Dodd: Administration pushed for language protecting bonuses

[toomuchtime_]

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.

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.

Dodd, a Democrat, told CNN's Dana Bash and Wolf Blitzer that Obama administration officials pushed for the language to an amendment designed to limit bonuses and "golden parachutes" at those companies.

"The administration had expressed reservations," Dodd said. "They asked for modifications. The alternative was losing the amendment entirely."

On Tuesday, Dodd denied to CNN that he had anything to do with adding the language, which has been used by officials at bailed-out insurance giant AIG to justify paying millions of dollars in bonuses to executives after receiving federal money.

He said Wednesday that the "grandfather clause" language "seemed like innocent modifications" at the time. Watch Dodd's interview with CNN's Dana Bash »

Dodd: Administration pushed for language protecting bonuses - CNN.com

 

[Xenophon]

Gee, another fuck up by BO and his assclown patrol, what a shock.

I hope this won't effect his leno apperenace.

 

[Zoom-boing]

"I'm the one who has led the fight against excessive executive compensation, often over the objections of many," said Dodd, the chairman of the Senate Banking Committee. "I did not want to make any changes to my original Senate-passed amendment, but I did so at the request of administration officials, who gave us no indication that this was in any way related to AIG."

Dodd: Administration sought bonus limit revision

Something stinks.

 

[DavidS]

Ech. This is a mess. Dodd should resign.

 

[GHook93]

Ech. This is a mess. Dodd should resign.

True, but Barney "Da Fag" Frank should also resign for his role in the mortgage meltdown and his protection of Fannie Mae Freddie Mac!

 

[Sinatra]

"I'm the one who has led the fight against excessive executive compensation, often over the objections of many," said Dodd, the chairman of the Senate Banking Committee. "I did not want to make any changes to my original Senate-passed amendment, but I did so at the request of administration officials, who gave us no indication that this was in any way related to AIG."

Dodd: Administration sought bonus limit revision

Something stinks.

The Dems are cannabilizing one another over this right now.

Dodd is in a tough re-election fight and this will not help one bit.

Of course, Obama is on Leno, where he is sure to face some very tough questions over this mess...

 

[Sinatra]

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.

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.

Dodd, a Democrat, told CNN's Dana Bash and Wolf Blitzer that Obama administration officials pushed for the language to an amendment designed to limit bonuses and "golden parachutes" at those companies.

"The administration had expressed reservations," Dodd said. "They asked for modifications. The alternative was losing the amendment entirely."

On Tuesday, Dodd denied to CNN that he had anything to do with adding the language, which has been used by officials at bailed-out insurance giant AIG to justify paying millions of dollars in bonuses to executives after receiving federal money.

He said Wednesday that the "grandfather clause" language "seemed like innocent modifications" at the time. Watch Dodd's interview with CNN's Dana Bash »

Dodd: Administration pushed for language protecting bonuses - CNN.com

The chain of errors is astounding.

Dodd's insistence on indicating complicity by the White House is a shot over the bow of the Obama administration - he is saying in no uncertain terms, "Fix this NOW you morons - I am NOT taking the fall for this mess."

And so the White House spin cycle will begin...

 

[DiveCon]

well now
i thought earlier Obama had said he didnt know
WTF?

 

[DiveCon]

Ech. This is a mess. Dodd should resign.

uh, is he the ONLY ONE?
if he did this at the request of Obama, what do you say then?

or is it time to throw Dodd under the bus?

 

[RetiredGySgt]

Ohh LOOK, BOBO and Truthmatters and all the other koolaid drinking worshippers of the current President get to pick. Either Dodd did it OR Obama did it. Can we guess who is gonna get thrown under the bus?

 

[elvis]

Ohh LOOK, BOBO and Truthmatters and all the other koolaid drinking worshippers of the current President get to pick. Either Dodd did it OR Obama did it. Can we guess who is gonna get thrown under the bus?

Dodd will join Wright and Obamas grandmother.

 

[DiveCon]

Ohh LOOK, BOBO and Truthmatters and all the other koolaid drinking worshippers of the current President get to pick. Either Dodd did it OR Obama did it. Can we guess who is gonna get thrown under the bus?

nope, its looking like BOTH Dodd and Obama did it

 

[jillian]

 

[DiveCon]

figures the partisans like you would like to ignore the facts

 

[RetiredGySgt]

well now
i thought earlier Obama had said he didnt know
WTF?

The idiots will be along shortly to claim some low level White House Aide did it. All without permission of course. And they will tout the fact Obama has said " the Buck stops here". Ignoring the fact Obama had no choice since HE wanted the language.

Personally I think they have taken the absolutely wrong tack here. They thought they could get away with pretending innocence when they saw some outrage, when what should have been done was EXPLAIN EXACTLY WHY the amendment was put in to begin with.

Of course now all those screaming for blood will have that blood all over themselves if they are held to account. Why? Because if they voted for the package they VOTED for the payments.

Would have been no drama at all if as soon as the news hit a grownup in the Administration had simply said " We had no choice, legally, unless we want hundreds of lawsuits with the potential to have to pay anyway and PAY for all the court cases."

To late now, well unless the press lets Obama have a do over.

 

[elvis]

well now
i thought earlier Obama had said he didnt know
WTF?

The idiots will be along shortly to claim some low level White House Aide did it. All without permission of course. And they will tout the fact Obama has said " the Buck stops here". Ignoring the fact Obama had no choice since HE wanted the language.

Personally I think they have taken the absolutely wrong tack here. They thought they could get away with pretending innocence when they saw some outrage, when what should have been done was EXPLAIN EXACTLY WHY the amendment was put in to begin with.

Of course now all those screaming for blood will have that blood all over themselves if they are held to account. Why? Because if they voted for the package they VOTED for the payments.

Would have been no drama at all if as soon as the news hit a grownup in the Administration had simply said " We had no choice, legally, unless we want hundreds of lawsuits with the potential to have to pay anyway and PAY for all the court cases."

To late now, well unless the press lets Obama have a do over.

how many do overs is he allowed?

 

[007]

Just watching these idiots operate is like watching a three ring circus. Dodd did it, no obama did it... no Dodd, no obama.... shit.... there's already been more scandal and fuck ups in the obama freak show than all of Bush's eight years.

But, Dodd can probably kiss his ass goodbye. Shit rolls downhill in Washington, and obamalamadingdong is over him.

 

[Ravi]

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.

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.

Dodd, a Democrat, told CNN's Dana Bash and Wolf Blitzer that Obama administration officials pushed for the language to an amendment designed to limit bonuses and "golden parachutes" at those companies.

"The administration had expressed reservations," Dodd said. "They asked for modifications. The alternative was losing the amendment entirely."

On Tuesday, Dodd denied to CNN that he had anything to do with adding the language, which has been used by officials at bailed-out insurance giant AIG to justify paying millions of dollars in bonuses to executives after receiving federal money.

He said Wednesday that the "grandfather clause" language "seemed like innocent modifications" at the time. Watch Dodd's interview with CNN's Dana Bash »

Dodd: Administration pushed for language protecting bonuses - CNN.com

I don't understand all the salivating over this. Everyone knew it was Dodd's amendment to begin with...and all the cons seem to be of the opinion that the government can't break contractual agreements. So what exactly is the problem with Dodd?

 

[Annie]

Just watching these idiots operate is like watching a three ring circus. Dodd did it, no obama did it... no Dodd, no obama.... shit.... there's already been more scandal and fuk ups in the obama freak show than all of Bush's eight years.

But, Dodd can probably kiss his ass goodbye. Shit* rolls downhill in Washington, and obamalamadingdong is over him.

With filters I had to answer: you're not the only one thinking Dodd is the one to go under the bus:

This Dodd Business... - Stephen Spruiell - The Corner on National Review Online

This Dodd Business... [Stephen Spruiell]...Yesterday, a CNN producer asked Dodd if he had anything to do with the modification that the White House wanted, and Dodd said, "Absolutely not." Of course, it turns out that Dodd did have something to do with it: He agreed to modify his amendment to satisfy the White House. As he told CNN today, he made the change because, "The alternative was, of course, losing the [executive-compensation] amendment entirely, which was a possibility." (It was a possibility because, Dodd claims, the administration would have instructed one of the stimulus-bill conferees to remove it.)

Did Dodd lie to CNN? Maybe. Or maybe he just didn't understand the question. Look, it's hard to have any sympathy for Dodd — the sweetheart mortgage deals, the Irish cottage, the self-righteous grandstanding, etc. And as for the policy at hand, I agree more with Geithner and Summers than Dodd. But as for the politics, this AIG thing is blowing up in Obama's face, and it looks an awful lot like his administration is trying to make Dodd the fall guy. I'm not so sure Republicans (or conservatives) should help.

 

[Zoom-boing]

Obama and Geithner knew about this from the get go. Geithner tried to get out of the contracts last fall, along w/the treasury (yes, the Bush admin). They couldn't. So . . . now they want to tax the AIG guys 90% of the bonuses. Throwing Dodd under the bus and taxing the big evil corp. will make them look like good guys to the average joe (not to mention that once you tax one big corp on bonuses . . .). Coincidence?

Oops, but they didn't figure on Dodd not playing the game.