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The House just passed a bill to “levy a 90 percent tax on bonuses paid to employees with family incomes above $250,000 at companies that have received at least $5 billion in government bailout money,” says AP. (Reason‘s David Weigel calls it the “Fuck you, AIG” bill.) We’ll see whether this hastily-cobbled bill gets anywhere in the Senate — Harry Reid wants the matter resolved quickly, but someone over there must be thinking about the constitutionality of such a law, as Fox News and Slate have, with predictably diverging conclusions.
Meanwhile our local ass-kicker Andrew Cuomo is threatening to take AIG to court if they don’t came across with the names of the bonus recipients, which he subpoenaed this week. We wonder where all this is going; maybe not far. The bonuses have become a heat-sink for bailout anger in general, and the purpose of heat sinks is to draw heat away from the rest of the system.