March 17, 2009
Would Taxing AIG's Bonus Recipients Be Constitutional?
Posted by David Zaring

Larry Tribe thinks a clawback tax of AIG's bonus-receiving executives would not violate the Bill of Attainder clause.  Hat tip, Nate Silver, who thinks it would be a bad idea.  The sainted sanctity of contracts certainly is doing the bailout no favors, either here or with regard to cramdowns of securitized mortgages.  Anna Gelpern and Adam Levitin, by the way, have a proposal for making those rewrites happen here.

UPDATE: I open the Times today only to see that Larry Cunningham - my co-author - has a characteristically insightful take on the legal remedies that the government might pursue.

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