Dodd Admits Creating Bonus Loophole

By  | 


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.