House Approves Steep TARP Bonus Tax

Law360, New York (March 19, 2009, 12:00 AM EDT) -- After American International Group Inc. CEO Edward Liddy told the House of Representatives on Wednesday that there was nothing he could do to take back AIG's controversial retention bonuses, the House rushed to action by approving a 90 percent tax on all TARP-funded companies' bonus payments.

The bill, H.R. 1586, passed the House on Thursday by a vote of 328 to 93, making it the first legislative measure voted on by Congress to address the $165 million in retention bonuses AIG announced it had paid employees...
To view the full article, register now.