The Examiner

Dodd silent on language in stimulus that allows AIG bonuses
The Examiner

Sen. Christopher Dodd [D-Connecticut] won’t say how a rule he added to the Obama stimulus package ended up allowing AIG to give top executives of the failing company big bonuses.

The Dodd amendment includes this line: “There is an exception for contractually obligated bonuses agreed on before Feb. 11, 2009.” According to AIG officials, who sent a letter explaining the bonuses to Treasury Secretary Timothy Geithner last week, the company was contractually obligated to made the payments, which amounted to $165 million. Lawmakers fumed over the payments Tuesday but were unaware of the exception provided in the stimulus bill they voted on that makes them perfectly legal.

Dodd’s state of Connecticut is home to a large division of AIG, which has given the former Democratic presidential candidate more money than to any other lawmaker. Dodd received more than $101,000 in campaign donations from AIG employees in 2008 and $223,000 since 2003, according to OpenSecrets.org.