Obama '08?

Senate Banking Committee Chairman Chris Dodd (D-Conn.) on Monday night floated the idea of taxing American International Group (AIG) bonus recipients so the government could recoup some or all of the $450 million the company is paying to employees in its financial products unit. Within hours, the idea spread to both houses of Congress, with lawmakers proposing an AIG bonus tax.

While the Senate was constructing the $787 billion stimulus last month, Dodd added an executive-compensation restriction to the bill. The provision, now called “the Dodd Amendment” by the Obama Administration provides an “exception for contractually obligated bonuses agreed on before Feb. 11, 2009” -- which exempts the very AIG bonuses Dodd and others are now seeking to tax.

Dodd’s original amendment did not include that exemption, and the Connecticut Senator denied inserting the provision.

“I can't point a finger at someone who was responsible for putting those dates in,” Dodd told FOX. “I can tell you this much, when my language left the senate, it did not include it. When it came back, it did.”

“Because of negotiations with the Treasury Department and the bill Conferees, several modifications were made,” Dodd Spokesperson Kate Szostak in a response to FOX Business.

The provision excluding those bonus payments made it into the final version of the bill, and is law.

Separately, Sen. Dodd was AIG’s largest single recipient of campaign donations during the 2008 election cycle with $103,100, according to opensecrets.org. Also, one of AIG Financial Products’ largest offices is based in Connecticut.

“Senator Dodd was completely unaware of these AIG bonuses until he learned of them in the past few days,” wrote Szostak. To suggest that the bonuses affecting AIG had any effect on Senator Dodd’s action is categorically false.”

I wonder what we would be seeing in the way of criticism and what adjectives might be used to describe him if Senator Dodd was say - oh - a Republican?

March 19 (Bloomberg) -- Senate Banking Committee Chairman Christopher Dodd said the Obama administration asked him to insert a provision in last month’s $787 billion economic- stimulus legislation that had the effect of authorizing American International Group Inc.’s bonuses.

Dodd, a Connecticut Democrat, said yesterday he agreed to modify restrictions on executive pay at companies receiving taxpayer assistance to exempt bonuses already agreed upon in contracts. He said he did so without realizing the change would benefit AIG, whose recent $165 million payment to employees has sparked a public furor.
http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=aT_tMXRy2vDs

Well, the story keeps shifting day by day, .....

Way too little left of honor in American politics or personal greed however.

Okie, do you ever read your own posts? If so, are you embarrassed?

I am partisan, I admit to it, not ashamed, cyclops. Are you partisan?

Admit it, if Bush had made that comment, you would be all in a tizzy for sure, but I doubt Bush would have made such a comment, he would have been more caring.

okie wrote:

I am partisan, I admit to it, not ashamed, cyclops. Are you partisan?

Admit it, if Bush had made that comment, you would be all in a tizzy for sure, but I doubt Bush would have made such a comment, he would have been more caring.

Yes, but I try to make substantial criticisms backed by logical argument; not just a never-ending stream of grumpiness.

Cycloptichorn

Cycloptichorn wrote:

okie wrote:

I am partisan, I admit to it, not ashamed, cyclops. Are you partisan?

Admit it, if Bush had made that comment, you would be all in a tizzy for sure, but I doubt Bush would have made such a comment, he would have been more caring.

Yes, but I try to make substantial criticisms backed by logical argument; not just a never-ending stream of grumpiness.

Cycloptichorn

We endured 8 years of "grumpiness" to the extreme, if you wish to call it "grumpiness," but it bordered on hatred for the Bush administration, to the point some lefties wondered where assassins were when they were needed, etc. Not accusing you of that, but the left was and is filled with hatred. I want no harm, nothing bad to befall Obama, I have nothing personal against him or any of his administration,but I simply oppose the stupidity of policies, and I am here to point out the inconsistencies, the embarrassments, the amateurishness, the inexperience, and the just bad policies being carried on right now. Call it grumpiness, instead it is a concern for the country I love.

So please be reasonable.