Tuesday, March 24, 2009

AIG Update: Vindication [UPDATED]

Last week, I noted that the the punitive-tax bill targeting bonus-receiving AIG execs was "clearly unconstitutional." At least one commenter took exception to that; at the time, Rick had an ally in left-leaning Harvard (Constitutional) Law Professor Lawrence Tribe. Professor Tribe opined that "the goal is not to punish corporate executives generally, but is simply to ensure the appropriate use of government funds," and thus was not a Bill of Attainder.
But that was then, and this is now:
Score one for IB (et al).
I also made the point that were such a bill to become law, it would be challenging (to put it mildly) to find competent executives to help right the listing ship of industry; after all, "who wants to take that job for free?"
Score 2 for the good guys.
Okay, enough with the "atta boy's." Back to work.
UPDATE - And thus it begins: I suspect that this is merely the first in what will be a litany of (now former) AIG execs who have "had enough:"
Read the whole thing.
And remember it when the gummint has a hard time finding competent folks to rebuild the devastated companies; you own more than one.
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