Wednesday, April 01, 2009

Pay for "performance"?

Politicians and governmentalists continue to make the case for tax havens without even noticing:

While Congress has been flaying companies for giving out bonuses while on the government dole, lawmakers have a longstanding tradition of rewarding their own employees with extra cash -- also courtesy of taxpayers.

Capitol Hill bonuses in 2008 were among the highest in years, according to LegiStorm, an organization that tracks payroll data. The average House aide earned 17% more in the fourth quarter of the year, when the bonuses were paid, than in previous quarters, according to the data. That was the highest jump in the eight years LegiStorm has compiled payroll information.

Total end-of-year bonuses paid to congressional staffers are tiny compared with the $165 million recently showered on executives of American International Group Inc., which is being propped up by billions of dollars of U.S. government subsidies. But Capitol Hill bonuses provide a notable counterpoint to the populist rhetoric and sound bites emanating from Washington these past weeks.
The troughs are full, all is well, send more money.

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