A reader yesterday was trying to suggest that Chris Dodd was innocent on the “Chris Dodd Amendment” that allowed the bonuses at AIG to go forward. After his initial denial, Chris Dodd has come out and admitted that he was the one that put the amendment in. Hopefully this video will set the record straight. Hat tip to Vulcan’s Hammer.
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Posted under Economy
Written by admin on March 19, 2009
First off, hat tip to BoBo for coming across data on donations from AIG.
A lot has been made of employee bonuses at AIG, and for good reason. The bonuses were part of a legally binding contract prior to money being given to AIG. Chris Dodd added an amendment that provided an “exception for contractually obligated bonuses agreed on before Feb. 11, 2009.” Oddly enough, the very bonuses everyone is up in arms about are part of that exception.
Since we are watchdogging money closely, as we should be, perhaps we should look at having politicians return political donations that were made from AIG to their campaign. AIG was not in a condition to be giving out political donations at that time, and giving those donations surely didn’t help their financial situation.
I do find it interesting who the top person is on their donation list. I will give the benefit of the doubt to Dodd though and put aside any thought of the amendment having anything to do with AIG being a loyal donor. Regardless, it would be a wonderful gesture if Dodd returned the $103,100 that was donated to his campaign. Obama could return his $101,332 and McCain could return the $59,499. Heck, if all the politicians returned last year’s donations, AIG could get nearly $600,000 back! It isn’t much, but sometimes you have to take some baby steps in order to gain some momentum.
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Posted under Economy
Written by admin on March 18, 2009
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