Dodd Admits Creating Bonus Loophole

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Senate Banking Committee Chair Chris Dodd has had better days. Looks like the AIG bonus scandal just found a political whipping boy:

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.

I like the “But for that language” part of the quote. If Dodd thought the language was good, he wouldn’t have hid from his involvement in it. He’ll have a hard time defending his role now. Sure, a lot of people voted for the bill, but the “I didn’t read that part” excuse is better than the “I wrote that part and then denied and am now hoping it all goes away” excuse.

  • Chris

    Dodd is just another political sickophant cow-towing to the big corporations who line his pockets with money and send him on “fact-finding” missions to Aruba or the Bahamas. After all, Dodd will have to visit the Bahamas to see where all of the bailout money is stored. I posted your blog on my site at for federal government employees to read and discuss on our boards.


  • shane

    oh, it gets better. Dodd is blaming the Obama administration for the holes in the bill.

  • jax

    You are right, it’s a big mess.

    If you thought it couldn’t get any worse than Bush. The dems are spending more and making mistakes of the grossest incompetence. Here is the latest
    (quite shocking) of their trillion dollar blunders:

  • Agnostick


    Initial tinglings of “buyer’s remorse” over here… for voting for Obama…

    On the other hand, I suppose there’s no real guarantee that the current situation would be that much different with “President McCain.”