Dodd Tries to Undo Bonus Protections He Put InSubmitted by northstar on Tue, 03/17/2009 - 13:23
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:
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/...