Tales from the Trail

Tell us what you really think Senator Grassley

WASHINGTON – How outraged can they be?

U.S. lawmakers are clearly outraged by the $165 million in bonuses being paid to executives at bailed-out insurer American International Group. For the last two days, they’ve been talking about it in press releases,  at news conference and in speeches on the floor of the Senate and House.

But no one says it more colorfully and more bluntly than Republican Senator Chuck Grassley — so far.

grassley“From my standpoint, it’s irresponsible for corporations to give bonuses, at this time, when they are so sucking the tit of the taxpayer,” Grassley said at a news conference on Tuesday.

Grassley, an Iowa farmer, is most likely just channeling what many taxpayers are thinking.

The U.S. Treasury and Federal Reserve has put up to $180 billion at AIG’s disposal to keep them afloat and prevent the insurance giant from sinking the global financial system. The company said it had contract obligations to pay out some $165 million in retention bonuses to employees.

The First Draft: tax torture

The second round of Barack Obama‘s cabinet picks undergo their Capitol Hill hazing today. Who else screwed up on their taxes? Our elected representatives are sure to find out.

USA-OBAMA/ANNOUNCMENTConfirmation hearings today: Tom Vilsack for Agriculture Secretary; Lisa Jackson for the Environmental Protection Agency; Peter Orszag at the Office of Management and Budget; and Erik Shinseki at Veterans Affairs.

Keep an eye on Iowa Republican Sen. Chuck Grassley. He’s the one who revealed that Timothy Geithner, who as Treasury Secretary would oversee the IRS, made a hash of his tax returns. Will Grassley make the issue more than simply an embarrassment for the Obama administration’s top money man?