Tuesday, March 17, 2009

Chris Dodd and Campaign Donations from AIG

Chris Dodd should be cowering in a corner rather than shooting off his mouth about AIG.

Senator Chris Dodd (D-Conn.) on Monday night floated the idea of taxing American International Group (AIG: 0.9266, 0.1465, 18.78%) bonus recipients so the government could recoup some or all of the $450 million the company is paying to employees in its financial products unit. Within hours, the idea spread to both houses of Congress, with lawmakers proposing an AIG bonus tax.

The move represents somewhat of an about-face for the Senator.

While the Senate was constructing the $787 billion stimulus last month, Dodd added an executive-compensation restriction to the bill. That amendment provides an “exception for contractually obligated bonuses agreed on before Feb. 11, 2009” -- which exempts the very AIG bonuses Dodd and others are now seeking to tax.

The amendment made it into the final version of the bill, and is law.

Separately, Sen. Dodd was AIG’s largest single recipient of campaign donations during the 2008 election cycle with $103,100, according to opensecrets.org.

Dodd's hypocrisy is stunning.

It's like Tim Geithner.

The very people responsible for the AIG bailout and the bonuses are the ones expressing their outrage and demanding that their own work be undone.

Dodd got more campaign money from AIG than anyone during the 2008 election.

He added an amendment to the stimulus bill to protect their bonuses.

It's law. Now he wants it rescinded?

Talk about political posturing!


2 comments:

Anonymous said...

Chris Dodd, Barney Frank, and Charles Schumer are all hypocrites. They have responsibility for the credit bailout and banking fiasco. We should not be surprised at hypocrisy from these people but we are right to be pissed off at them. Dodd must think if he keeps talking people won't be able to hold him accountable. It might work. Hope it doesn't.

Anonymous said...

I agree...Where's the outrage directed at our microphone grubbing politicians? There grabbing teh money and then capitalizing on the chaos created by themselves! They know americans will buy it or they just don't care.