Dodd: I F***ed-Up … Let Me Waterboard The Evil AIG Execs – With Video

March 17th, 2009 (6) Posted By Pat Dollard.

chrisdodd

FOX Business:

Amid AIG Furor, Dodd Tries to Undo Bonus Protections He Put In

by Rich Edson

Senator Chris Dodd (D-Conn.) on Monday night floated the idea of taxing American International Group (AIG: 0.9293, 0.1492, 19.13%) 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.

The move represents somewhat of an about-face for the Senator.

While the Senate was constructing the $787 billion stimulus last month, Dodd added an executive-compensation restriction to the bill. That amendment 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.

The amendment 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.

Dodd’s office did not immediately return a request for comment.

One of AIG Financial Products’ largest offices is based in Connecticut.

Dodd Amendment Rules

- Crack down on bonuses, retention awards and incentive compensation: Bonuses can only be paid in the form of long-term restricted stock, equal to no greater than 1/3 of total annual compensation, and will vest only when taxpayer funds are repaid. There is an exception for contractually obligated bonuses agreed on before Feb. 11, 2009.

- For institutions that received assistance totaling less than $25 million, the bonus restriction applies to the highest compensated employee; $25 million to $250 million, applies to the top five employees; $250 million to $500 million, applies to the senior executive officers and the next top 10 employees; and more than $500 million applies to the senior executive officers and the next top 20 employees (or such higher number as the Secretary determines is in the public interest).
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  • Steve in NC

    These fuckers are starting to get scary. Rabid foaming at the mouth dictators.

    I doubt I will hear of anyone counter these flailing bastards with the truth. I think most of the men in this country have become of bunch of pussies who cower to bitches like dodd so that they find favor with ‘public favor/opinion’.

    Tar and Feathers worked during the whiskey rebellion, shall we use the same again or something more modern, maybe naval jelly and iron filings?

  • Steve in NC

    ‘countering these flailing bastards’

  • http://www.gwuh.com Marc Stockwell-Moniz (Infidel since birth thanks in part to my crusader ancestors, especially Egas Moniz, Knight Templer who defeated the Moors.)

    :arrow: Dodd: I Fucked-Up

    Mr. Dodd,
    Your mere existence is a fuck up. :roll: :mad: :lol:

  • GRIZZ

    Best part ran down mama dodds leg

  • Sully

    Oh… so Dodd is at fault for this bonus fiasco?
    Resign now or commit suicide you ass!!

  • Nanny

    Where is his outrage at the trillions of taxpayer dollars he and congress have spent in the last two months? Fuck them all! This is all just a ruse to get the media ranting about the bonuses instead of reporting the waste and fraud that these assholes have tucked into the spending and stimulus packages that have taxpayers revolting in droves. Go look at the size of the tea parties that are going to take place between now and April 15th. BHO and cronnies don’t want the media reporting these revolts. I knew BHO was going to be bad for the US but never dreamed he would take us to the shit hole so fast!