Stickybuffalo.com

Here’s a juicy quote from some corporate tax lawyer from a recent AP story on how Senate Republicans are blocking efforts to tax the AIG bonuses (surprise, surprise). It appears in the context of a discussion of the possibility that legislation preventing bonuses will lead to corporations raising salaries to match what employees lose in bonuses.

Here it is:

“‘If the vast majority of bonuses become fixed salaries that would harm the institutions because they would have higher fixed costs,’ Willens said. ‘What happens if the bank suffers through a poor year? It has all these fixed obligations they have to meet. That’s the beauty of the bonuses.’”

Um, I’d say the bank has suffered through a pretty poor year. A year so poor that it needed to accept billions of dollars of government bailout money to stop it from utterly collapsing. And yet it still felt obligated to pay out these ludicrous bonuses. How is that ANY DIFFERENT from what he’s talking about?

Seriously, how does this guy have a job?