According to channelnewsasia:

WASHINGTON : Top US senators expressed disquiet Sunday over a populist bill aimed at taxing nearly all of AIG-style bonuses, querying whether it was constitutional and if it might delay economic recovery.

The bill moves this week to the Senate after passing overwhelmingly through the House of Representatives on Thursday. Senators on both sides are looking at diluting its punitive levy of 90 percent.

“I’ve got my doubts whether that’s the best way to do this,” Senate Budget Committee chairman Kent Conrad said on ABC’s “This Week” program.

Read the full article at channelnewsasia:

- Coming from the insider source which is one of my family member who is a AIA agent, the very notion of condemning AIG had already set AIG into it’s own quiet death sentence.

Imagine the outcry by the public who owns a AIA policy who are paying much more then local insurance policy are just begging to switch to the cheaper alternative almost immediately after hearing AIG’s wrong doing with the bonus giving to retain “top executives”.

Lot’s of agent’s pay was tied down to the commission of their past customers monthly premiums and with many policy holders rushing to default their insurance in a hurry causing many agents to find themselves in the losing end.

The spiral of doom just kept on going when the US Government decide what to do with AIG to tax their bonus or sack those involved.

In the mean time, those involved probably pad each other backs well done and submit their resignation letter and go on retirement using the taxpayers money.

The whole affair smells fishy and quite similar to MLM marketing where the top few executives that override commissions of the majority of the lower level executives and the people below just suffer badly clocking in insane number of hours.

Now that the insurance agents are suffering due to the bad press caused by the top executives making AIA the worst “company” to start your career in the world.

What can then regain the consumer confidence in insurance as a whole, not just AIA….what can we do to rebuild the lost confidence in the economy like banks and insurance companies?

Let me list a few of my ideas

1. No more investment linked policies for insurance.
2. Transparent & clearly written risk listed in all of the brochures in banking products.
3. Full control of the investment if any to default the investment in any time.
4. Full disclosure of all events in related to the investment to a timely RSS reader to all investors.
5. Closely monitoring the hard selling technique used by rouge agents that sells by “peer pressure” methods and “confuse and conquer” methods.
6. Criminalise multi-level commission marketing technique as it constitute to slavery especially when the company is owned by the government & using taxpayers money.
7. Jail all bonus takers who never return up to 80% of their bonus taken illegally.
8. Let failing companies to CLOSE down…since their “corporate” governance obviously flawed.

Once all the above is achieved, let the government control over the hiring of the CEOs and the compensation method of insurance policies and retain “honest” workers.

Old Style insurance supposedly be a protection coverage of high cost of unfortunate accident, disability, hospitalization or death….and now it had diverted into loan, savings, investment, fund managed comoditties high risk investments…to almost simulate a full fledge bank.

Let’s bring back the old style insurance back and keep the premiums affordable with lower risk invovled for the consumers to win back their confidence to buying insurance once more.

For banks, those empty shell investment banking should all close down and do their primary function to deposit money and simple credit facities instead of “investment linked”.

Speculative profit driven trading should be limited to licensed traders only that only trade base on actual demand and supply not just to profit by buying and shorting the market.

Keep the market simple and not to make it just for the few individuals to be super rich but be fair to the rest of the population.

If trading is allowed without regulation then ALL people including the kids should be allow to trade, educated how to trade since young and given a netbook to everyone to trade….and eventually crash the market by similar panic selling.

Now the world is suffering while a small group of ultra-rich people laughing at the expense of others….this should be stopped.

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