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I was responsible for bonus loophole, says Dodd

RightinNYC

RightinNYC

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CNN Political Ticker: All politics, all the time Blog Archive - BREAKING: I was responsible for bonus loophole, says Dodd « - Blogs from CNN.com

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.
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I'm glad he admitted it at least.
 
The only interesting question to me would be, was there something magical about that loophole that would like Dodd to AIG?

The "loophole" is the date set by the amendment where bonuses can't limited and that date seems to coincide quite innocently with the passage of the bill. I will await further info, but I don't see anything sigificant about that yet.

Basically the "loophole" means that the law wasn't retroactive. Something that conservatives are complaining about quite loudly in another thread when taxation was brought up.
 
cascadian said:
The only interesting question to me would be, was there something magical about that loophole that would like Dodd to AIG?

The "loophole" is the date set by the amendment where bonuses can't limited and that date seems to coincide quite innocently with the passage of the bill. I will await further info, but I don't see anything sigificant about that yet.

Basically the "loophole" means that the law wasn't retroactive. Something that conservatives are complaining about quite loudly in another thread when taxation was brought up.
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I'm not sure what you're getting at here.

Dodd: Administration pushed for language protecting bonuses - CNN.com

The reason why this is amusing is because of this:

Senate Banking committee Chairman Christopher Dodd told CNN Wednesday that he was responsible for language added to the federal stimulus bill to make sure that already-existing contracts for bonuses at companies receiving federal bailout money were honored.

Dodd acknowledged his role in the change after a Treasury Department official told CNN the administration pushed for the language.

Both Dodd and the official, who asked not to be named, said it was because administration officials were afraid the government would face numerous lawsuits without the new language.
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The language was inserted because they knew that trying to prevent them from fulfilling their contractual obligations would not fly. Dodd knew this moths ago. Geithner knew this weeks ago. Then the story breaks and all of a sudden the Dems are outraged and astonished at something that they knew full well would happen and in fact planned for.

It's just ridiculous. Stop the pandering and start governing.
 
Right said:
It's just ridiculous. Stop the pandering and start governing.
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I'm starting to think that's all they know to do.
 
He doesn't know the names of people that told him to do it, nor did he know the exact details of what he was told to do, but he thinks it's ironic that those same people whose names he can't recall are now angry.

That's funny. I guess Dodd is the sacrificial lamb.
 
RightinNYC said:
I'm not sure what you're getting at here.
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AFAICT, the origin of this was a FOX story hilighting Dodd's links to AIG.

RightinNYC said:
The language was inserted because they knew that trying to prevent them from fulfilling their contractual obligations would not fly. Dodd knew this moths ago. Geithner knew this weeks ago. Then the story breaks and all of a sudden the Dems are outraged and astonished at something that they knew full well would happen and in fact planned for.

It's just ridiculous. Stop the pandering and start governing.
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So you're only concern is that they are pandering?
 
talloulou said:
He doesn't know the names of people that told him to do it, nor did he know the exact details of what he was told to do, but he thinks it's ironic that those same people whose names he can't recall are now angry.

That's funny. I guess Dodd is the sacrificial lamb.
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Simple answer: Dodd is up for re-election next year. He is trying to save face, in addition their is a small movement to get Peter Schiff (Ron Paul's economic advisory) to run against him and the Republican to be determined.
 
You missed this part...

Both Dodd and the official, who asked not to be named, said it was because administration officials were afraid the government would face numerous lawsuits without the new language.

Dodd, a Democrat, told CNN's Dana Bash and Wolf Blitzer that Obama administration officials pushed for the language to an amendment designed to limit bonuses and "golden parachutes" at those companies.

"The administration had expressed reservations," Dodd said. "They asked for modifications. The alternative was losing the amendment entirely."

On Tuesday, Dodd denied to CNN that he had anything to do with adding the language, which has been used by officials at bailed-out insurance giant AIG to justify paying millions of dollars in bonuses to executives after receiving federal money.

He said Wednesday that the "grandfather clause" language "seemed like innocent modifications" at the time. Video Watch Dodd's interview with CNN's Dana Bash »

"I agreed reluctantly," Dodd said. "I was changing the amendment because others were insistent."

Dodd said he did not speak to high-ranking administration officials and the change came after his staff spoke with staffers from Treasury.

The White House did not immediately respond to CNN's request for comment.
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IOW first he denied it then he admitted it and now he's blaming who for pressuring for it?
THE OBAMA ADMINISTRATION.

Oh my!
....is the "hope and change" romance over?
 
Mercy, mercy.
Bonuses my ass. I need one too! They shouldn't get a dang dime extra!
Hisses,
Pookie
 
You know this is getting funnier and funnier by the day.

Can't remember who told him,I bet he remembers his off shore bank account #.

Why should any executive get a bonus,for running a company into the ground.

I can understand making a profit get a bonus.

Just gotta love the change we are getting.
 
He needs to lose his senate seat. This kind of corruption is simply unacceptable. Also, every senator who voted for the bill needs to either admit to their own corruption or their incompetence at not reading the bill.
 
You know, if they would have just said from the beginning "legally we feel we must leave the bonuses in" this would be a completely different argument. But what we get is Dodd lying about the affair and all of sudden Dodd's lying is Obama's fault. It's not unless it can be proven Obama told Dodd to lie. At this point Dodd needs to get hammered.

I don't care that the Obama administration told Dodd that they felt there was a legal obligation to honor the bonuses, they should have just been up front about it. While this changes nothing about the bailout, it makes the Obama administration look somewhat complicit in a deliberate attempt to slip something past the American people.
 
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rathi said:
He needs to lose his senate seat. This kind of corruption is simply unacceptable. Also, every senator who voted for the bill needs to either admit to their own corruption or their incompetence at not reading the bill.
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Wait a second, how is this kind of corruption any different from any other politician who has lied about something they did? Basically he said "I had nothing to do with this" and then he said "okay now I remember I did having something to do with it, but my staffers were under pressure from Obama's staffers and we felt there would be major legal challenges us to forcing companies to break contractual agreements."

So...again, I ask...how does this qualify as corruption warranting impeachment and ouster? What should happen is the public needs to remember this and vote him out.
 
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cascadian said:
AFAICT, the origin of this was a FOX story hilighting Dodd's links to AIG.
Click to expand...

Dodd's coziness with the banking industry has been known for years.

So you're only concern is that they are pandering?
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In this case, yes. I think the "bonuses" are obligations that should be met. I'm tired of the ridiculous demonization of anyone involved with financial institutions.
 
RightinNYC said:
Dodd's coziness with the banking industry has been known for years.



In this case, yes. I think the "bonuses" are obligations that should be met. I'm tired of the ridiculous demonization of anyone involved with financial institutions.
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I still say no profit no bonus,I don't care about their contract,whoever wrote that contract probably rode the short bus to school.

This is so much like corporations where you screw up you get promoted,because you know someone,and you can't mess up in your new position because you do less.

Wait a minute this sounds like the federal government or the dmv.
 
Lerxst said:
You know, if they would have just said from the beginning "legally we feel we must leave the bonuses in" this would be a completely different argument. But what we get is Dodd lying about the affair and all of sudden Dodd's lying is Obama's fault. It's not unless it can be proven Obama told Dodd to lie. At this point Dodd needs to get hammered.

I don't care that the Obama administration told Dodd that they felt there was a legal obligation to honor the bonuses, they should have just been up front about it. While this changes nothing about the bailout, it makes the Obama administration look somewhat complicit in a deliberate attempt to slip something past the American people.
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You don't think Obama knew?
He was a Senator after all.
He is the President, and has advisors.
Geithner knew and didn't tell the President before embraking on this barking tour?

Come, come... let's not be coy.

Obama knew.
Dodd knew.
Geithner knew.
ObamaRhama knew.
Carville knew.
Begala knew.
Stephanopolus knew.

They all knew, and now have eggy wegs all over their faces.

They knew... and if they did not, then how the hell can they manage all the Porkulus that's been spread across the National Picnic Table?

And these people will make minced meat of Rush?
LOL.
You can bet they're regretting elevating him to Leadership level now.
They have another 46-months of bungling to wade through.
And he is now the voice of the Loyal Opposition... until we hit the mid-term run.

Rush pounded this deception from the word "Go!".
The AMMP acted like Obamatrons... pounding AIG.

Now the real culprit has come forward.
Him and all that signed on.

Dodd is damaged goods.
Mr. Head of the Senate Banking Committee gets a Sweet heart loan from Countrywide.
Writing in this AIG clause... denying it, now falling on the sword.

Two big strikes in a short span... for Sen. Dudd.

.
 
zimmer said:
You don't think Obama knew?
He was a Senator after all.
He is the President, and has advisors.
Geithner knew and didn't tell the President before embraking on this barking tour?

Come, come... let's not be coy.

Obama knew.
Dodd knew.
Geithner knew.
ObamaRhama knew.
Carville knew.
Begala knew.
Stephanopolus knew.

They all knew, and now have eggy wegs all over their faces.

They knew... and if they did not, then how the hell can they manage all the Porkulus that's been spread across the National Picnic Table?

And these people will make minced meat of Rush?
LOL.
You can bet they're regretting elevating him to Leadership level now.
They have another 46-months of bungling to wade through.
And he is now the voice of the Loyal Opposition... until we hit the mid-term run.

Rush pounded this deception from the word "Go!".
The AMMP acted like Obamatrons... pounding AIG.

Now the real culprit has come forward.
Him and all that signed on.

Dodd is damaged goods.
Mr. Head of the Senate Banking Committee gets a Sweet heart loan from Countrywide.
Writing in this AIG clause... denying it, now falling on the sword.

Two big strikes in a short span... for Sen. Dudd.

.
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I appreciate all your effort here, but where did I take the position that Obama didn't know? I'm not going to make the leap and assume that Obama himself actually knew every line by line detail of the bailout, but it's certainly possible. Although given the nature of how Washington works and how large bills are put together, it's not all that probable he knew everything about the bailout. I thought I was pretty specific in that I didn't care if Obama's staff pressured Dodd on the subject. I think when confronted about it they all should have said "look, we know this isn't popular, but we do not believe we are in the legal authority to force companies to break essentially legally binding contracts for compensation with their employees." And that's all they would have to say. Sure there would be screaming and accusations and finger pointing and rhetoric. So? That's nothing new and after while the drone just kind of relaxes you.
 
I used to be a fan of Dodd's......not anymore. I'm disgusted.
 
aps said:
I used to be a fan of Dodd's......not anymore. I'm disgusted.
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There are lots of Dodds in the Democrat Party.

We on the other side will help familiarize you with them.
 
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RightinNYC said:
In this case, yes. I think the "bonuses" are obligations that should be met. I'm tired of the ridiculous demonization of anyone involved with financial institutions.
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Hmmm... seems like demonization of the division of AIG that ran it into the ground to me.

Since 80 some-odd Pub's voted for that retroactive tax, I will point out this "demonization" and "pandering" isn't party specific.
 
RightinNYC said:
Dodd's coziness with the banking industry has been known for years.



In this case, yes. I think the "bonuses" are obligations that should be met. I'm tired of the ridiculous demonization of anyone involved with financial institutions.
Click to expand...

:applaud I couldn't agree with you more :applaud
 
zimmer said:
There are lots of Dodds in the Democrat Party.

We on the other side will help familiarize you with them.
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It's not just the financial institutions. It's those "evil executives" which go hand-in-hand with those "evil corporations." Burn the witches!
 
I have no objection to the bonus being paid.
I have every objection that people who bring a company down are subsequently rewarded for having done that.

These two statements appear to be at odds.
However, AIG were contractually obliged to pay what are called 'Retention Bonus' to certain members of their staff.
Had AIG refused or declined to pay this Bonus, those persons who were legally entitled to the Bonus would likely have taken AIG to court.

They would have won.
AIG would have been ordered by the Court to pay the Bonus, but AIG would have also been saddled with the costs of the Court case, they would have had to pay interest on the amount of the Bonus, from the time it was due to be paid up to the time that the persons to whom it had to be paid were paid.
I am not entirely certain that in addition AIG may have been compelled to pay a 'Fine'.
The additional burden on AIG Bail out money would have been substantial.

I am as aware as a few people on these blogs that the majority of politicians in the US are liars and basically scumbags, but you get what you vote for.
 
cascadian said:
Hmmm... seems like demonization of the division of AIG that ran it into the ground to me.
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While some may target their criticism toward specific areas (see Obama's recent statement on the matter), the vast majority of people complaining about this are just bitching about "the crooks" etc. They wouldn't know a CDO from a CD, yet they feel qualified to declare everyone on "wall street" a criminal.


Since 80 some-odd Pub's voted for that retroactive tax, I will point out this "demonization" and "pandering" isn't party specific.
Click to expand...

I didn't say it was. Plenty of Republicans are always up for some populist bull****. They're idiots too.
 
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