--- In FairfieldLife@yahoogroups.com, enlightened_dawn11 <no_re...@...> wrote: > > --- In FairfieldLife@yahoogroups.com, "authfriend" <jstein@> wrote: > > > > --- In FairfieldLife@yahoogroups.com, "Richard J. Williams" <willytex@> > > wrote: > > > > > > > > > > "Sen. Olympia Snowe, R-Maine, and Ron Wyden, D-Ore., > > > > > > > won passage of a provision earlier this year that > > > > > > > they said would have prevented the type of payments > > > > > > > now at the center of a storm. > > > > > > > > > > > > > > It was dropped without explanation in the final > > > > > > > compromise on the economic stimulus measure, > > > > > > > replaced by a less restrictive set of conditions > > > > > > > backed by Sen. Christopher Dodd, D-Conn., and > > > > > > > accepted by the White House." > > > > > > > > > > > > Judy wrote: > > > > > > This is false. > > > > > > > > > > > That's just your opinion - I don't agree. > > > > > > > > Judy wrote: > > > > Not a matter of opinion, sorry. > > > > > > > Somebody is lying, that's fer sure; either Dodd > > > or Reid - that's my opinion. > > > > > > "Democratic Sen. Chris Dodd of Connecticut, the > > > corporate crony who is the largest recipient of > > > AIG donations, is now leading the charge to tax > > > the retention payments in order to recoup the > > > $450 million the company is paying to employees > > > in its financial-products unit. > > > > > > But Dodd, it turns out, was for protecting AIG's > > > bonuses before he was against them." > > > > This is false. Actually it was the White House > > that insisted on the provision that excluded AIG; > > Dodd opposed it. The administration is dishonestly > > trying to pin it on Dodd, and the right-wingers > > are happily helping out. > > > Uh-oh: > > Sen. Chris Dodd (D-Conn.) looks like he may be facing a fresh political > firestorm.
Not Exactly - > Dodd just admitted on CNN that he inserted a loophole in the stimulus > legislation that allowed million-dollar bonuses to insurance giant AIG to go > forward after previously denying any involvement in writing the > controversial provision. . > > "We wrote the language in the bill, the deal with bonuses, golden parachutes, > excessive executive compensation that was adopted unanimously by the United > States Senate in the stimulus bill," Dodd told CNN's Wolf Blitzer this > afternoon. > > "But for that language, there would have been no language to deal with this > at all." Now from Alternet: http://snipurl.com/e3scw According to Dodd, officials at Treasury expressed concern that if the government were to prohibit payouts, it risked being sued by companies like AIG, which had contracts stipulating that bonuses were to be paid. At the urging of Treasury officials, Dodd modified a clause he had previously inserted into the stimulus that prohibited bonuses from being issued by bailed-out companies. An exemption was added to allow bonuses that applied to in-place contracts. "The alternative was, in my view, losing the entire section on executive excessive compensation," he said. "Given the choice ... I agreed to a modification in the legislation, reluctantly. I wasn't negotiating with myself. I wasn't changing my own amendment. I was changing the amendment because others were insisting on it." "I would have preferred that we kept my language, as it left the Senate unanimously," Dodd added. "In fact there were objections when I wrote the language even before it left the Senate. ... The administration expressed reservations with the amendment. They came to us and asked for modifications in the amendment. The alternative was, of course, losing the amendment entirely, which was a possibility. I didn't want to see that happen. I suspect we would be having a conversation tonight why we didn't include some language in here to deal with bonuses, golden parachutes and the like. ... I don't believe anyone had any idea, I certainly didn't, that a month and a half later from February we would be talking about AIG and the bonuses they are receiving for their retentions, these $165 million. So that was never a part of the consideration." The disclosure should put to rest one aspect of the debate over how a company like AIG, which has received $170 billion in taxpayer funds, was allowed to dole out $165 million in bonus payments. Still unresolved is who in conference removed the amendment introduced by Sens. Wyden and Snowe that would have taxed bonuses exceeding $100,000 at 35 percent. More detail in CNN's write up here: http://edition.cnn.com/2009/POLITICS/03/18/aig.bonuses.congress/index.html > > Dodd had previously said that he played no role in writing the controversial > language, and was not a part of the conference committee that inserted the > language in the bill. As late as today, Dodd's spokeswoman denied the > senator's involvement. > > The AIG bonuses have caused a political firestorm, with Republicans and > Democrats alike looking to lay blame for who's responsible, and leading > lawmakers looking to revoke the bonuses. > > Dodd's role in the legislation will likely come up as he faces the likelihood > of a tough re-election. Former GOP congressman Rob Simmons announced he was > running this week, and has already taken issue with Dodd's stewardship as > chairman of the Senate Banking Committee. >
