Chris Dodd: Did He Act Alone? UPDATE – Of Course Not
Posted by Nancy on March 18, 2009
Those AIG bonuses are going to haunt Christ Dodd (Hypocrite-CT) for awhile to come.
After leading the country into high dudgeon about the “outrageous” bonuses given to their executives, he denied he was complicit in making them possible. Today he changed his story, admitting he inserted an amendment into the legislation authorizing the giving of bonuses. Could he possibly have done that without the complicity of others?
You know things are going bad when Wolf Blitzer, for crying out loud, is questioning the honesty of a Democrat. A DEMOCRAT!!! They must be throwing snowballs in Hell.
“I apologize,” Dodd says.
THAT should make it all better.
Will he be driven from office? Can you imagine the media squawking if this had been done by a Republican?
Do the people of Connecticut really want to be represented by this fraud, who can be bought but won’t even stay bought?
He needs to be driven from office – the first of a long line.
Perhaps I spoke too soon. Maybe he needs to be a little further back in that line after all – but not out of it.
The accusation against Dodd is that there is nothing the Obama administration can do about the AIG bonus payments because Dodd inserted a clause into the stimulus bill which exempted executive compensation agreements entered into before February, 2009 from the compensation limits imposed on firms receiving bailout funds. Thus, this accusation asserts, it was Dodd’s amendment which explicitly allowed firms like AIG to make bonus payments that were promised before the stimulus bill was enacted.
That is simply not what happened. What actually happened is the opposite. It was Dodd who did everything possible — including writing and advocating for an amendment — which would have applied the limitations on executive compensation to all bailout-receiving firms, including AIG, and applied it to all future bonus payments without regard to when those payments were promised. But it was Tim Geithner and Larry Summers who openly criticized Dodd’s proposal at the time and insisted that those limitations should apply only to future compensation contracts, not ones that already existed. The exemption for already existing compensation agreements — the exact provision that is now protecting the AIG bonus payments — was inserted at the White House’s insistence and over Dodd’s objections. But now that a political scandal has erupted over these payments, the White House is trying to deflect blame from itself and heap it all on Chris Dodd by claiming that it was Dodd who was responsible for that exemption. Salon
My, my. With this whole mess blowing up in the Obama administration’s face, maybe we should all just sit back and have a cold lemonade and watch it play out. I have no sympathy for Chris Dodd – he has earned scorn to spare over the years – but let’s not help Obama scapegoat him.