While the Senate was constructing the $787 billion stimulus last month, Dodd added an executive-compensation restriction to the bill. The provision, now called “the Dodd Amendment” by the Obama Administration 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.
He was for the bonuses before he was against them. John Kerry would appreciate that. Also, it's pretty rich that they want to "tax" these bonuses. As the tax laws already stand the federal government will get about 35% of the gross amount. And depending on what state the recipients live in, they'll be lucky to see 55% of the gross amount after the local governments are through.
Dodd’s original amendment did not include that exemption, and the Connecticut Senator denied inserting the provision."Idunnoitwasn'tme!" Classic 3rd grade denial.
“I can't point a finger at someone who was responsible for putting those dates in,” Dodd told FOX. “I can tell you this much, when my language left the senate, it did not include it. When it came back, it did.”
Of course he can't point a finger. If he did there would be three pointing back at at him. I bet even Senator Dodd can understand that 3>1.
This explains a lot (click to enlarge):
The WSJ has an editorial today that gets to the heart of the matter:
The Washington crowd wants to focus on bonuses because it aims public anger on private actors, not the political class. But our politicians and regulators should direct some of their anger back on themselves -- for kicking off AIG's demise by ousting Mr. Greenberg, for failing to supervise its bets, and then for blowing a mountain of taxpayer cash on their AIG nationalization.
The best insurance policy AIG ever invested in was political donations to the left side of the aisle.
UPDATE 3/19/09: Dodd admits Role in AIG Controversy
Why does this guy still have a job?
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