I sent this to Representative Smith and Senators Cantwell and Murray:
I am writing to urge you to not support any measure which imposes a special tax on those companies that have received government ‘bailout’ monies.
Like many others, I am very angry that these companies made poor financial decisions based on greed and have gotten themselves into such a mess that the taxpayers need to bail them out. I’m even angrier that the executives have chosen to accept their bloated bonuses and fat paychecks despite their demonstrated incompetence.
However, for government to step into the financial arena via this proposed ‘special tax’ is a very bad precedent. these companies need financial support and oversight, and perhaps those executives accepting these bonuses should have their salaries reduced to minimum wage for a year (or two), but a special tax is a poor legal decision when there are contracts to be upheld. (Reducing their salaries is a perfectly acceptable measure for the companies to take, and if the executives don’t want to accept that, then company gets cleaned out of the deadwood, naturally.)
I realize I am likely a lone voice in all of the anger, but I don’t think government involved in this matter.
Thank you for your attention to my opinion.
Maybe I’m crazy, but this is not the business I want my government in. As an HR person, I particularly feel that interfering in how a company manages its employees via salaries and bonuses is just a very bad idea. I’m angry enough, however, to strongly recommend that they be penalized with reduced salaries — if they choose to leave, then so be it. Hopefully they’ll never find a job again.
EDIT: The bill was passed by “an overwhelming majority.” Details here: http://news.yahoo.com/s/ap/aig_outrage