Chris Dodd can kiss my ass

[bbinacan]

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.

Dodd is a hypocrite and should shut his mouth. Better yet, he should resign. He is the largest benefactor of AIG's largesse at $103,100.

[marmar]

1. It's the best Congress corporate money can buy, sadly.

n/t

[bdamomma]

3. Yea, I wonder if Congress is going to get that money back. go going gone.

[Bolo Boffin]

2. maybe you should do a little research before smearing Dodd

It's not true.

http://www.salon.com/opinion/greenwald/2009/03/17/dodd/index.html

Also, when quoting Fox Business, you should indicate that you're doing so.

[bbinacan]

7. Dodd is incompetent

He claims that his bill was altered. WTF didn't he read the final bill? What a poor excuse he is.

[Bolo Boffin]

30. LOL

Moving those goalposts and leaving a smear trail behind you.

[bbinacan]

35. Read and learn

http://www.cnn.com/2009/POLITICS/03/18/aig.bonuses.congress/index.html

(CNN) -- Senate Banking committee Chairman Christopher Dodd told CNN Wednesday that he was responsible for language added to the federal stimulus bill to make sure that already-existing contracts for bonuses at companies receiving federal bailout money were honored.

[originalpckelly]

10. It is not true, yet Dodd is still in AIG's backpocket.

It is public record that he received that money, as it is also public record that he couldn't possibly have come up with the amendment, because it was added in the conference report, and he wasn't in the conference between the House/Senate.

[bbinacan]

13. Dodd has no excuse. n/t

[FLAprogressive]

4. Dodd is a shill for Wall Street....like Schumer. Having those two in charge of the banking cmte. is

like having the fox guarding the henhouse.

Feingold and Sanders are better leaders. Too bad they're marginalized by the corporate interests that have infested our party.

[SemiCharmedQuark]

5. This has been refuted in a great link already posted above

Dodd is being set up as the fall guy by the Obama Administration, or someone in his administration.

[Laelth]

8. The link above makes that crystal clear.

But why is the White House trying to sink Dodd? What do they hope to gain?

:shrug:

-Laelth

[billyoc]

6. Not two worry, Obama and Summers have thrown Dodd under the bus already.

He won't be reelected in '10, and is already trailing in the polls in CT.

So cheer up.

[deaniac21]

9. Senators don't actually do anything. Some K street lobbisist

wrote it and took Chris out to eat.

[bbinacan]

11. Unfortunately,

you're right.

[Double T]

12. dodd should resign. First the Countrywide bribe, then the credit card reform........

in a year or so, or so, or so, and now his corruption with AIG bonuses. dodd is a crook the democrats and American people do not need. Connecticut must get rid of this guy. I think his overdose on hair spray is affecting his brain and certainly his integrity.

[bbinacan]

14. I agree with you. n/t

[Uzybone]

15. False story, DUers please lets check our facts

the media is trying to play games with democrats on this issue.

[bbinacan]

17. Please read all of the comments

before you blindly comment.

[Uzybone]

21. You smeared Dodd for something he didn't do

maybe you should have some humility and thank those who are setting you straight.

[bbinacan]

33. I see you didn't read all the comments. n/t

[Uzybone]

36. Hey you were right

I think you were premature to slam Dodd without all the facts but at the end of the day you were right. I apologize.

[bbinacan]

37. No problem.

I admire anyone who can admit when they're wrong. Hats off to you.:toast:

[Laelth]

18. Perhaps the Obama administration is CREATING this story to destroy Dodd.

If so, I might just be impressed.

:dem:

-Laelth

[Uzybone]

20. Nope...I think its media spin

See this thread.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=132&topic_id=8268126&mesg_id=8268126

[Laelth]

24. Or, Obama is a tough political SOB who's willing to take out his enemies.

That's definitely a possibility. I agree that it's a "shitty thing to do," as you say, but I have no reason to believe Obama didn't know about it and authorize it. Dodd is being politically assassinated by the administration, perhaps to send a message to others who might obstruct the President.

This is interesting, and momentous.

:dem:

-Laelth

[ProSense]

16. Fox, Drudge falsely assert Dodd put "bonus protections" into stimulus bill

Fox, Drudge falsely assert Dodd put "bonus protections" into stimulus bill

Summary: A FoxBusiness.com article reporting on anamendment that Sen. Chris Dodd added to the recovery bill featured the false headline -- subsequently posted by the Drudge Report -- "Amid AIG Furor, Dodd Tries to Undo Bonus Protections He Put In." Additionally, Fox News' Trace Gallagher falsely claimed that Dodd "created a loophole that allowed AIG to give out these bonuses." Rush Limbaugh also falsely asserted that Dodd's amendment provided an "exemption from any limits on" contractual bonuses agreed to before February 11. In fact, Dodd's amendment actually limited bonuses; it did not add "protection" for bonuses or "create a loophole" without which the bonuses could not be paid.

A March 17 FoxBusiness.com article reporting on an amendment that Sen. Chris Dodd (D-CT) added to the American Recovery and Reinvestment Act featured the false headline -- subsequently posted by the Drudge Report -- "Amid AIG Furor, Dodd Tries to Undo Bonus Protections He Put In." Additionally, Fox News anchor Trace Gallagher falsely claimed that Dodd "created a loophole that allowed AIG to give out these bonuses." And Rush Limbaugh falsely asserted on the March 17 edition of his radio show that Dodd's amendment provided an "exemption from any limits on" contractual bonuses agreed to before February 11. In fact, Dodd's amendment actually limited bonuses; it did not add "protection" for bonuses or "create a loophole" without which the bonuses could not be paid. Nor did it provide an "exemption from any limits" on bonuses agreed to before February 11.

In the article, FoxBusiness.com reported, "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." The article later stated: "While the Senate was constructing the $787 billion stimulus last month, Dodd added an executive-compensation restriction to the bill" (emphasis added). Indeed, Dodd's amendment as introduced directed the Treasury secretary to require each Troubled Asset Relief Program (TARP) recipient to "meet appropriate standards for executive compensation and corporate governance": "a prohibition on such TARP recipient paying or accruing any bonus, retention award, or incentive compensation during the period that the obligation is outstanding to at least the 25 most highly-compensated employees, or such higher number as the Secretary may determine is in the public interest with respect to any TARP recipient."

The Senate adopted Dodd's amendment by voice vote. Subsequently, the conference committee assigned to work out the differences between the Senate version of the recovery bill and the House version -- which did not contain such a limitation on executive compensation -- included Dodd's amendment "with several modifications" in its version of the bill. Among those modifications, the bill adopted by the conference committee included the following language:

The prohibition required under clause (i) shall not be construed to prohibit any bonus payment required to be paid pursuant to a written employment contract executed on or before February 11, 2009, as such valid employment contracts are determined by the Secretary (of the Treasury) or the designee of the Secretary.

The amendment as modified by the conference committee was included in the final recovery bill passed by Congress and signed by President Obama.

link

It's becoming really clear how the media gets the upper hand, it's easy.

[bbinacan]

19. That only proves Dodd's

incompetence.

[ProSense]

22. Or your insistence on accepting RW spin. n/t

[Laelth]

25. Perhaps the right wing noise machine is playing right into Obama's hand.

This looks like an administration-organized set-up to me.

Bye, bye Chris Dodd. Enjoy your retirement.

Now, does any other alleged Democrat want to cross the President?

:dem:

-Laelth

[bbinacan]

32. When I get the RW spin shit,

I know that the commenter has no rebuttal.

[bbinacan]

34. Try this on for size.

(CNN) -- Senate Banking committee Chairman Christopher Dodd told CNN Wednesday that he was responsible for language added to the federal stimulus bill to make sure that already-existing contracts for bonuses at companies receiving federal bailout money were honored.

http://www.cnn.com/2009/POLITICS/03/18/aig.bonuses.congress/index.html

[alstephenson]

31. Great info. Thanks for posting.

The MSM is using us again.

[1776Forever]

23. Daily Kos: FOX News Smear: Dodd's Amendment Did Not Allow AIG Bonuses

FOX News Smear: Dodd's Amendment Did Not Allow AIG Bonuses
by boloboffin
Tue Mar 17, 2009 at 10:06:08 AM PDT

http://www.dailykos.com/story/2009/3/17/709636/-Dodd

Fox Business on the case:

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.

Of course, this is going all over the conservative blogosphere.

Yet the actual text of Dodd's amendment concerning executive compensation doesn't have this February 11th exception in the text.

* boloboffin's diary :: ::
*

So the question is right now, where did the exception come from?

It may yet have come from Dodd, but Fox Business did not source its assertion that this language came from Dodd. I'll keep looking into this.

Update #1: The bill passed the Senate on February 10, 2009. So I'm expecting the February 11 date to have more to do with that passage than any boondoggle for AIG.

Update #2: The amendment as described by Dodd at his website doesn't include this February 11 language either, but it wouldn't. Again, the amendment he submitted and that was passed (Amendment 354 to H.R.1 and Amendment 98) didn't have that language in there.

I do see, however, that Amendment 98 was withdrawn. Perhaps that will tell where the language eventually showed up.

Update #3: The bill passed the Senate on February 10th. It did so as a substitute amendment (570) to the original bill, submitted by Susan Collins. That means that the amendment calls for everything in the actual bill to be struck out and the text of the amendment inserted. It was this bill that passed the Senate on February 10th.

The exception for bonuses before February 11th, 2009 is NOT THERE. Senator Dodd's section on executive compensation is there.

Update #4: Accordingly, I changed the title to be more definitive.

That means this language was inserted during the reconciliation process. But Senator Dodd did not insert this language up to this point.

Update #5: FWDude below finds the names of the conferees for me. From the House: Obey, Rangel, Waxman, Lewis (CA), and Camp. From the Senate: Inouye; Baucus; Reid; Cochran; Grassley.

Dodd's name is conspicuously absent. And the text grandfathering in bonuses made before the date of the House-Senate conference (February 11, 2009) is in the conference report. So this is the group that put that in. There is no indication whatsoever that Chris Dodd had anything to do with this clause. Once again, Fox News is pumping out a malicious smear based on shoddy research, and people like Michelle Malkin are pumping it mercilessly.

Consider this right wing lie debunked.

Update #6: A more concise version of this information is cross-posted at the Smirking Chimp.

Update #7: Another diarist points out that it's not Dodd but a group of top Democrats from the House and the Senate doing this. Not so. There were four Republicans among the conferees -- Charles Grassley, Thad Cochran, Jerry Lewis, and Dave Camp. We have no information on who insisted on this language.

I'm happy to let the fault lie where it belongs, but there's no reason but rank partisanship right now to say it was a Democrat, and an outright lie to say it was Chris Dodd.

...........

I don't know what to believe right now - will have to keep looking into this one.

[Uzybone]

26. Man, this is how they try and do us in

thanks for posting this.

[stillcool]

27. as the stomach turns..

it's Dodd, it's Obama, it's an outrage I tell you!

[bvar22]

29. Thanks. Good compilation.

The names are important:

From the House: Obey, Rangel, Waxman, Lewis (CA), and Camp.
From the Senate: Inouye; Baucus; Reid; Cochran; Grassley.

So the culprits are among the above.
The only one I could eliminate out of hand is Waxman.
Rangel is as crooked as a snake and would not be above this....AND he is from Wall Street.

I want to know FOR SURE.
I am SICK of legislation being modified in secret.
There should be SOME way for the American Public to hold the thieves accountable.

[Zodiak]

38. This is a telling line from one of the linked articles in this thread

"Other lawmakers, such as Rep. Charlie Rangel, D-New York, said it would be unfair to use the tax code as punishment, but Grassley said it's not a question of being fair.

"It's unfair what they did to the taxpayers by paying bonuses when they don't have the money to pay bonuses," he said."




This statement certainly puts Rangel under suspicion in my eyes, but frankly, it just stinks to the core for all parties involved and underscores just how corrupt we have allowed our government to get.

[lonestarnot]

28. I think you are full of crap.