On Mar 17, 2009, at 6:29 PM, Kevin Callahan wrote:
http://www.foxbusiness.com/story/markets/industries/finance/dodd-cracks-aig---time/
While the Senate was constructing the $787 billion stimulus last
month, Dodd added an executive-compensation restriction to the bill.
The provision, now called “the Dodd Amendment” by the Obama
Administration 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.
Dodd’s original amendment did not include that exemption, and the
Connecticut Senator denied inserting the provision.
“I can't point a finger at someone who was responsible for putting
those dates in,” Dodd told FOX. “I can tell you this much, when my
language left the senate, it did not include it. When it came back, it
did.”
“Because of negotiations with the Treasury Department and the bill
Conferees, several modifications were made,” Dodd Spokesperson Kate
Szostak in a response to FOX Business.
The provision excluding those bonus payments made it into the final
version of the bill, and is law.
another view:
http://www.openleft.com/showDiary.do?diaryId=12278
Don't forget that Chris Dodd is the most endangered Democratic Senate
incumbent in 2010, as he currently trails his Republican challenger
Robert Simmons. Hard to imagine how Dodd's re-election chances will be
helped by a senior White House source telling the New York Times that
Dodd is to blame for the AIG bonuses.
More in the extended entry.
Chris Bowers :: White House Official Throws Chris Dodd Under Bus To
Protect Geithner and Summers
So, let's recap what we learned about Geithner and Summers today (once
again, mostly Geithner):
We learned today that Federal Reserve Bank attorneys knew about the
bonuses for months, and were looking for ways to block them.
Last month, Senator Chris Dodd proposed legislation that would have
stripped the bonuses in the past, present and future.
Tim Geithner and Larry Summers both personally asked Chris Dodd to
drop that legislation. He refused.
The legislation was dropped during the conference report anyway.
Tim Geithner claims that, after looking into it for months, he
determined there was no way he could have stopped the bonuses. Larry
Summers agrees.
A senior White House source tells the New York Times that Geithner is
ourtaged by the bonuses. However, the source notes that Geithner's
analysis concluded that Chris Dodd, the most vulnerable Democratic
Senator in 2010, is to blame for this because he wrote an exemption
for AIG into recent legislation. This is even though Geithner and
Summers both personally asked Dodd to drop legislation that would have
retroactively stripped the AIG bonuses.
Now, some elements inside the administration have reached the point
where they are placing blame for something Geithner and Summers did--
block legislation that would have stripped the bonuses--on the person
who wrote the legislation that would have stripped the bonuses. And
that person just happens to be the most vulnerable Democratic Senators
in 2010.
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