Lunchtime Links: 90% income tax proposed at TARP banks in the US

In an ominous echo of 1970s Britain, US lawmakers are toying with excruciatingly high taxes on the wealthy. In the 1970s, tax on earned income in the UK topped 83%. Bloomberg reports that the US House of Representatives, is proposing a marginal tax rate of 90% on income in excess of $250k, bonuses included. The rate would apply to companies that have received more than $5bn in TARP funds. It would not apply to their overseas subsidiaries.

BofA wants to pay back all Tarp money this year. (CNBC)

Ken Lewis - we're only just getting started firing people. (CNBC)

AIG wants half its bonuses back. (NY Times)

AIG reinvents the trader's option. (Financial Times)

Citigroup engaging in a little office redecoration. (Bloomberg)

RBS and Citigroup cancel jets for top execs. (Reuters)

RBS cutting 2,700 jobs in the UK. (BBC)

Jamie Dimon did not get a cash bonus. (CNBC)

Banks short of shares to pay bonuses with. (Zero Hedge)

Cantor in state of rapid expansion. (Financial News)

Roddie Fleming needs cash, sells farms. (Telegraph)

Divorcee, former banker, can't live on $143m. (Independent)

Dismissal helped get me going. (The Times)