Not to harp on the subject. I think it is silly that it is the only issue we all focus on. But, since so may people seem to be, here is a CNN news report confronting Chris Dodd about allowing the big bonuses at AIG and a Fox News report pointing to Chris Dodd as the architect of the bonus loopholes.
And here is a portion of a letter from Rob Jesmer, since I didn't want to take the time to explain it myself:
"Senator Chris Dodd (D-CT), Chairman of the Senate Banking Committee, placed an amendment in the "stimulus" bill that allowed for banks bailed out with taxpayer money - including A.I.G. - to hand out huge bonuses without any government oversight or regulation, as long as those bonuses were issued before February 11.
A.I.G. did just that, paying out $165 million in taxpayer-funded bonuses, including more than $1 million each to 73 people, as well as $33.6 million for 52 people who had already LEFT the company. This came AFTER the company received almost $200 billion in taxpayer funds to stay afloat.
It is no wonder that Senator Dodd received more campaign contributions from A.I.G. than any other politician during the 2008 cycle, including President Obama. As FOX News put it yesterday, "A.I.G. must be feeling very grateful to Chris Dodd this morning."
As we watch these Washington politicians simmering with their new-found populist outrage, it is worth noting that some of them are responsible for the very acts they are now so loudly condemning.
Rob Jesmer"I will stop blogging about this now. The next post will be more refreshing for us all.
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