March 19, 2009
AIG Bonuses & Constitutional Remedies
What are the constitutional ramifications of Congressional action seeking recoup of the bonuses paid to AIG executives?
Over at TaxProf Blog, Paul Caron has a great post with supporting materials for Larry Tribe's
opinion that "the proposed 90% tax on the bonuses paid out by AIG would pass constitutional muster under the Bills of Attainder and Ex Post Facto clauses Article I, Section 9; the Contract Clause of the Article I, Section 10; the Due Process Clause of the Fifth Amendment; and the Takings Clause of the Fifth Amendment."
Over at Balkanization, Sandy Levinson argues in his post that Congress could abrogate the contracts: "the Contract Clause prohibiting the "impairment" of contracts applies, textually, only to state governments, not to the national government."
One of the most innovative ideas I've seen - - - and one seemingly not being considered by Congress - - - comes from ConLaw Prof, Mae Kuykendall.
She posted what she calls a "novel" notion on the ConLawProf listserve; it is quoted here with her permission:
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