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| Amid AIG Furor, Dodd Tries to Undo Bonus Protections He Put In |
| 2009-03-17 |
| Senator Chris Dodd (D-Conn.) on Monday night floated the idea of taxing American International Group 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. |
| Posted by:Beavis |
| #1 So, Chris, was it worth it being a "Friend of Angelo" and saving a coupla points on your mortgage? Time to protect your phoney baloney job maybe... HARTFORD, Conn. - Failed presidential candidate Christopher Dodd faces a tough re-election bid for his sixth term in the U.S. Senate, according to a new poll released Tuesday. A Quinnipiac University poll shows Dodd in a virtual tie with former Republican U.S. Rep. Rob Simmons of Stonington in a hypothetical 2010 matchup. The poll shows Simmons with 43 percent of the vote and Dodd with 42 percent. Simmons has expressed interest in the race but has not announced his candidacy. He narrowly lost to Democrat Joe Courtney in 2006 in a race to represent the 2nd Congressional District. Dodd's fifth term ends next year, and he plans to run for a sixth. Slipping below a 50 percent approval rating is often considered a red flag for incumbents. |
| Posted by: tu3031 2009-03-17 14:35 |