SEN. DODD HELPED WRITE THE AIG BONUS LOOPHOLE INTO LAW

Finally, after denying being involved at all in this travesty, Sen. Dodd (D.-CT) has come forward saying he helped write the loophole that allowed AIG to give million dollar bonuses to the same group of employees who drove AIG into the ground.  Of course Sen. Dodd has blamed others for him writing the law.  Dodd should have resigned from his banking committee chairmanship after it was revealed he got a sweetheart deal of a mortgage from Country Wide, but he did not, and his fellow Senators did not demand he resign. He should have resigned when it was revealed that he has accepted more donations from AIG that any other Senator, but he did not.  With this latest revelation coming out of the smoke filled back room, and being shown the light of day, if it turns out as bad as it looks, Sen. Dodd should resign from the Senate, without his golden retirement plan.

 

 

 

 

 

 

 

DODD ADMITS ADDING BONUS LOOPHOLE THAT ALLOWED AIG BONUSES

Blames unnamed Treasury Officials for Requesting the Loophole

Hartford Courant; Christopher Keating, Capital Bureau

In an apparent change of his position, U.S. Sen. Chris Dodd  said Wednesday that he was aware of changes in legislation for a loophole that allowed highly controversial bonuses for  AIG, the embattled insurance company that has received federal bailout money.

In a live interview on  CNN, Dodd said, "I agreed reluctantly. I was changing the amendment because others were insistent."

Previously, Dodd had said he was not a member of the conference committee that crafted the final version of the highly complicated bill. But he had come under strong fire from Republicans and others as the person who was involved in what CNN anchor  Wolf Blitzer   had called a "mysterious loophole'' in the legislation.

 

When Blitzer asked Dodd what had changed in his understanding between Tuesday and Wednesday, Dodd replied, "Going back and reviewing it. ... I apologize if we had some confusion.''  (Washington Speak Translation:  Damn, they found out!!)

Dodd refused to name  the U.S. Treasury officials who had asked him to add the language that paved the way for the bonuses.

After Dodd's segment was over, Blitzer continued with a live report in which he said that Dodd was "coming forward with a vastly different story'' on Wednesday than he had told to a CNN employee on Tuesday.

"It's very embarrassing to Senator Dodd to say one thing yesterday and another thing today,'' Blitzer said.

From the CNN Political Ticker:

BREAKING: I WAS RESPONSIBLE FOR BONUS LOOPHOLE SAYS DODD

WASHINGTON (CNN) — Senate Banking committee Chairman Christopher Dodd told CNN’s Dana Bash and Wolf Blitzer Wednesday that he was responsible for adding the bonus loophole into the stimulus package that permitted AIG and other companies that received bailout funds to pay bonuses.

On Tuesday, Dodd denied to CNN that he had anything to do with the adding of that provision.

If you wish to see a prime example of Washington Speak here is the CNN interview.  I suggest you view on an empty stomach.  There is a short ad that will play before the interview. 

http://www.cnn.com/video/#/video/politics/2009/03/18/tsr.dodd.aig.bonus.intv.cnn