"The bus is waiting right outside, Chris..."
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 ...
"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 also.
oh bwwwahahahaahahahhhhahaa
“I agreed reluctantly . . .”
OH BWWWAHAHAHAHAHA HHHHAAHAHAHAHA
This is like watching an episode of “The Keystone Cops”.
Caption...
“Ihn ze olt dahyz..........”
"The bus is waiting right outside, Chris..."
--- or ---
You sumbitch better not hang me out to dry, you rat fink!
Dodd said “Hold muh beer”...
You know anybody else who has any money?
In a 'right-side-up' world; for sure, some heads would roll. . .
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.
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.
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.
. . .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.
lol. . .good one; because it has the full taint of truth.
................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!
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