Last night on the Jay Leno show, we had the first US President ever making an appearance on a late night comedy show. Jay Leno did his best to be a serious interviewer and asked questions about AIG and the economy. "If AIG had been allowed to go into bankruptcy, it would've brought the whole financial system down......We're going to do everything we can to get those bonuses back."
In this vein, the US House of Representatives passed a bill last night that would impose a 90% tax on bonuses granted to employees who earn more that $250,000 at companies that received more than $5 billion in TARP funds. The bill passed by a wide majority of 328-93 and would be retroactive to December 31st, 2008. Citigroup Inc., J.P. Morgan Chase & Co., Wells Fargo & Co., Bank of America Corp., Goldman Sachs Group Inc., Morgan Stanley, PNC Financial Services Group Inc. and U.S. Bancorp have each received more than $5 billion under the TARP program according to the WSJ.