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Dodd, chairman of the Senate Banking Committee, thundered on Monday: “This is another outrageous example of executives — including those whose decisions were responsible for the problems that caused AIG’s collapse — enriching themselves at the expense of taxpayers.”
But it was Dodd who inserted language — known as the Dodd amendment — in the $787 billion stimulus bill that allowed all bonuses awarded before February 11, 2009, to be paid to AIG executives. That very amendment, which is now law, is now the chief hurdle to government officials who want to recover that money.
The amendment was meant to restrict executive pay for bailed-out banks, but it also included the exception for "contractually obligated bonuses agreed on or before Feb. 11, 2009."
Dodd is the largest single recipient of 2008 campaign donations from AIG, with $103,100, according to the Center for Responsive Politics. That was more than presidential candidates Barack Obama and John McCain got, and nearly three times the $35,965 Sen. Hillary Clinton received.
Originally posted by Maxmars
It's never the politician's fault. Ever notice that?
They have left the realm of reality and live in their own self-serving little celebrity world, relying on media and marketing to keep them politically 'buoyant'.
By the way..., has anything changed yet? Or is it still too soon criticize?
Originally posted by jam321
If Dodd had any self respect, he would resign his seat.
What part of Congress writes the law does he not understand?
It is ok to get advice but it is ultimately Congresses job to do what is right for America.
Some Republicans have been quick to blame Democratic Sen. Chris Dodd of Connecticut for allowing big bonus payments to AIG executives. They get the facts backward.
The public record shows Dodd authored an amendment that would have prevented "any bonus" being paid to top executives of firms getting bailout money. It was the White House and the Treasury Department that insisted Dodd's amendment be watered down to apply only to bonuses paid under agreements signed in the past five weeks. Treasury Secretary Timothy Geithner has taken public responsibility for that.