Sorry Chris, there is no room left under the bus!
Posted on 03/23/2009 8:22:11 AM PDT by Sub-Driver
Dodd's Wife a Former Director of Bermuda-Based IPC Holdings, an AIG Controlled Company By Kevin Rennie
No wonder Senator Christopher Dodd (D-Conn) went wobbly last week when asked about his February amendment ratifying hundreds of millions of dollars in bonuses to executives at insurance giant AIG. Dodd has been one of the company's favorite recipient of campaign contributions. But it turns out that Senator Dodd's wife has also benefited from past connections to AIG as well.
From 2001-2004, Jackie Clegg-Dodd served as an "independent" director of IPC Holdings, Ltd., a Bermuda-based company controlled by AIG. IPC, which provides property casualty catastrophe insurance coverage, was formed in 1993 and currently has a market cap of $1.4 billion and trades on the NASDAQ under the ticker symbol IPCR. In 2001, in addition to a public offering of 15 million shares of stock that raised $380 million, IPC raised more than $109 million through a simultaneous private placement sale of 5.6 million shares of stock to AIG - giving AIG a 20% stake in IPC.
Clegg was compensated for her duties to the company, which was managed by a subsidiary of AIG. In 2003, according to a proxy statement, Clegg received $1,000 per month and an additional $1,000 for each Directors' and committee meeting she attended. Clegg served on the Audit and Investment committees during her final year on the board.
IPC paid millions each year to other AIG-related companies for administrative and other services. Clegg was a diligent director. In 2003, the proxy statement report, she attended more than 75% of board and committee meetings. This while she served as the managing partner of Clegg International Consultants, LLC, which she created in 2001, the year she joined the board of IPC.
(Excerpt) Read more at realclearpolitics.com ...
GRRRREAT post! Thanks.
btt
WELL!!!! I am shocked....SHOCKED,I say!!
... you conniving, corrupt piece of .....
well, well, well ... and another RAT pops out.
The Most Ethical Congress Ever (TM)
added to “breaking news” sidebar. Hope that’s ok. :O)
.
Americans should demand that Chris Dodd, Baaaney Fwank and “Turbo Tax Tim” resign!
Senator Dodge gets in deeper. President Oblivious still confused.
Ouch!
IPC paid millions each year to other AIG-related companies for administrative and other services. Clegg was a diligent director. In 2003, the proxy statement report, she attended more than 75% of board and committee meetings. This while she served as the managing partner of Clegg International Consultants, LLC, which she created in 2001, the year she joined the board of IPC.
Clegg-Dodd personifies American entrepreneurship: (1) be the wife of a U.S. Senator; (2) get appointed to the board of a large company; (3) after getting appointed, start your own consulting firm so that fees will flow directly to you from the company on whose board you sit.
You go, girl...
Sorry Chris, there is no room left under the bus!
Dodd SHOULD be TOAST!!
Need to find the post or other info but there was a story a week or so ago on another (I think!) AIG Bermuda based Company set up to help AIG get around CDS regulations.
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