AIG hysteria reaches fever pitch

Updated

America is pissed -- and so are its Congressmen. According to MSNBC.com, the House of Representatives and Senate is each expected to introduce legislation that will levy a tax on bonuses awarded to executives of companies receiving bailouts. The tax rate in the House's version? Ninety percent. Ouch is right.

Of course, such a draconian measure is probably unconstitutional, but the rage over the American International Group Inc. (AIG) bonuses is so great that questions of legality have become secondary. Rep. Barney Frank (D-MA) is even arguing that the government should file suit to get the money back. Legal experts predict both efforts have little chance of standing up in court. The chances they could make a few tens of millions us feel a little better, though, are substantially higher.

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