaky Coupon Strategies Consumers Should Watch Out For
January 24, 2012
Carol Clark: The price of your soul: How your brain decides whether to 'sell out'
Caroline B. Glick: America lost most in 'Arab Spring'. Sadly, many voters still don't grasp the extent
Warren Richey: Drug criminal scores win in GPS ruling from conservative-leaning high court
Erika Bolstad: Black conservatives gather to talk about gaining strength
January 23, 2012
Melissa Dribben: Jewish voters to play a key role in Florida's Republican primary
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Ali Safi: U.S. envoy gives Taliban terms for peace talks
January 19, 2012
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Frank J. Gaffney Jr.: No-kidding red lines: U.S. response to an Iranian nuke may be bluster, but Israel's won't be
David G. Savage: They sued their principals after slandering them online --- now the cases are headed to the Supreme Court
David Francis: Where to Invest in 2012: With stocks expected to rebound, opportunity abounds for investors
January 13, 2012
Ben Lynfield: Israeli lawmakers move to annex Jewish Judea, one museum at a time
Alexia Elejalde-Ruiz: Thriving through touch: Gentle massage helps older people with low mobility improve in mind and body
January 12, 2012
Warren Richey: Landmark Supreme Court ruling a 'resounding win' for religious groups
Warren Richey: Supreme Court says no to new rule on eyewitness testimony
John Fauber : Statins found to raise diabetes risk in postmenopausal women
Katy Hopkins : Consider This Before You Pay for an Online Degree
The Kosher Gourmet by Joseph Erdos: This mushroom and barley soup has an intense -- almost nutty -- flavor that mixes robust with Middle East. It has creaminess without cream
January 11, 2012
Shari Roan: Millions of atrial fibrillation sufferers at risk for devastating, but preventable, stroke
Tom Hussain: Pakistan -- recipient of more than $21 billion in civilian and military aid -- speeds pursuit of Iranian pipeline, defying US
David G. Savage: High court signals it won't be loosening TV's 'indecency' rules
Stephen Ceasar: Oklahoma's Islamic law amendment can't go into effect, court rules
January 10, 2012
Reza Kahlili: From an ex-CIA spy: US must exploit new split in Iran's Revolutionary Guard
Karen Kaplan: Study: Nicotine replacement products ineffective when used in real-life situations
January 9, 2012
Michael Doyle: Put through legal hell over dream home, couple fought back hard --- all the way to Supreme Court
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Jewish World Review
March 23, 2009
/ 27 Adar 5769
Congress, overtax thyself
By
Debra J. Saunders
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http://www.JewishWorldReview.com |
There is no group more dangerous than one with some power, no scruples and leaders who think that they are really smart and that everyone else is really, really stupid. That description sadly fits not only the Wall Street swells whose credit default swaps toppled U.S. financial markets but also Congress.
Like you, I am outraged at the $165 million paid out in AIG bonuses. I'm furious at the very notion of a bailed-out-by-taxpayers corporation meting out bonuses to anyone "regardless of performance," according to The New York Times' DealBook. Most galling of all, recipients include geniuses from the department that tanked AIG with bad paper.
But as Americans keep discovering, bad can get worse. Witness the House bill that passed Thursday by a 328-93 vote to levy a 90 percent tax on bonuses for executives at corporations that got more than $5 billion in bailout bucks. House Speaker Nancy Pelosi proclaimed: "With this resolution, I think that we are making two important statements. One is that the administration should continue in its efforts to recoup, recover the money and prevent these bonuses from going forward. And the other is that we want our money back and we want our money back now for the taxpayers."
Two statements? What about: By about a 328-93 ratio, House members would vote to throw their mothers out of the lifeboat to save themselves.
Here's the short version of why that House vote is probably unconstitutional. As Rep. Dan Lungren, R-Calif., noted before his "nay" vote: "There is something called a bill of attainder. You can't punish a group because you don't like them. You can't have them treated more onerously than somebody else without a trial."
Now for the question as to whether there is any honor left in Washington. President Barack Obama and Congress had the opportunity to pass a measure before the AIG bonuses were paid to limit bonuses paid by corporations that have received federal bailout funds. Yet Congress failed to do so.
Au contraire , the Obama stimulus package included a measure to protect "any bonus payment required to be paid pursuant to a written employment contract executed on or before February 11, 2009."
Sen. Christopher Dodd the largest recipient of AIG executives' political contributions in the U.S. Senate, according to the Center for Responsive Politics told CNN Tuesday that he had no idea who inserted that language into the Obama stimulus bill. Then Wednesday, Dodd was forced to admit he himself had submitted that language at the request of the Obama Treasury Department.
In California this week, President Obama told a town hall meeting: "I know Washington's all in a tizzy, and everybody's pointing fingers at each other and saying it's their fault, the Democrats' fault, the Republicans' fault. Listen, I'll take responsibility; I'm the president."
After the House passed the tax-the-bonuses bill, Obama announced, "Now this legislation moves to the Senate, and I look forward to receiving a final product that will serve as a strong signal to the executives who run these firms that such compensation will not be tolerated."
It would be a sorry example of taking responsibility for Obama to sign a measure that goes back on not only his own stimulus package but also the very language that his people asked Dodd to insert. I feel as if I'm watching a movie in which a hired thug kills someone and then another hired thug kills the first thug and then another thug kills the second thug.
In less than two months in office, Obama has shown that in a town full of snakes, he's the fastest runner. Who on Wall Street will trust him now?
On Monday, Sen. Charles Grassley, R-Iowa, suggested AIG executives take old-fashioned responsibility and show remorse for their failures and "resign or go commit suicide," a statement that Grassley later half-rescinded Washington-style.
Actually, AIG Chief Executive Officer Edward Liddy was working on just that. As he told a House Financial Services subcommittee Wednesday, some bonus recipients volunteered to return 100 percent of their bonuses, and he was asking those who make more than $100,000 a year to return half.
If Liddy can step up to the plate, why not Congress and Obama? If Washington truly believes that entities that screw up should not be subsidized by taxpayers and if Obama truly believes in taking responsibility, then Congress should pass and the president should sign a bill to levy a 90 percent tax on the pay and benefits of Congress and the president. Or they could match AIG and go halves.
Or do members want to argue that more than financial institutions, their precious hides are what is too big to fail?
Every weekday JewishWorldReview.com publishes what many in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.
Comment JWR contributor Debra J. Saunders' column by clicking here.
Debra J. Saunders Archives
© 2009, Creators Syndicate
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