TAX MUTINY: Our Only Alternative?

The news on bailout abuses keeps getting worse.  Now, not only are the CEO’s of companies who received bailout funds admitting their extravagant expenditures, they are also defending them.  They are proud of their entitlements.  Bonuses, corporate jets and gluttonous retirement/severance/golden umbrella packages are the order of the day.  Maureen Dowd in The New York Times today quotes a totally non-remorseful John Thain of Merrill Lynch and Bank of America:

Pre-existing contracts may have allowed these abuses to occur.  However, haven’t these giants of industry heard of the term “austerity”?  Regardless of the fact that they may have had in place certain contractual perqs tied to their jobs, this is not the time to accept those, especially by using  public, tax payer funds to fulfill those contracts.  Their companies were broke, or at best, headed that way, when the bailout funds came into their coffers.  No perqs should be taken because the new funds are a LOAN to their companies for the general well-being of the company, not for their and other employees’ personal enrichment.

Since I am one of those taxpayers providing such funds, I am formally calling for a TAX MUTINY.  What other alternatives do we have?  Here we are, hostage to the incompetent lawmakers who passed this $750 bailout last fall without any restrictions on how the corporations may spend it.  It seems, so far, that many financial institutions have squirreled away these funds, not making them available to the people for loans, and the only spending that is happening is for the executives’ own personal enhancement.  Not only were our lawmakers negligent, but they trusted our money to morally bankrupt captains of industry.  No Siree.  We all need to withhold some funds from our tax returns to show our common solidarity in not supporting this theft of our hard earned dollars.

Arianna Huffington echoes my anger at these flagrant abuses:

We do need much more oversight on the bailout assets and hopefully, that is on the horizon.  However, wouldn’t it have been  prudent to initiate rules on their proper use BEFORE the funds were allocated?  Isn’t that just plain common sense?

Obama is on to this fraud.  With the public enraged, Congress eating crow for their lack of forethought and oversight last fall when they authorized the bailouts, I hope these abuses will be remedied immediately.

If not, come visit me in the federal penitentiary where I will be unceremoniously thrown after I refuse to pay my taxes as part of the bailout.  I like chocolate ice cream and Pepperidge Farm double chocolate Milano cookies.


One Response to “TAX MUTINY: Our Only Alternative?”

  1. marabella Says:

    this will be perfect – i can add a song about your heroic resistance movement to my list of songs about federal prisons. which one will they put you in?

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