In it, but not of it. TPM DC

Senators to Geithner: You Could Have Backed Our Bonus Reforms

The proposal would retroactively recover all cash bonuses to bailout recipients that exceeded $25,000, and companies that didn't return the money would be subjected to a 35% excise tax. (AIG, under this arrangement, would have had to pay about $58 million in taxes if it wanted to cling to its executive bonuses.)

Wyden and Snowe plan to quickly introduce their plan as free-standing legislation. In their letter, they remind Geithner:

The [stimulus bill] contained provisions that required you to review bonuses and "seek to negotiate" with TARP recipients regarding appropriate levels of compensation. This does not appear to have produced any results.

Ouch.