Wyden Speaks Out Against Wall Street Bonuses from TARP funds

Financial institutions that used federal bailout funds to pay employees bonuses in excess of $100000 will be required to compensate taxpayers under a provision that will be introduced today by US Senators Ron Wyden (D-Ore.) and Olympia Snowe (R-Maine). The provision which the Senators will offer as an amendment to the American Recovery and Reinvestment Act of 2009 will require financial institutions that received funds from the Troubled Asset Relief Program (TARP) to either repay the cash portion of any bonus paid in excess of $100000 early within 120 days of the amendments enactment or face an excise tax of 35% on what is not immediately repaid to the treasury.