Wednesday, March 10, 2010

Charles Schumer and Kirsten Gillibrand Working Behind the Scenes to Save Banker Bonuses

Ben Protess of The Huffington Post Investigative Fund has some well done journalism on legislation which would tax fat-cat Banker CEOs' bonuses.  Banker bonuses have been a source of much of the extreme anger by American voters.  This is something one would assume politicians would pick up on, on their antenna, but not Charles Schumer or Kirsten Gillibrand.  The thoughts of the average voter on huge banker bonuses has little sway over 2 politicians (Schumer and Gillibrand) receiving so much money from large banks and their lobbyists.

Senators Jim Webb of Virginia and Barbara Boxer of California wrote legislation together which would impose a one-time 50% tax on 2009 year bonuses which went above $400,000 which would only be paid by those 13 banks which had received the most in government/taxpayer bailouts.  Charles Schumer and Kirsten Gillibrand having been working behind the scenes to kill it.

The vote was actually held late on Tuesday (yesterday March 9, sorry for my lateness on this).  Ben Protess at Huffington Investigative updated this.  The bonus tax failed to pass, but it could be attached as an amendment to another bill.  Senator Jim Webb was quoted on MSNBC saying they (Webb and Boxer) haven't quit trying.

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