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dodd,aig,loophole,stimulus,bonus,bonuses Chris Dodd Admits to AIG Loophole Language in StimulusChris Dodd Admits to AIG Loophole Language in Stimulustags:In a stunning reversal of position," Senator Chris Dodd, Chairman of the Senate Banking Committee, admitted to adding the loophole in the stimulus bill that allowed A.I.G. to issue its bonuses.
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I suggest people read more into this story before believing what's being fed to us.
from Glenn Greenwald:
"That is simply not what happened. What actually happened is the opposite. It was Dodd who did everything possible -- including writing and advocating for an amendment -- which would have applied the limitations on executive compensation to all bailout-receiving firms, including AIG, and applied it to all future bonus payments without regard to when those payments were promised. But it was Tim Geithner and Larry Summers who openly criticized Dodd's proposal at the time and insisted that those limitations should apply only to future compensation contracts, not ones that already existed. The exemption for already existing compensation agreements -- the exact provision that is now protecting the AIG bonus payments -- was inserted at the White House's insistence and over Dodd's objections"
http://www.salon.com/opinion/greenwald/2009/03/17/dodd/index.html
“Across Connecticut, anger is erupting against Mr. Dodd, the chairman of the Senate Banking Committee, whose stature in Washington once reflected the state’s beneficial ties with the financial industry. Now, he finds himself a symbol of the political establishment’s coziness with tainted corporations and a target of populist wrath over their excesses. . . . In dozens of interviews, residents said they were appalled by Mr. Dodd’s ties to financial firms and believed that he had damaged himself as he prepares to run for re-election next year.”
No kidding.
“We wrote the language in the bill, the deal with bonuses, golden parachutes, excessive executive compensation that was adopted unanimously by the United States Senate in the stimulus bill,” Dodd told CNN’s Wolf Blitzer this afternoon.
“But for that language, there would have been no language to deal with this at all.”
Update:
From AP - Dodd initially said he had nothing to do with watering down executive pay proposal and then acknowledged Wednesday night that he had agreed to do so. Now Dodd says he had meant to deny that he was knowingly creating a loophole for AIG bonus payments.
Uh huh.