Amid AIG Furor, Dodd Tries to Undo Bonus Protections He Put In

Discussion in 'Politics' started by Ps104_33, Mar 17, 2009.

  1. Ps104_33

    Ps104_33
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    Senator Chris Dodd (D-Conn.) on Monday night floated the idea of taxing American International Group (AIG: 0.9623, 0.1822, 23.36%) bonus recipients so the government could recoup the $450 million the company is paying to employees in its financial products unit. Within hours, the idea spread to both houses of Congress, with lawmakers proposing an AIG bonus tax.
    While the Senate constructed the $787 billion stimulus last month, Dodd unexpectedly 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 seeking to tax. The amendment is in the final version and is law.
    Also, Sen. Dodd was AIG’s largest single recipient of campaign donations during the 2008 election cycle with $103,100, according to opensecrets.org.
    Dodd’s office did not immediately return a request for comment.
    One of AIG Financial Products’ largest offices is based in Connecticut.

    http://www.foxbusiness.com/story/markets/industries/finance/dodd-cracks-aig---time/
     
  2. Ps104_33

    Ps104_33
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    What a hypocrite! This guy is the scum of the earth and if you are from connecticut you should be ashamed of your selves.
     
  3. LeBuick

    LeBuick
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    Yep, Dodd blew it this time. I don't know what he was trying to fix with that exclusion but since AIG is in his area, it's one of those things that makes you go HHhhmm??
     
  4. Mexdeaf

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    I keep getting the 'Pot calling kettle black' flashbacks whenever I hear a Congressperson complain about "wasted money".

    In my book they are the very definition.
     
  5. LeBuick

    LeBuick
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    Yep, didn't they just get a big increase to run their staff? I believe the legislative side of Government can be greatly reduced but you'd never get those guys to cut themselves.
     
  6. BigBossman

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    I don't like the idea of taxing the bonuses, but I don't agree with AIG giving out bonuses to top level executives with our taxpayer money. I think that if money was to be given to them there should have been a stipulation with that, or they should have gotten no money at all. I will say this & it even shocks me, I agree with Obama on that. He also stated that he didn't like the idea of them giving out those bonuses like that either.

    They are saying that they are contractually obligated to pay that. I can understand that, but my question is when were these contacts drawn up? Did they make these contracts after receiving the taxpayer money?
     
  7. Bro. Curtis

    Bro. Curtis
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    The bonuses added up to approx .1% of the entire package they received. To be angry about this is to take our eyes off the big picture. The whole thing is silly.
     
  8. LeBuick

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    I really don't like the idea of congress creating a new tax just to take their bonuses. If they can do it to them then the rest of us can be victims also...

    I call that abuse of power...
     
  9. OldRegular

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    A little taste of Socialism just to get us used to it.
     
  10. OldRegular

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    Dodd was the recipient of the largest contribution from AIG, Obama was the second largest. Same thing with Countrywide Mortgage. Is there something in the woodpile?
     
  11. LeBuick

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    Socialist pay taxes? I thought all companies were government owned and they paid you what they think you should have.
     
  12. LeBuick

    LeBuick
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    I am sure you have a link for this... Right?
     
  13. Paladin

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  14. LeBuick

    LeBuick
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  15. BigBossman

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    I didn't know that it was only .1%. Regardless, I don't think the banks should have gotten anything. You would think that during hard economic times that companies would use better judgement on how to use the money they are given.

    The company I work for, gives out large bonuses every year. It isn't tax payer money either. It won't surprise me if we don't get one this year. If not getting a bonus means me keeping my job then, I'm for that. My job doesn't pay much, but the bonuses make it worth while. Last year, I got a $5,500 bonus (before taxes). That got me a good, dependable car. If I get this year's bonus, it will get me out of debt (if its as large as last year's.)
     
  16. rbell

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    Lots of finger pointing and pontificating among our elected thieves and liars.

    It re-inforces the fact that the bailout was the most monumentally stupid fiscal legislation in a generation.

    Every congressman--D and R--who voted for the bailout should be impeached for abject idiocy, and then institutionalized. (sorry, I have the gift of honesty...er, overstatement)

    But seriously...what did these dummies think would happen? A company's going under because of dumb decisions...so you give them more money so they can be stupid, longer. What a bunch of fractional IQ's.

    Face it. There's no good way out of this mess. If we tax the bonuses, we set a terrible precedent that will be used against us later. If we don't get the bonuses back, it's money down a rat hole. And AIG will take billions and billions more before it would be solvent...and with the leadership in place that wrecked it, even that likely won't work.

    I honestly don't know how anyone can be surprised by this issue.

    Also, let's keep in mind...since the average voter in this country couldn't find his representative with both hands and a flashlight, we're gonna re-elect most of these dummies again. Get ready for more taxpayer abuse...GM, Chrysler, a few more banks, and goodness knows what else.
     
  17. rbell

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    everybody do your country a favor: find out it your congressman voted for the bailout. If they did...write them a letter and tell them you'll never vote for them again. Then make good on your vow, and tell all your friends to do so.

    We need a congressional unemployment rate about seven times the national average.
     
  18. Mexdeaf

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    AYMEN!:thumbsup:
     
  19. LeBuick

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    Well, I think the bailout is not the blame, it is the person who insisted this clause be added. Dodd is now swearing he didn't do it and since it was added during the reconciliation of the two proposals, the clause doesn't have a name attached.

    I think blaming the stimulus bill for the clause is like blaming the gun for the murder.
     
  20. tinytim

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    Amen.. Amen...

    This has been bothering me too...

    Where will it stop?
     

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