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Thread: I was responsible for bonus loophole, says Dodd

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    I was responsible for bonus loophole, says Dodd

    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.
    I'm glad he admitted it at least.
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    Re: I was responsible for bonus loophole, says Dodd

    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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    Re: I was responsible for bonus loophole, says Dodd

    Quote Originally Posted by cascadian View Post
    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.
    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.
    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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    Re: I was responsible for bonus loophole, says Dodd

    Quote Originally Posted by Right
    It's just ridiculous. Stop the pandering and start governing.
    I'm starting to think that's all they know to do.
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    Re: I was responsible for bonus loophole, says Dodd

    I love instead of saying I'm an insane liar he goes with, "Well in going back and looking at it..."

    Jeezus.

    YouTube - Chris Dodd admitting loophole for AIG was his doing

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    Re: I was responsible for bonus loophole, says Dodd

    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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    Re: I was responsible for bonus loophole, says Dodd

    Quote Originally Posted by RightinNYC View Post
    I'm not sure what you're getting at here.
    AFAICT, the origin of this was a FOX story hilighting Dodd's links to AIG.

    Quote Originally Posted by RightinNYC View Post
    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.
    So you're only concern is that they are pandering?

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    Re: I was responsible for bonus loophole, says Dodd

    Quote Originally Posted by talloulou View Post
    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.
    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.
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    Re: I was responsible for bonus loophole, says Dodd

    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.

    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?

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    Re: I was responsible for bonus loophole, says Dodd

    Mercy, mercy.
    Bonuses my ass. I need one too! They shouldn't get a dang dime extra!
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