43. H.R.1664: To amend the executive compensation provisions of the Emergency Economic Stabilization Act of 2008 to prohibit unreasonable and excessive compensation and compensation not based on performance standards.
Sponsor: Rep Grayson, Alan [FL-8] (introduced 3/23/2009) Cosponsors
(8)
Committees: House Financial Services
Latest Major Action: 3/23/2009 Referred to House committee. Status: Referred to the House Committee on Financial Services.

I take particular umbrage with the phrase, "compensation not based on performance standards." You see all compensation is based on performance. Even the guy you pay to stay away has to do something to get his pay. He has to stay away. Grayson is obviously referring the AIG executives who received bonuses. It is coming out now that Congress knew about these bonus contracts when they gave AIG their money but they didn't say anything about it at the time. If you wanted to make seven figures worth of bonuses an issue, you should have done so before you handed over eleven figures worth of bailout.

Beyond that, these 90% and 100% taxes being discussed amount to playing dirty pool. The people who agreed to stay on at AIG did so based on those bonuses. I understand where they are coming from. I once left a job and came back for one week to put things in order. I didn't like working there which was why I not only left, but left without another job to go to. I would not have continued my ordeal another week if I hadn't been paid a full month's worth of pay for that one week. It would not have been worth it to me.

And now everyone looking to take government money to assist with financial recovery will be thinking about not taking the money because some dirty trick like this might be pulled on them.

I have an idea for a performance standard-based pay system. How about we withhold your pay until the national debt is paid off. Or even a balanced budget passed. Congressional spending and overtaxation is one of the primary keys to our financial problems right now. Sure AIG is culpable, but bills like this show how as bad as certain companies have performed lately, Congress has performed worse.