RSS
Home
Obama takes responsibility for AIG misstep, Dodd admits to grandfather clause
Print
Email
RSS
Subscribe
Watching Washington
Less than 24-hours after American International Group Chief Executive Edward Liddy faced attacks by House lawmakers for paying bonuses to high ranking employees to the tune of 165 million dollars, Democrat Senator Chris Dodd admits he inserted a provision into the economic stimulus bill to make the bonuses possible. 
Sen. Chris Dodd appearing on CNN Situation Room Wednesday. Photo credit: CNN
Sen. Chris Dodd appearing on CNN Situation Room Wednesday. Photo credit: CNN
Dodd claims the provision was intended to stop excessive executive compensation packages but aids to President Barack Obama’s administration told him he needed to provide a grandfather clause in the wording or strike the measure all together.
The Connecticut Senator has not named the person in the Obama administration who forced his hand or explained why the staffer was present in the writing of the legislation but if the heat keeps coming, expect more leaks.
Meantime House and Senate lawmakers are responding to the AIG crisis by working on new laws to tax company bonuses. House lawmakers will vote on a proposal today that would place a 90-percent take on bonuses doled out in 2009 to employees that earned more than 250,000 dollars in salary working for businesses that received more than 5 billion dollars in federal bailout money. Congress is acting quickly despite most lawmakers furious with the AIG bonuses received campaign donations from executives and companies currently staying afloat due to an infusion of tax payer funds.
President Barack Obama is in sunny southern California today. He is courting Governor Arnold Schwarzenegger. The Republican leader of the largest state in the union with a double digit unemployment rate will join the President for a town hall meeting before Mr. Obama sits down with Jay Leno on the Tonight Show this evening.. Schwarzenegger was one of a few early supporters of Obama during the 2008 election. The President needs all the GOP support he can muster these days. He has two more high price bills to push through congress and might need the help of the Terminator to get them through.
Finally some good news; the NCAA tournament starts today. And if you haven’t filled out your bracket already, here’s a tip-UNC will go all the way. That’s the prediction of Georgia Tech professor Joel Sokol. He developed a computer program which successfully selected the last year’s winner. And if you are trying to keep track of the games streaming in real time online, CBS Sports installed a “boss button” so you won’t get in trouble. You can be sitting in your cubicle and if the big guy walks by, hit the button and a spreadsheet will pop up and your boss will never know your rooting for your alma mater at work.
Special Report: Obama's First 100 DaysExclusive examiner.com coverage of the Obama administration's promise to bring about change.
More About:
Bailout ·
Banks ·
Kim McIntyre ·
Governor ·
Obama ·
White House ·
Washington ·
Geithner ·
taxes ·
first 100 days ·
economy ·
financial system ·
AIG ·
Chris Dodd ·
bonuses
Related Articles:
Comments
President Barack Obama rhetorically asked, “How did they warrant any bonuses? How do they justify this to the tax payers that are keeping the …
Treasury Secretary Timothy Geithner laid out the long term initiative to rescue the nation's troubled financial system. Calling it the new Financial …
