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Dodd: Administration pushed for language protecting bonuses

Discussion in 'Political Discussion' started by Real World, Mar 18, 2009.

  1. Real World

    Real World Moderator Staff Member

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    Liar, liar, pants on fire?


    March 18, 2009

    Breaking: I was responsible for bonus loophole, says Dodd

    Posted: 05:56 PM ET

    Sen. Dodd told CNN Wednesday that officials in the Treasury Department asked him to add the bonus loophole to the stimulus bill before it was passed.

    WASHINGTON (CNN) — 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.


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

    Real World Moderator Staff Member

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    Hmm...meet the new people, same as....nevermind.


    Dodd: Administration pushed for language protecting bonuses

    NEW: Sen. Dodd tells CNN he put bonus provision in bill, despite earlier denials

    Sen. Chuck Grassley: Congress only has leverage if firm uses taxpayers' money

    AIG under fire for doling out big bonuses after taking bailout money

    Rep. Barney Frank says execs shouldn't get bonuses if they are "incompetent"

    (CNN) -- 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.

    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."


    Dodd: Administration pushed for language protecting bonuses - CNN.com
     
  3. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    Weel AIG got what they paid for when they gave the $$$ to obama and dodd.
     
  4. Bigdogx

    Bigdogx On the Game Day Roster

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    Hows does congress get away with pointing a finger at a guy who was not even responsible for these bonus checks and is trying to turn the company around working for about .00000000000001 cents a hour? These worthless scumbags in congress pass bills spending our money without even so much as reading a page.
     
  5. Leave No Doubt

    Leave No Doubt PatsFans.com Supporter PatsFans.com Supporter

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  6. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    What about the bonuses paid to the dems working for Dreddie and Fannie???
     
  7. Patriot_in_NY

    Patriot_in_NY Veteran Starter w/Big Long Term Deal

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    It's even funnier watching that POS Barney Frank and his FAUX OUTRAGE towards Libby.

    What is d!!ck
     
  8. Leave No Doubt

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    Barney,Freddie and Fannie:rolleyes: I agree with much of what Frank's proposed re: drug laws,etc but he's just as corrupt as the rest of Congress, who are the real culprits here. The Fed passed this bonus thing as did Geithner and Bernake. The hypocrisy is astounding.
     
  9. PatsWSB47

    PatsWSB47 Veteran Starter w/Big Long Term Deal

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    Yeah how about it..........that and all the blow-hards with their self righteous indignation grandstanding yesterday........all of whom voted for that bill to pass with that bonus language in it.
     
    Last edited: Mar 19, 2009
  10. Leave No Doubt

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  11. Patriot_in_NY

    Patriot_in_NY Veteran Starter w/Big Long Term Deal

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    If I were Libby, I would have stood up, dropped my drawers and told them where to stick his $1 salary. Seriously, the contracts were binding and you knew they were there, so YOU HAVE TO pay them, like it or not. But still, all this indignation is a big joke. I feel bad for the execs actually. They took money that they "earned" when they fulfilled their end of the bargain.

    Honoring contracts are part of the system of business and what makes a company (or country credible). They would have been better served to have said "here's some $$, but first you have to renegotiate these "bloated" bonuses". No renegociate, no cash. Pretty simple.

    Without question, this whole thing is a fukcing smokescreen.
     
  12. tanked_as_usual

    tanked_as_usual Banned

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    conspicuous silence on the part of all the libbies around here........
     
  13. Holy Diver

    Holy Diver Pro Bowl Player

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    This is all a poop sandwich. I posted yesterday how the senators from Maine and Oregon added these bonus caps to the bill, and they were taken out in comittee, and I'm outraged.

    mind you all, this is NOT NEWS. This happened and was reported. I recall being upset when I heard it was taken out a few days before this went to vote. What IS news is Dodds admission.

    The treasury was lobbied to cut this protection, the fingers are pointed at Dodd, and Geithner.



    Geithner should resign. He has confirmed his shadyness in my book.



    I believe that the provision was lobbied to help transitional employees for small banks, actual retention bonuses to bridge the gap during the takeover time...but obviously these large investment banks perverted the language.

    Dodd should do all he can to counteract these perversions and also resign for being such a dumb-arse.

    worst thing about all of this is that Dodd denied these accuasations two days ago...



    THERE....there is my liberal take.
     
  14. tanked_as_usual

    tanked_as_usual Banned

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    that didn't take long..........jump, monkey, jump!!!!
     
  15. Holy Diver

    Holy Diver Pro Bowl Player

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    what glorious command of the english language...


    there seems to be more to this that we don't know.....


    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.







    sounds like we have a catfight between the Treasury and Dodd....
     
  16. tanked_as_usual

    tanked_as_usual Banned

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    dodd is running for cover.........he should hide in your underwear
     
  17. Holy Diver

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