Bitches Got Owned

From the New York Times:

Spurred by anger over A.I.G. bonuses, the House voted 328 to 93 to levy a [retroactive] 90 percent tax on bonuses paid by any company owing more than $5 billion in bailout money. …

In a statement, President Obama suggested he was supportive of the legislation, urging Congress to deliver a “final product that will serve as a strong signal to the executives who run these firms that such compensation will not be tolerated.”

Since this applies to every company owing more than $5 billion in bailout money, this would effectively eliminate the “keeping top talent” argument, the primary reason why exorbitant bonuses are tolerated, because every other company will be limiting its bonuses.