Dodd suggest Bill of Attainder for AIG bonuses

Fox News:

As public and political outrage grows over $165 million AIG paid as bonuses to executives while taking billions in taxpayer dollars, an idea is germinating in Congress. If you cannot get the money back, tax the bonuses.

"It's an idea very much at the embryonic stage," said Senate Banking Committee Chairman Chris Dodd, D-CT, "You can write a tax provision targeted specifically at 98% of the taxable proceeds."

Dodd said that "doesn't violate the terms of the contracts," referring to legally-binding agreements that appear to preclude government action.

Senate Finance Committee Chairman Max Baucus, D-MT, says his staff is reviewing such a proposal. He called it a "worthy" idea but said he needs to know more about how it would work.

Dodd says this is something that "could happen fast. We could write this tomorrow."

...

Before they write the bill perhaps they should look at the contracts and see what the bonuses were for. Usually contractual bonuses are for producing revenue for a company through sales. If the government decides to try to take a bonus that was earned through the sale of AIG products that generate income for the company, they will lose the sales staff and drive the company further into decline.

Not only does the Dodd proposal sound like a Bill of Attainder which is specifically prohibited by the Constitution, it also sounds like they are trying to give it an ex post facto application, which is also prohibited. These guys need to take a breath and gather the facts before they rush an unconstitutional bill to Obama's desk. If they think the bonuses are making them look bad, what they are proposing can make them look even worse.

CNN also reports on the attempt by Dodd and other Democrats to pass a bill of attainder against those receiving the bonuses. It appears they have no concept of salary structure and the importance of bonus to keep top revenue producers.