Why did this Mainstream Media article die already? DON'T FORGET.

http://news.yahoo.com/s/politico/20090318/pl_politico/30833

Dodd facing fresh political firestorm

Sen. Chris Dodd (D-Conn.) looks like he may be facing a fresh political firestorm.

Dodd just admitted on CNN that he inserted a loophole in the stimulus legislation that allowed million-dollar bonuses to insurance giant AIG to go forward – after previously denying any involvement in writing the controversial provision. .

“We wrote the language in the bill, the deal with bonuses, golden parachutes, excessive executive compensation that was adopted unanimously by the United States Senate in the stimulus bill,” Dodd told CNN’s Wolf Blitzer this afternoon.

“But for that language, there would have been no language to deal with this at all.”

Dodd had previously said that he played no role in writing the controversial language, and was not a part of the conference committee that inserted the language in the bill. As late as today, Dodd’s spokeswoman denied the senator’s involvement.

The AIG bonuses have caused a political firestorm, with Republicans and Democrats alike looking to lay blame for who’s responsible, and leading lawmakers looking to revoke the bonuses.

Dodd’s role in the legislation will likely come up as he faces the likelihood of a tough reelection. Former GOP congressman Rob Simmons announced he was running this week, and has already taken issue with Dodd’s stewardship as chairman of the Senate Banking Committee.

UPDATE: Dodd put out the following statement this evening:

“I’m the one who has led the fight against excessive executive compensation, often over the objections of many. I did not want to make any changes to my original Senate-passed amendment but I did so at the request of Administration officials, who gave us no indication that this was in any way related to AIG. Let me be clear – I was completely unaware of these AIG bonuses until I learned of them last week.

“Reports that I changed my position on this issue are simply untrue. I answered a question by CNN last night regarding whether or not a specific date was aimed at protecting AIG. When I saw that my comments had been misconstrued, I felt it was important to set the record straight – that this had nothing to do with AIG.

“Fortunately, we wrote this amendment in a way that allows the Treasury Department to go back and review these bonus contracts and seek to recover the money for taxpayers. Again, I have led the fight to curb excessive executive compensation, and will continue to do so.”
 

No votes yet

The Obama administration should share just as much blame as Dodd (and the Republicans) for the AIG bonuses. Dodd originally tried to put a cap in the legislation, but took it out at the White House's insistence. The White House has no business writing legislation. It's not their role in our gov't, and it's dangerous for Congress to submit to their will.

Pink Slip

And let's not forget the Bush administration:

President George W. Bush’s administration “specifically contemplated” paying bonuses to American International Group Inc. employees in its November agreement to provide federal bailout funds to the insurance giant, the inspector general for the Troubled Asset Relief Program said today.

Neil Barofsky testified before the House Ways and Means oversight subcommittee. The panel held a hearing on the TARP program, which so far has spent $300 billion trying to reverse the financial meltdown.

The TARP contract between AIG and Treasury “specifically contemplated the payment of bonuses and retention payments to AIG employees, including AIG’s senior partners,” Barofsky said.

Pink Slip

“specifically contemplated” ? 

I read the link from Bloomburg you provided and nowhere does it say that Bush approved the bonuses that the Democrat controlled Congress approved in October of 2008.

All it says is that the bill introduced by Democrats and passed by Democrats in Congress had a provision that Bush thought about for a while and apparently did not get the Democrat Controlled Congress to add into the Democrat introduced bailout bill.

 However, the TARP money that these bonuses came out of was approved by the Democrat controlled Congress on October 3, 2008

Public Law 110-343 (Pub.L. 110-343, known as H.R. 1424 prior to enactment) is an Act of Congress signed into law by U.S. President George W. Bush on October 3, 2008.[1][2]

http://en.wikipedia.org/wiki/Emergency_Economic_Stabilization_Act_of_2008

Don't blame me,
I didn't vote for a
socialist.

Libs, if you've been paying any attention at all you'd remember that the Republicans were against capping executive pay/bonuses when this was being debated a couple of months ago. Yes, I lay blame with Dodd/Geithner and Obama ultimately. But I think this instance proves that there's only one political party in Washington---the money party

Pink Slip

Although I agree that Republicans in the recent past have tried to become Democrat Light and that the money party is now in control, in order for you to be consistant about capping outrageous salaries, you also need to include the UAW execs making:

International President, one hundred and forty four thousand, seven hundred and thirty-three dollars and forty-seven cents ($144,733.47) per annum. International Secretary-Treasurer, one hundred and thirty-three thousand, eight hundred and ninety-one dollars and thirty-two cents  ($133,891.32) per annum.

International Vice Presidents, one hundred and twenty-nine thousand, six hundred and fifty-six dollars and nine cents ($129,656.09) per annum.

International Executive Board Members, one hundred and eighteen thousand, eight hundred and thirteen dollars and ninety cents ($118,813.90) per annum.

http://www.uaw.org/constitution/article11.cfm

So when are the hearings on Major League Baseball players and their outrageous salaries for throwing a ball around?

http://en.wikipedia.org/wiki/List_of_highest_paid_baseball_players

  1. $198,413,252 - Alex Rodriguez
  2. $188,245,322 - Barry Bonds (not retired, but was not under contact in 2008)
  3. $167,550,019 - Randy Johnson
  4. $162,258,269 - Manny Ramírez
  5. $161,230,000 - Derek Jeter

Don't blame me,
I didn't vote for a
socialist.

First Libs, I'm against ALL bailouts. If they're too big to fail, then they're just too big--period. Start enforcing anti-trust laws and break them up. It's good for competition and ultimately good for the consumer. That being said, if a company receives a taxpayer-funded bailout, I think all the execs should be FIRED. Short of that, I see no problem with capping executive pay. They're lucky to retain their jobs in the first place. If we are giving them money, then WE dictate the terms or no deal.

Secondly, I'm not sure what kind of point you think you are making with listing baseball player salaries. Last I checked, Major League Baseball has not received bailout money. Therefore, it's an apples & oranges comparison. (I remember when I was a kid, and someone tried to make the point that baseball players weren't worth what they were paid. I retorted that they're worth whatever somone was willing to pay them. But that's neither here nor there)

Edit---by the way, for a subject that the mainstream media forgot---it sures seems to be EVERYWHERE on the news (front pages of major newspapers, lead stories on network news channels, debated by all of the punditry, etc)

Pink Slip

The reason the article died is because it didn't further the party line. We'll have to wait for the Teleprompter of the United States of America, to explain it all away.

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