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Dodd: Administration pushed for language protecting bonuses (Dodd Throws Obama under The Bus)
CNN ^ | 3-18-09 | Ed Hornick Kristi Keck

Posted on 03/18/2009 5:56:04 PM PDT by icwhatudo

Dodd acknowledged his role in the change after a Treasury Department official told CNN the administration pushed for the language.

Both Dodd and the official, who asked not to be named, said it was because administration officials were afraid the government would face numerous lawsuits without the new language.

---snip--

"I agreed reluctantly," Dodd said. "I was changing the amendment because others were insistent."

(Excerpt) Read more at cnn.com ...


TOPICS: Breaking News; Business/Economy; Government; News/Current Events; US: Connecticut
KEYWORDS: 111th; aig; bho2009; bho44; christopherdodd; circus; connecticut; dodd; doddfrank; glasssteagall; obama; obamabusbozo
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To: icwhatudo; All
I need a shower now. Intersting variation alright. Little timmy next under the bus?

"The Treasury Department demanded that Sen. Chris Dodd insert exemptions into the stimulus bill that allowed bailout recipients to receive bonuses, the Connecticut Democrat said on Wednesday.

According to Dodd, officials at Treasury expressed concern that if the government were to prohibit payouts, it risked being sued by companies like AIG, which had contracts stipulating that bonuses were to be paid.

At the urging of Treasury officials, Dodd modified a clause he had previously inserted into the stimulus that prohibited bonuses from being issued by bailed-out companies. An exemption was added to allow bonuses that applied to in-place contracts.

"The alternative was, in my view, losing the entire section on executive excessive compensation," he said. "Given the choice ... I agreed to a modification in the legislation, reluctantly. I wasn't negotiating with myself. I wasn't changing my own amendment. I was changing the amendment because others were insisting on it."

"I would have preferred that we kept my language, as it left the Senate unanimously," Dodd added. "In fact there were objections when I wrote the language even before it left the Senate. ... The administration expressed reservations with the amendment. They came to us and asked for modifications in the amendment. The alternative was, of course, losing the amendment entirely, which was a possibility. I didn't want to see that happen. I suspect we would be having a conversation tonight why we didn't include some language in here to deal with bonuses, golden parachutes and the like. ... I don't believe anyone had any idea, I certainly didn't, that a month and a half later from February we would be talking about AIG and the bonuses they are receiving for their retentions, these $165 million. So that was never a part of the consideration."

The disclosure should put to rest one aspect of the debate over how a company like AIG, which has received $170 billion in taxpayer funds, was allowed to dole out $165 million in bonus payments. Still unresolved is who in conference removed the amendment introduced by Sens. Wyden and Snowe that would have taxed bonuses exceeding $100,000 at 35 percent.

41 posted on 03/18/2009 6:34:43 PM PDT by dynachrome (Barack Hussein Obama yunikku khinaaziir)
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To: sinanju

#41 also.


42 posted on 03/18/2009 6:37:07 PM PDT by dynachrome (Barack Hussein Obama yunikku khinaaziir)
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To: icwhatudo
Dodd yesterday told CNN and other news agency he had nothing whatever to do with putting the language permitting these bonuses to AIG until this February 2009. He vigorously denied any knowledge of any such change to his amendment that would have barred it absolutely. Today he comes on CNN and admits that he was in error, not only did he know that the change was made but approved same. He said it was done at the behest of the administration although he would not identify who in the administration pressed for the change. Dodd is not only a first class liar but he is an insufferable, arrogant, demagogue.
43 posted on 03/18/2009 6:39:25 PM PDT by brydic1
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To: icwhatudo

oh bwwwahahahaahahahhhhahaa

“I agreed reluctantly . . .”

OH BWWWAHAHAHAHAHA HHHHAAHAHAHAHA


44 posted on 03/18/2009 6:40:55 PM PDT by fightinJAG (Good riddance, UAW.)
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To: icwhatudo

This is like watching an episode of “The Keystone Cops”.


45 posted on 03/18/2009 6:45:33 PM PDT by Mad_Tom_Rackham (The inmates are now officially running the asylum.)
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Comment #46 Removed by Moderator

To: Rome2000

Caption...

“Ihn ze olt dahyz..........”


47 posted on 03/18/2009 6:49:10 PM PDT by MindBender26 (The Hellfire Missile is one of the wonderful ways God shows us he loves American Soldiers & Marines)
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To: devane617

"The bus is waiting right outside, Chris..."

48 posted on 03/18/2009 6:50:13 PM PDT by Mad_Tom_Rackham (The inmates are now officially running the asylum.)
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To: Rome2000
ooooh...

--- or ---

You sumbitch better not hang me out to dry, you rat fink!

49 posted on 03/18/2009 6:50:59 PM PDT by TeleStraightShooter (Barack Hugo Obama - has he ever criticized Hugo Chavez?)
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To: fightinJAG

Dodd said “Hold muh beer”...


50 posted on 03/18/2009 6:52:04 PM PDT by bigheadfred (Negromancer !!! RUN for your lives !!!)
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To: Volunteer
This is going to end very badly for us poor tax payers, isn’t it?

You know anybody else who has any money?

51 posted on 03/18/2009 6:54:06 PM PDT by Mad_Tom_Rackham (The inmates are now officially running the asylum.)
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To: devane617
I believe Dodd is in a world of hurt. I think heads will fall in the next few days.

In a 'right-side-up' world; for sure, some heads would roll. . .

52 posted on 03/18/2009 6:56:38 PM PDT by cricket (January 20, 2009 - the day the music died)
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To: All

It was nice to see that we were 100% right about Obama, too bad the result of that is that the country will suffer, and this is just the start of it. As others have said, God help us.


53 posted on 03/18/2009 6:56:42 PM PDT by LegalEagle61 (If you are going to burn our flag, please make sure you are wearing it when you do!)
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To: sinanju
I was looking over the CT newspapers and reader comments and they are mad as hell. Looks like a heretofore loyal capo is refusing to fall on his sword.

Why should he do that? Dodd knows that he'll be elected to term after term, while Obama the Amatuer is about to slam into the earth at full throttle.

54 posted on 03/18/2009 6:59:58 PM PDT by Mad_Tom_Rackham (The inmates are now officially running the asylum.)
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To: icwhatudo

At the rate the librats are turning on each other, Comedy Central will need to extend jon stewart’s show into a 24-hour marathon so that he’ll have enough time to deface all those who are starting to urinate on his obama idol.


55 posted on 03/18/2009 7:03:48 PM PDT by Vision Thing (wussybama)
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To: icwhatudo; All
Digg it
56 posted on 03/18/2009 7:04:39 PM PDT by kanawa (Trust in God and hunker down, we're in for a ride on the Crazy Train)
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To: Rome2000

. . .one liar. . .looking at another. . .They thought they would get away with it; and there was no downside for Obama, Inc. They always need a ‘fall guy; a diversion; a crisis. Anger keeps the minions occupied while Obama takes care of ‘real business’. The biggest greed here in this plot; belongs to the biggest and most powerful Government players; they want more power; and by hook and by crook; they intend to get it. And for sure, they intend to keep it.


57 posted on 03/18/2009 7:05:36 PM PDT by cricket (January 20, 2009 - the day the music died)
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To: Mad_Tom_Rackham

lol. . .good one; because it has the full taint of truth.


58 posted on 03/18/2009 7:06:54 PM PDT by cricket (January 20, 2009 - the day the music died)
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To: Rob the Ugly Dude
Is everything that comes out of Obama’s mouth a lie ?
59 posted on 03/18/2009 7:07:18 PM PDT by topfile
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To: wolf24

................How about the billions of taxpayer money that went to English, German, and French banks?.............

Actually, I have no problem with that!

The scum mortgage originators, got the approvals of Fannie Mae; Freddie Mac, to bundle up all these crap instruments, and sell the garbage around the world.

To the extent that foreign financial houses hedged their bets on these garbage packages by buying AIG insurance products, (a prudent thing for them to do), and to now post a claim against AIG, is the proper business relationship.

As Americans, we may not like that our money is deposited offshore, but in the long run, if foreign financial houses tell us to F.U. on future investments, because we don’t live up to our previous insurance commitments, we become totally screwed.

Especially as Zer0 is trying for another trillion dollar tri-fecta for 2009!


60 posted on 03/18/2009 7:19:13 PM PDT by aShepard (Maybe 12/6 is the time to launch a constitutional amendment that lays out POTUS requirements!)
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