The Uproar of AIG Bonuses

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House Passes Bill Taxing AIG and Other Bonuses

Acting with lightning speed, the Democratic-led House has approved a bill to slap punishing taxes on big employee bonuses from firms bailed out by taxpayers. Video by AP

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Washington

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In a March 17 letter, Baron Christopher Hanson wrote: "Many Americans go to work knowing that they will be compensated in the future for the value of financial transactions they produce today."

Precisely. On the basis of the value of their past financial transactions, the executives of AIG Financial Products have earned a bonus of minus $165 million.

Can't distribute negative bonuses? Oh, well. Split the difference and call it "zero."

HERBERT WEINBLATT

Chevy Chase