Senator Chris Dodd Gets AIG Bonus Too

  • Rick Scarborough
  • Mar 23, 2009

Insurance giant AIG has received $170 billion in federal bailout money in the past year. It has been reported this week that of that $165 million has been given out to top executives in bonus compensation. The New York Times reported that $33.6 million of that money went to execs who had already left the company!

President Obama and Democratic Senator Chris Dodd have been the loudest voices of protest against the use of federal bailout for executive bonuses and yet both Obama and Dodd have each received a generous portion of that very money. AIG executives have contributed a total of $175,000 to Senator Dodd's political career, $103,000 of which went to his futile presidential campaign. Obama received over $100,000.

The Pelosi-Obama Stimulus Bill specifically guaranteed that contractual bonuses executed by February 11th and earned by executives employed by banks receiving the stimulus money would be honored. Senator Dodd has admitted to being responsible for language added to the bill that ensured that bonuses paid out by companies receiving bailout money would be honored. It is a fact that the AIG bonuses were specifically protected. The question is WHY was he so intent on protecting AIG bonuses only to demand the money be returned? And why is a man who is demonstrating such grotesque hypocrisy being allowed to retain his Senate seat and position as Chairman of the U.S. Senate Banking Committee?

The American Conservative Union recently compiled the following list of Chris Dodd's most troubling actions. It was taken from an article on their website where the article can be read in its entirety. We should be disturbed if not outraged over this information.

  • HE HAS RECEIVED SPECIAL MORTGAGE PERKS FOR HIMSELF AND HIS DEMOCRAT BUDDIES. Last July ACU disclosed media reports that Chris Dodd was part of the Friends of Angelo program, named for Countrywide Mortgage Chief Executive Angelo Mozilo which provided special Countrywide loan rates for politically connected officials. The individuals who got special mortgages? Bill Clinton's former budget director, the man chosen by Obama to pick Joe Biden as his running mate, Senate Budget Committee Chairman Democrat Kent Conrad and, yes, Chris Dodd.
  • HE HELPED CREATE THE FINANCIAL CRISIS - Our financial crisis was started by the subprime mortgage mess. Dodd helped support Fannie Mae and Freddie Mac's purchase of subprime loans. The WALL STREET JOURNAL wrote in their editorial last summer on Dodd, "You'll love this one. In the strange accountability of Washington , the same folks who put taxpayers on the hook for Fannie Mae and Freddie Mac are now demanding ransom to let taxpayers bail them out." The Journal reported Dodd publicly attacked critics who were "repeatedly raising alarm bells about the risks Fannie and Freddie pose to the financial system." He promoted and protected them and in return he received more PAC money from them than any other politician. A Journal editorial said, "In any other business, Mr. Dodd would be begging forgiveness."
  • SUPPORTING ACORN - Not only has ACORN been raided by the FBI for falsifying voter registration records, ACORN directly promoted Fannie Mae and Freddie Mac's involvement in subprime loans. In return Chris Dodd attended meetings at ACORN offices and promoted their efforts "to stop foreclosures." More shocking, as has been repeatedly pointed out, the stimulus bill contained a provision to provide taxpayer funding for ACORN. This is the same stimulus bill that apparently became the vehicle for Dodd's support of AIG.

With a record like that, we shouldn't be surprised that Senator Dodd worked so hard to secretly protect the millions of dollars paid out in AIG bonuses. He directly benefited! It is still a mystery why he then protested the disbursement of the money.

In addition to Dodd's hypocrisy, Barack Obama's feet need to be held to the fire. His campaign received $100,332 in contributions from AIG. Now he is attempting to portray himself as the defender and champion of the taxpayer's money. This is obviously an effort to deflect our attention from the complete failure of the plan to bail out the banks in the first place as well keep our attention off of the protection given to the executive bonuses paid out from the bailout money. Some of that very money helped put him in office, why then has he taken it upon himself to defend something he doesn't really believe is wrong? We need to reveal the truth and make it clear so that Americans are not manipulated by lies.

Barack Obama and Senator Dodd are leading the charge to have AIG return the bonus money paid out from funds received from the stimulus package. Senator Dodd is responsible for secretly trying to protect the AIG bonuses in the stimulus bill. Barack Obama is equally responsible because of his insistence on infusing taxpayer money into private companies. They own this scandal outright!

Select here to fax every Senator and demand an investigation into this scandal!

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I remain...Your servant and friend,

Pastor Rick Scarborough

Fear the Lord and judge with integrity, for the Lord our God does not tolerate perverted justice, partiality, or the taking of bribes.   2 Chronicles 19:7

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