A.I.G. Update

This afternoon, the House overwhelmingly voted to levy a 90% tax on bonuses paid to employees by companies accepting more than $5 billion in bailout money. The legislation is retroactive to January 1, 2009 and would apply to nearly a dozen companies, including A.I.G. which doled out some $165 million in bonuses this week. The legislation would not recover the $55 million in bonuses A.I.G. gave to its employees last December.

In a related development, six hundred and fifty seven large law firms in New York and Washington, D.C. posted emergency job openings on Craigslist this evening to meet "anticipated growth opportunities" in their corporate tax departments.