Monday, January 11, 2010

Proof positive that the Obama administration only cares about the headlines

In October the Obama administration passed a rule adding a 90% tax on the top 25 jobs at the companies that accepted certain bailout monies.  At the time I predicted that the people in those jobs would quit and those companies would be leaderless.

Now it seems that the Obama administration is simply ignoring these companies flouting this new rule.  Instead of letting these top people quit, the companies are upping their bonuses by 90% before paying the 90% tax.  So the companies are paying the tax themselves, instead of letting it hit these employees.

Either the Obama administration is completely not paying attention.  Or they realized the real consequences of their rule and decided to not enforce it by blocking this loophole.  Or they just don't care.

Those are the only three options.  The third option is the least damaging to the administration, so I'm going to give them the benefit of the doubt.  Apparently they were only interested in the appearance of doing something, in the first place.  This is not how government should be done.

I should have realized that at the time I made that prediction.  My prediction proved to be wrong because I made the incorrect assumption that the Obama administration actually intended to enforce their rule and be taken seriously.  (sigh)

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