Dodd Under Fire Over AIG Bonuses
EmailAIG’s big bonuses have Congress in a fury. Senate Banking Committee Chair Chris Dodd admitted his staff agreed to water down executive pay provisions, essentially preserving the loophole that allowed the bonuses to go forward. But, the Democratic senator of Connecticut is pushing back hard, placing the blame on the Obama administration, saying that it is the Treasury Department that insisted on the inserting the loophole. Dodd also added that at the time he supported the action, he was not aware of any pre-existing AIG bonuses.
The longtime senator, first elected to Congress in 1974, has consistently been one of the safest, most popular Democratic incumbents, but currently he’s in trouble not only because of the AIG mess, but also in the polls. Two recent polls found Dodd trailing a theoretical challenger in his state.
ABC News’ Senior congressional correspondent Jonathan Karl weighs in with the facts on Thursday’s edition of Politics Live.
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Where is Sheriff Joe Biden?? President Obama indicated that Sheriff Joe was going to watch ‘every penny’! We were counting on Sheriff Joe!! Now who will we count on ……Barney Frank??
Posted by: PappyHappy | March 19, 2009, 5:07 pm 5:07 pm
The inspector general for the TARP program said on Thursday that Bush administration officials knew at the time of the November agreement between the Treasury Department and A.I.G. on bailout funds that A.I.G. intended to pay bonuses. The contract between the company and Treasury “specifically contemplated the payment of bonuses and retention payments to A.I.G. employees, including A.I.G.’s senior partners,” Inspector General Neil Barofsky told a House Ways and Means subcommittee, Bloomberg News reported.
Posted by: cowgirl | March 19, 2009, 5:12 pm 5:12 pm
the fed and treasury admit to telling Dodd to do it..so whats the problem? it was unconstitutional and would have to be fought out in the courts at a high cost to the tax payers, so it looks like Dodd saved us some time and money, I don’t have a problem with that…plus he inserted the “clawback clause” which allows us to go after it in another way..
Posted by: cowgirl | March 19, 2009, 5:17 pm 5:17 pm
Watch out Dodd, the Chicago thugs are watching you
Posted by: o-DUMB-ah and his cabinet of clowns | March 19, 2009, 5:17 pm 5:17 pm
So, whats up with republicans…first they are railing about the execs getting the bonuses-now they are outraged that they are going to be taxed out of them…what difference does it make HOW you take it away..make up your mind…Is it april fools day a couple of weeks early????
Posted by: cowgirl | March 19, 2009, 5:25 pm 5:25 pm
cowgirl,
When Congress does something that is blatantly unconstitutional, the few of us who have read and understand the document get a little upset.
Posted by: Ponder | March 19, 2009, 5:38 pm 5:38 pm
Cowgirl is clearly wearing her little fingers to their nubs trying to find ways to blame this mess on anyone else but Dodd and Company.
Posted by: Al Fitz | March 19, 2009, 5:42 pm 5:42 pm
All the AIG mess shows it that it will be nothing more than business as usual moving forward. These clowns who ran the company into the ground walk off with seven figure bonuses.
Posted by: Al Fitz | March 19, 2009, 5:44 pm 5:44 pm
If you get enough political contributions from someone, you’ve got to pay back in some way. Not?
Posted by: kat | March 19, 2009, 6:02 pm 6:02 pm
Dodd was a dud long before Obama came on the scene.
Posted by: Mack | March 19, 2009, 6:03 pm 6:03 pm
cowgirl,
I am sorry, but you really should go back to third, no, second grade, and finish it before you air your 0bama-balloons again.
It’s a pity that you are also counted as one, guaranteed by the document that you do not have a good comprehension, to help elect a Clueless PB0.
Posted by: two cats | March 19, 2009, 6:13 pm 6:13 pm
Run Peter Schiff, run
Posted by: Huh | March 19, 2009, 6:51 pm 6:51 pm
Without having access to the specific contracts, not much to have been done by the senator. How ridiculous is it that you can get a contract with a promised bonus regardless of performance, how is that exactly a performanced based bonus, when your performance is irrelevant?
Posted by: Louis | March 19, 2009, 7:35 pm 7:35 pm
I thought the dems would blow-it. But even I can’t believe how fast it is happening.
Posted by: Nader | March 19, 2009, 8:44 pm 8:44 pm
The AIG bonuses are really distasteful, but totally legal. The real problem is how Congress’ reaction to it will effect other politically targeted groups like real estate investors.
Posted by: Bryan Ellis | March 20, 2009, 1:22 pm 1:22 pm
you know we always point fingers,but the truth of the matter is they had this plan to go out in any stimplus package and i think obama need to rethink this guthier guy and chris dodds who put this footnote in there to get him some money as well;this mess was here before obama election and he need to tell these white folks and uncletoms something and do what is right and let the courts find these other dirty devils that lied and took all taxpayers money, just do it the legal-way since they want to accuse the “obama”adminstration,just sit back and ask the legal team to come in and see who all is involved of bring this burden on us let these”no-good”Repubilican pay the piper put them through the system and see who been stealing; i think paulson,bush-adminstration need to bring up all this money that they illegally ran the usa states on,we are not moving fast enough and i belive this donot need to be overlooked;please charge everyone involved,howcan you dummies put this on obama adminstration when the evil party brfore him did this all and no one is saying a word why?who to blame is very obvious when you look at maddock and his family that rob the people and feel like they did what has been right,but wrong and evil,so who is the blame now?
Posted by: mstee | March 20, 2009, 8:34 pm 8:34 pm