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Tag Archive: AIG

Senate channels “Not Me”

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Maybe we should make members pass a quiz on the contents of bills before they're allowed to vote. Case in point: the bonus exemption in the Stimulus Bill that AIG executives took advantage of. Where it came from and how it got into the bill is a mystery:

In an interview with CNN, Dodd denied inserting that exemption at the 11th hour, and insisted he doesn't know how it got there.

"When I wrote the language there was no such language like that," Dodd told CNN Tuesday.

Multiple Senate Democratic leadership sources also deny knowing how the exemption ...

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Sleuthing the Stimulus’ bonus provision

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So maybe Dodd's not to blame for the AIG bonus furor. Jane Hamsher uses OpenCongress.org to compare versions of the bill -- Donnie Shaw explains how here. Hamsher concludes:

So -- in the end, all compensation limits only applied to contracts written after February 11, at the specific request of Timothy Geithner, and AIG was able to pay out $286 million in bonuses on Sunday.

It's impossible to know how many of those bonuses would have been covered by Dodd's original language without examining the individual contracts. What is certain, however, is that the loophole regarding "retroactivity" which ...

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Don’t mean…

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to keep picking on Dodd, but he does seem to be in the center of quite a lot of things lately:

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 ...

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