Monday, March 23, 2009 | 2:04 a.m.
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Any confiscatory tax on the unpopular AIG bonuses will undermine the institution of private contracts and is no more than a cover-up by elected officials and Treasury staffers, including Secretary Timothy Geithner, to avoid accountability for their own mistakes and miscalculations.
AIG disclosed these bonuses in a May 2008 Securities and Exchange Commission filing, and Congress and the administration failed to take note of the matter and implement appropriate changes. We have no business undermining the institution of private contracts to offset the mob mentality of outraged people, and weak-kneed politicians.
We are still a republic that recognizes the rule of law, and this is the correct path to follow in the present AIG bonus dispute.
I would be remiss not to mention the distortion and deceit of both Sen. Chris Dodd and Geithner in connection with this matter. They have misrepresented what they knew and what they did about the AIG bonuses. Dodd should be voted out of office, and Geithner should step down.
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