Sen. Chris Dodd, AIG Bonuses | 03/20/2009 9:05 am
Chris Dodd Takes Heat for Treasury's Bonus Snafu

A lot of people are angry this morning.
AIG — the same beleaguered insurance giant reaping billions in taxpayer money to stay afloat, while at the same time doling out millions in bonus money — is suing the federal government for a tax refund. In the lawsuit, quietly filed last month, reports The New York Times, AIG says it wants to recoup $306 million in tax payments the firm claims were related to deals that were conducted through offshore tax havens.
Meanwhile, Sen. Chris Dodd, D-CT, is also simmering, but not necessarily at AIG itself. He’s angry that the Obama administration didn’t alert him — and the public — to bonus protections in the stimulus bill. Dodd, the Senate Banking Committee chairman, this week tried to explain how his committee loosened executive compensation language at the behest of the Treasury Department. The end result was a bill that exempted bonuses protected by contracts, like AIG’s. But Dodd said he never expected the forthcoming AIG bonus bonanza.
"Let me be clear — I was completely unaware of these AIG bonuses until I learned of them last week," Dodd said.
During a conference call with Connecticut reporters, Dodd essentially said, "Thanks a lot, Obama peeps," for not coming forth and telling the press it was the Treasury who wanted the restrictions taken out, not Dodd. For a day, Dodd endured attacks for allegedly putting "bonus protections" into the stimulus bill. One reporter suggested that Treasury Secretary Geithner had "hung him out to dry."
"Well, those are your words, not mine," Dodd said, reports The Hartford Courant. "The idea came from the administration. I was not negotiating with myself. I didn’t get my amendment passed and say, ‘I think I’ll modify my own amendment.’ Now I gather that has been cleared up to some degree, which I appreciate. But I would have appreciated it earlier."
For a senator who’s up for reelection next year, none of this bodes well. Politico notes that Dodd’s popularity is slumping, and his role in a low-interest-mortgage scandal back home, along with the overall mysterious air surrounding the stimulus spat, aren’t helping matters. Given the fact that AIG was also a campaign contributor, it’s also emboldening critics.























57 Reader Comments (so far…) Sign In or Register to comment
Since 1990 Chris Dodd has received $280,000 in contributions from AIG.
In the 2008 election:
1) Obama $104,332
2) Dodd $103,900
3) McCain $54,499
Hillary Clinton came in somewhere after that.
Sen Chuck Shumer has received (since 1990) $112,000
McCain’s total since 1990 $99,000
Since 1998 AIG has spent $72.6 Million on lobbyists and contributions. Of that, 9.3 million were for politicians.
1990 to 2004 it was split 50/50 between democrats and republicans
Since 2004 60% dems - 40% repubs
George W. Bush $160,160
Pi
You know what they say, follow the money.
Pi
Good question. I kinda think I know.
Libra: …notice the how many posts are on the crooked Dodd…
They’ve abandoned Dodd big time. Connecticut is not too happy with him, either. Works for me… let’s hope he gets replaced by a Republican.