AIG: Democrats Shredding the Constitution

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AIG hired (or retained) employees to supervise and wind down the financial products division's book of business, then well in excess of $2 trillion. Since the business was being wound down, these jobs were not great career opportunities. So AIG entered into agreements with its employees that if they would stay for a given period of time, they would earn a bonus. The bonuses that fueled the current controversy were paid to employees who held up their end of the bargain by remaining with AIG.

So an employee is promised a bonus if he stays on and works another year in what would otherwise be a dead-end job; in reliance on that offer, he stays and works for a year. Now Congress wants the bonus back. It's hard to understand how that comports with anyone's idea of fairness, let alone legality.

Remember when George Bush was "shredding the Constitution?" Ah, those were the good old days! Now we have Congressional Democrats trying to give themselves political cover by advocating patently unconstitutional legislation singling out a few hundred employees of a single company for a "tax" that would reclaim money that they were promised, and earned, with the full knowledge and consent of the Federal Reserve and, it turns out, Congress.