Democrats Protected AIG Bonuses

[Sinatra]

My take on this -- Dodd and indeed Obama himself could have told the American People from the beginning that a measly dime out of every $100 AIG got, was going to bonuses and employee retention, mainly to circumvent costly litigation. It's obvious now they knew this at the time, and now their false outrage isn't playing very well to the folks. It's a PR faux pas, and there isn't a Presidency in the history of our nation that hasn't had its share of them.

It all goes back to the promise of a new approach instead of the same old cronyism, this entire controversy could have been avoided simply by making this part of the deal public, front and center, right from the start.

But, that's hindsight.

according to Glen Beck,, what the dems are hiding with this faux outrage over the 165 million in bonus money is this;; 62 Billion was spent overseas,, and only 44 Billion was spent in the USA.. way to go anti American Democrats way to go.

The billions overseas is in fact correct - and of course makes the Democrats who are now threatening AIG with sanctions, or outright taking of money, to appear as even more empty posturing. That money is GONE.

This thing really has me upset. The current Obam Treasury Secretary helped form the orginal AIG bailout, seemingly knew of the bonuses coming, yet nothing was said and less was done about it. Chris Dodd adds a bonus protection clause into the recently passed stimulus package. (How is that allowed people - HOW?) And now he pretends outrage over those very bonuses he ensured protection of.

And then we have Obama - either he knew about these things and did nothing - or he did not know and is dangerously out of the loop regarding significant actions of his own political party - neither scenario is good nor acceptable...

 

[Midnight Marauder]

And then we have Obama - either he knew about these things and did nothing - or he did not know and is dangerously out of the loop regarding significant actions of his own political party - neither scenario is good nor acceptable...

That's why none of this is playing well with the folks.

 

[rayboyusmc]

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

Guess what you read.

Daily Kos: State of the Nation I trust them as much as Murdock's Fox

 

[rayboyusmc]

Fox, Drudge falsely assert Dodd put "bonus protections" into stimulus bill
Summary: A FoxBusiness.com article reporting on an amendment 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.

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

 

[RetiredGySgt]

Fox, Drudge falsely assert Dodd put "bonus protections" into stimulus bill
Summary: A FoxBusiness.com article reporting on an amendment 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.

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

Really? Then where is the proof, other then a CLAIM it is wrong. You would defend the Democrats if they were murdering citizens in the streets.

 

[manu1959]

Why was Scooter convicted? He lied.

They stopped short of convicting him of outting Valerie Plames, but come on you fucking political hack. You know Scooter did it. And we all know Cheney told him to do it.

You have revisionist history syndrome.

why stop short......

Remember, Rove/Cheney refused to testify?

It was a slam dunk that Scooter lied and obstructed justice.

That was enough.

Now you should be able to figure the rest out by yourself.

I suppose you don't count the conviction either because he was pardoned, right? So it never technically happened?

Hack.

my my look at the little girl jumping to conclusions.....he was convicted of obstructing justice and perjury.....his sentance was commuted......

they couldn't prove what he was charged with but got him on a technicality.....

 

[jillian]

Democrats have no idea what they are doing... it's as easy to explain as that.

Anyone who can say that after seeing what Baby Bush and his minions did over the last eight years is either a liar or dumb as toast.

Which are you?

 

[Sinatra]

Very interesting article from Salon columnist Glenn Greenwald.

According to Greenwald, it was not Dodd who allowed protections for the AIG bonuses, but in fact key players in the OBAMA ADMINISTRATION - namely Tim Geithner and Larry Summers! Summers is the key player within the President's economic inner circle - it is highly unlikely Summers woud do something of this magniture without the President's consent - or if he did, such an act would be further proof of a White House lacking actual leadership.

HOLY SMOKES - this thing just keeps blowing up into ever expanding proportions!

If this version is in fact true, it appears that the White House is hanging out Democrat Dodd to dry as a scapegoat in this PR nightmare. The implications of having the President of the United States go before the people and wag his finger at the AIG bonuses when in fact his own administration helped coordinate the protection of those bonuses is ASTOUNDING. Add to that the attempted political cannabilization by the White House against one of its own and we have the trappings of a power struggle within the Democrat Party the likes of which DC has not seen in decades.

Simply remarkable.

The dishonest "Blame Dodd" scheme from Treasury officials - Glenn Greenwald - Salon.com

 

[rayboyusmc]

You would defend the Democrats if they were murdering citizens in the streets.

You are such an asshole, retired. I posted two articles that disagree with all the right wing blogging. If you don't believe them great. But go fuck yourself anyway for your stupid remark.

If Dodd is guilty of any crime, he should be punished. Get it. Yes, they should punish guilty people no matter what the party.

I just don't believe a lot of the shit that Fox, Malkin, Drudge put out. They have been proven totally wrong in the past. So until this is confirmed, your acceptance is not smarter than my holding judgement.

Remember Scott Ritter. Another Marine who dared to buck the system. He was accused of being a child molester by your side. Then it just all disapeared.

I will believe this kind of shit when there is more real data.

 

[Sinatra]

Very interesting article from Salon columnist Glenn Greenwald.

According to Greenwald, it was not Dodd who allowed protections for the AIG bonuses, but in fact key players in the OBAMA ADMINISTRATION - namely Tim Geithner and Larry Summers! Summers is the key player within the President's economic inner circle - it is highly unlikely Summers woud do something of this magniture without the President's consent - or if he did, such an act would be further proof of a White House lacking actual leadership.

HOLY SMOKES - this thing just keeps blowing up into ever expanding proportions!

If this version is in fact true, it appears that the White House is hanging out Democrat Dodd to dry as a scapegoat in this PR nightmare. The implications of having the President of the United States go before the people and wag his finger at the AIG bonuses when in fact his own administration helped coordinate the protection of those bonuses is ASTOUNDING. Add to that the attempted political cannabilization by the White House against one of its own and we have the trappings of a power struggle within the Democrat Party the likes of which DC has not seen in decades.

Simply remarkable.

The dishonest "Blame Dodd" scheme from Treasury officials - Glenn Greenwald - Salon.com

...

 

[Xenophon]

This one takes the cake for hypocrisy, they knew a long time ago AiG was giving bailouts and approved it, and NOW they are outraged??!

 

[Meister]

why stop short......

Remember, Rove/Cheney refused to testify?

It was a slam dunk that Scooter lied and obstructed justice.

That was enough.

Now you should be able to figure the rest out by yourself.

I suppose you don't count the conviction either because he was pardoned, right? So it never technically happened?

Hack.

my my look at the little girl jumping to conclusions.....he was convicted of obstructing justice and perjury.....his sentance was commuted......

they couldn't prove what he was charged with but got him on a technicality.....

Not only that but, bobo really showed just how stupid she really is. Come to find out, it was Richard Armitage that outted Plame. I might add again that Plame was not covert. She calls me a political hack? She really needs to do some soul searching.

 

[QUENTIN]

The attempts to blame Dodd is a dirty, not only entirely inaccurate but actually OPPOSITE OF THE TRUTH smear. Dodd is the one who fought tooth and nail to ensure the bonuses would NOT be paid out, and Tim Geithner and the treasury forced in the exclusion that has allowed this to pass.

Firedoglake » Treasury Attempts to “Blame Dodd” for AIG Bonuses

Can't trust mainstream news anymore, you have to go to the source.

 

[DiveCon]

Democrats have no idea what they are doing... it's as easy to explain as that.

Anyone who can say that after seeing what Baby Bush and his minions did over the last eight years is either a liar or dumb as toast.

Which are you?

yet you are defending Obama doing the exact same SHIT you were critical of Bush doing

 

[PubliusInfinitum]

Now, I'm pretty pissed about Chris Dodd putting in writing that their bonus' are guaranteed, but I have to look into this much deeper before I'll take your spin on this.

ROFLMNAO... That's HYSTERICAL!

What's needed here is a Special Procesutor... then THEY can 'look into this MUCH deeper.'

 

[Ravi]

Fox, Drudge falsely assert Dodd put "bonus protections" into stimulus bill
Summary: A FoxBusiness.com article reporting on an amendment 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.

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

Wait, you mean all this faux moral outrage on the internets is based on a lie from FOX? And Rush? Why am I not surprised.

 

[Annie]

Fox, Drudge falsely assert Dodd put "bonus protections" into stimulus bill
Summary: A FoxBusiness.com article reporting on an amendment 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.

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

Wait, you mean all this faux moral outrage on the internets is based on a lie from FOX? And Rush? Why am I not surprised.

Bankers Face Strict New Pay Cap - WSJ.com

and here for link to legislation: Obama’s Own Stimulus Bill Protects the AIG Bonuses He Now Condemns — AIG May Justify Bonuses by Following the Law of the Obama Spending Bill — But As For Me

 

[Annie]

and one from FOX, complete with 'who got what' from AIG. Note who is at top?

Amid AIG Furor, Dodd Tries to Undo Bonus Protections in the 'Dodd Amendment' Rules - FOXBusiness.com

 

[editec]

Unblievable! It appears all of the supposed outrage over the AIG bonuses is a complete fabrication - at least when viewed through the prism of the very bailout history constructed by the current Democrat leadership.

None other than Chris Dodd, who is now threatening to tax back the bonuses to the US government, protected these very bonuses with his own amendment contained within the stimulus bill.

Protect the bonuses followed by outrage over the bonuses you protected.

Oh, and guess who received over a hundred thousand in campaign contributions from AIG?

Ah, yes...

Amid AIG Furor, Dodd Tries to Undo Bonus Protections He Put In - FOXBusiness.com

Sinatra,

The premise of your thread is based on more partisan bullshit.

Those bonuses were in place during the first two AIB bailouts done by Bush II.


Now, I don't really fault the Bush II admin for missing them.

In the scheme of the AIG crises they were facing during both those bailouts, that sort of detail was probably easily overlooked.

But the Ombama admin caught them, so bitching that the Dems are somehow responsible for this is of course nothing but partisan nonsense.

Feel free to apologise for blaming the people who got it RIGHT if you have the class to admit your mistake.

 

[Ravi]

I guess Rush isn't the only one that wants Obama, and thus the country, to fail. Looks like FOX is doing their part to undermine confidence in the president with partisan bullshit.