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Dodd Tries to Undo Bonus Protections He Put In

I believe this is why they won't do anything about the bonus payments, Dodd and Obama got more donations then McCain. I'm sure Pelosi got a finger in this somewhere, as she invests in AIG too and was one of the big pushers to get the first bailout through when Bush was still in office. This is why lobbyists need to be barred from Washington. Now onto the article:

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Senator Chris Dodd (D-Conn.) on Monday night floated the idea of taxing American International Group (AIG: 0.9498, 0.1697, 21.75%) 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.

Read more and look at the charts: http://www.foxbusiness.com/story/markets/industries/finance/...



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I've got a better idea...stop giving them money

and let them fail. Something that should have been done in the first place.

Even if the American people own 80% ...let them fail, because 80% of a bottomless money pit is 80% of nothing.

Let them go into bankruptcy. Maybe then the truth will come out. That may be the real reason they "cannot fail"...it would shine a light on their activities and maybe even those in our Congress and government?

And the majority of Americans bought into the mantra/propaganda..."Too big to fail."

SteveMT's picture

He should be thrown in jail for that!

Obama’s Stimulus Bill Explicitly Grants AIG the Legal Right to Hand Out Unlimited Bonuses

by admin on March 17, 2009 · Comments (0)

in Reformed Lib

HIGH IMPACT - Thanks to our porkulus search engine and browser, we discovered that Obama granted AIG a free legal pass to give high bonuses because of the following stipulation in Obama’s stimulus bill he personally orchestrated and signed into law:

From page H1412 of the Final Stimulus Bill, “SEC. 111. EXECUTIVE COMPENSATION AND CORPORATE GOVERNANCE:

“(iii) The prohibition required under clause (i) shall not be construed to prohibit any bonus payment required to be paid pursuant to a writte employment contract executed on or before February 11, 2009, as such valid employment contracts are determined by the Secretary or the designee of the Secretary.”

This amendment provides an exception for contractually obligated bonuses agreed on before Feb. 11, 2009, which exempts the very AIG bonuses Obama is condemning every single chance he gets. The amendment is in the final version and is law.

Sen. Dodd was AIG’s largest single recipient of campaign donations during the 2008 election cycle with $103,100, according to opensecrets.org — According to the Wall Street Journal, Sen. Dodd placed this section into the final stimulus bill, making him responsible, along with Obama, for AIG receiving these bonuses.

http://www.butasforme.com/2009/03/17/obamas-stimulus-bill-ex...

Dodd really

needs to go down. Schiff in 2010...