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Sen. Chris Dodd, AIG Bonuses | 03/20/2009 9:05 am

Chris Dodd Takes Heat for Treasury's Bonus Snafu

By The Staff at wowOwow.com
© Getty Images

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

Libra Lady
Marjore…that comes as no surprise…it happened yesterday on several threads…hey…we go to bat for President Bush and go to those threads….why don’t they go to bat for Dodd and Frank???
By Libra Lady on 03/20/2009 1:18 pm
Lori F.
deber B, Chris Dodd is the biggest crook next to Pelois, Reid, Rangel, Shurmer, Frank, Obama! They have been lying and racking in the money for years while they are in office as Congressmen. Why there people keep them in office is beyond me.    
By Lori F. on 03/21/2009 9:06 pm
Myr Nielsen

Lets face it Big Business and big government Have been having an on

going affair Money flying all over.  Bills passed not for the good of the

country but for the good of  individuals.

Now all they do is cover their asses and hope we will forget what has

 occured.

 

 

 

 

been happening for years. 

All the idealists come into politics with fresh ideas (hopefully)

After they get indoctrinated to the CLUB RULES their off and running

for the  bucks greed begets greed.

 

By Myr Nielsen on 03/20/2009 9:53 am
Libra Lady
Can’t argue with you there Myr!!!
By Libra Lady on 03/20/2009 10:31 am
Frannie Em
Myr, you said it!
By Frannie Em on 03/20/2009 4:17 pm
Libra Lady

Chris Dodd, Barney and other all the others who sat in on these hearings…is this what you want…a lawsuit breathing down your necks?

A.I.G. executives face scorn, even at their homes

By James Barron and Russ Buettner Published: March 20, 2009 document.writeln(’ ‘); —>   

NEW YORK: An A.I.G. executive who had been nicknamed ‘‘Jackpot Jimmy’’ by a New York tabloid walked up the driveway toward his bay-windowed house in Fairfield, Connecticut, on Thursday. ‘‘How do I feel?’’ said the executive, James Haas, repeating the question he had just been asked. ‘‘I feel horrible. This has been a complete invasion of privacy.’’

Mr. Haas walked on, his pink shirt a burst of color on a slate-gray afternoon. The words came haltingly. ‘‘You have to understand,’’ he said, ‘‘there are kids involved. There have been death threats. …’’ His voice trailed off. It looked as if he were fighting back tears.

‘‘I didn’t have anything to do with those credit problems. I told Mr. Liddy I would rescind my retention contract,’’ he said, referring to Edward M. Liddy, the chief executive of A.I.G.

He ended the conversation with an order: ‘‘Leave my neighbors alone.’’

If someone gets injured here….it’s going to be a sad day for America!!!

By Libra Lady on 03/20/2009 11:10 am
Libra Lady

Now these executives are toxic, and those communities are rattled and divided. Private security guards have been stationed outside their houses, and sometimes the local police drive by. A.I.G. employees at the company’s office tower in New York City were told to avoid leaving the building while a demonstration was going on outside. The memo also advised them to avoid displaying company-issued ID cards when they left the office and to abandon tote bags or other items with the A.I.G. logo.

One A.I.G. executive, who spoke on the condition of anonymity because he feared the consequences of identifying himself, said many workers felt demonized and betrayed. ‘‘It is as bad, if not worse, than McCarthyism,’’ he said, referring to Joseph McCarthy, the former U.S. senator who used indiscriminate, often unfounded, accusations to suppress opponents. Everyone has sacrificed the employees of A.I.G.’s financial products division, he said, ‘‘for their own political agenda.’’

The public’s anger, he said, ‘‘is coming from bad facts as a result of someone else’s agenda — or just bad facts, period.’’ Instead, he said, the so-called bonuses were in fact just payments that had been promised long ago to workers, including technical and administrative assistants

http://iht.com/articles/2009/03/20/business/seige.php

By Libra Lady on 03/20/2009 11:14 am
Corinne M.

<i>Given the fact that AIG was also a campaign contributor, it’s also emboldening critics.</i>

AIG was a big contributor to Obama too.  

By Corinne M. on 03/20/2009 12:07 pm
Woody McBreairty
Chris Dodd is a shady character at best, not exactly a "servant" of the people. He bows and scrapes to the wants and needs of big business because they are contributing to his already bulging bank accounts.  We must look into why he is osbtructing legislation that would give credit card holders some relief from the gouging and blood-sucking of the credit card companies.  Christ Dodd has stalled this legislation because as he put it, "The credit card companies have put up a good fight."  He should be putting up a good fight on behalf of the people he represents instead of the big businesses who line his pockets with gold.  He is a disgrace and I hope the good people of Connecticut will throw him out on his fat ass in 2010…..and I am a long-time, staunch Democrat.
By Woody McBreairty on 03/20/2009 12:57 pm
Libra Lady
Woody…finally a democrat speaking out on Dodd….thank you….I was hoping this thread would at least have a couple!!
By Libra Lady on 03/20/2009 1:19 pm
Mary Quite-Contrary
Imagine that…it appears that Chris Dodd is being thrown ‘under the bus’ like so many others by the Obama inner sanctum.  Why not a sub-committee hearing (or two) about Dodd, Frank, Pelosi, et al., about their culpability in all of this.  Anyone think it will happen….yeah, me neither.
By Mary Quite-Contrary on 03/20/2009 1:23 pm
Woody McBreairty
Unfortunately the Republicans defend their crooks and liars, the Democrats will stand for principal and honesty every time.  Maxine Waters, a far left Democrat, criticized Obama and Dodd on Morning Joe this a.m.  No surprise…the Democrats want transparency and straight talk, not distorted and twisted versions of the truth and/or lies to cover up for the crooks and liars of a particular party.  Honor and country first….
By Woody McBreairty on 03/20/2009 1:26 pm
Lady Gator

Woody — Maxine Waters — Wasn’t she one of the "fabulous three" — she, Barney, and Dodd, who all exaulted praise for Freddie and Fannie, and stood in front of her fellow members and stated - Madam Chairman - Freddie and Fannie are doing well?  So now she’s criticizing Obama and Dodd? 

Just amazing!  I wonder about the "transparency" and straight talk!

By Lady Gator on 03/20/2009 3:42 pm
Frannie Em

Woody and Lady

Yes, that is the one Maxine Waters who participated using an air of indignation that anyone should question what Fannie and Freddie were doing.  She acted like it was her own personal program and forgot that it was funded by we the taxpayer. 

By Frannie Em on 03/20/2009 4:21 pm
Lady Gator

Frannie — Isn’t it amazing!  Politicians have very convenient memories.  Maybe they should carry around a notebook or have their aides write down everything they say.  LOL

This whole debacle, and the quotes and indignation from all politicians should be made into a cheap B movie!  IMLOTFLMAO

By Lady Gator on 03/20/2009 8:00 pm