SAN FRANCISCO (MarketWatch) — Top Wall Street executives reacted harshly on Friday to proposed legislation that would punitively tax bonuses awarded to employees at firms receiving federal assistance.
Citigroup Inc. Chief Executive Vikram Pandit and Bank of America Corp. Chief Executive Ken Lewis issued strongly worded internal memos about the proposed tax legislation, according to the online edition of The Wall Street Journal, while J.P. Morgan Chase & Co. Chief Executive Jamie Dimon sought to reassure his top executives that the firm is engaging with lawmakers on the matter.
The legislation, passed by the House on Thursday, would impose a 90% tax on bonuses for employees making over $250,000 a year at companies receiving at least $5 billion in federal aid under the Troubled Asset Relief Program, or TARP.
Citi’s Pandit criticized the proposed legislation in a memo to employees on Friday, arguing that it could result in the firm losing top talent.
Yearly Archives: 2009
From The New York Times:
WASHINGTON — Michelle Obama left the glittering splendor of the White House on Thursday to visit one of the poorest neighborhoods in the capital to push, prod and inspire struggling high school students.
Her visit to a public school was the start of a star-studded career day organized by Mrs. Obama, who said she had long dreamed of gathering an “amazing group of women” to talk to young people.
On Thursday, the first lady and 21 other women — including the singers Sheryl Crow and Alicia Keys; the former astronaut Mae C. Jemison; Gen. Ann E. Dunwoody of the Army, the first female four-star general; the actor Alfre Woodard and the makeup maven Bobbi Brown — scattered to public and private schools across the region in honor of Women’s History Month.
From The Fix at The Washington Post:
Evan Bayh’s announcement […] that he and 14 other Democratic senators had begun to meet weekly to discuss ways in which the moderate/centrist wing of the party could ensure its voice is better heard by the White House and Senate leadership is the latest example of the Indiana Democrat’s increased willingness to critique — and tweak — the Obama administration.
Original DVD cover.
[left to right, bottom: Mary Landrieu (LA), Herb Kohl (WI), Claire McCaskill (MO), Mark Begich (AK), Mark Warner (VA), Evan Bayh (IN); top: Ben Nelson (N), Joe Lieberman (CT), Mark Udall (CO), Jeanne Shaheen (NH)]
From Clarence Page at the Chicago Tribune:
Call it the Battle of the Conservative Blondes.
Let other candidates’ kids shy away from the spotlight and wuss out of political scuffles. Megan McCain won’t back down.
There was Sen. John McCain’s blogging daughter on St. Patty’s Day, fresh from a verbal throw-down with conservative insult-wench Ann Coulter and responding with cool poise on “The View” to a snarky attack from conservative radio show insult-puppy Laura Ingraham.
From Crooks & Liars:
Seriously, is there anyone more annoying than Tucker Carlson? The least self-aware pundit on TV, still nursing his own bruised ego from the thorough spanking he received at the hands of a comedian that took down his show, cried that Jon Stewart is nothing more than a partisan hack in “attacking” Jim Cramer. Mr. “I’m an ideologue, not a partisan” repeats the favorite GOP meme that Cramer was only attacked because he dared to criticize Obama’s budget. Hmm … repeating GOP talking points … but Carlson’s not speaking on behalf of his party, no sirree.
From Digital Journal:
Democratic National Committee expresses frustration with the Republican Party’s empty rejections of President Obama’s plans. No is not enough in the business of solutions.
House Republican Leader John Boehner is fond of saying no. The New York Times reported today that Congressman Boehner and his colleagues refused to offer an alternative to the Obama team’s plans, specifically including President Obama’s budget. Rep. Boehner defended this position, stating that his party’s lawmakers are not obliged to offer any plans and that they “ought to get the idea out of their minds that they are legislators.”