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

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

    :rolleyes: More icing for the cake..

    Tuesday, March 17, 2009
    Amid AIG Furor, Dodd Tries to Undo Bonus Protections He Put In

    Rich Edson

    Senator Chris Dodd (D-Conn.) on Monday night floated the idea of taxing American International Group (AIG: 0.9877, 0.2076, 26.61%) 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

    Dodd’s office did not immediately return a request for comment.

    One of AIG Financial Products’ largest offices is based in Connecticut.

    Dodd Amendment Rules:

    Crack down on bonuses, retention awards and incentive compensation: Bonuses can only be paid in the form of long-term restricted stock, equal to no greater than 1/3 of total annual compensation, and will vest only when taxpayer funds are repaid. There is an exception for contractually obligated bonuses agreed on before Feb. 11, 2009.

    For institutions that received assistance totaling less than $25 million, the bonus restriction applies to the highest compensated employee; $25 million to $250 million, applies to the top five employees; $250 million to $500 million, applies to the senior executive officers and the next top 10 employees; and more than $500 million applies to the senior executive officers and the next top 20 employees (or such higher number as the Secretary determines is in the public interest).

    AIG organization profile: candidate recipients for the 2022 cycle and top recipients of all types for the 2022 cycle.

    Here is an interesting list of AIG campaign contributions...

    Name Office Total Contributions
    Dodd, Chris (D-CT) Senate $103,100
    Obama, Barack (D-IL) Senate $101,332
    McCain, John (R-AZ) Senate $59,499
    Clinton, Hillary (D-NY) Senate $35,965
    Baucus, Max (D-MT) Senate $24,750
    Romney, Mitt (R) Pres $20,850
    Biden, Joseph R Jr (D-DE) Senate $19,975
    Larson, John B (D-CT) House $19,750
    Sununu, John E (R-NH) Senate $18,500
    Giuliani, Rudolph W (R) Pres $13,200
    Kanjorski, Paul E (D-PA) House $12,000
    Durbin, Dick (D-IL) Senate $11,000
    Perlmutter, Edwin G (D-CO) House $10,500
    Rangel, Charles B (D-NY) House $9,000
    Edwards, John (D) Pres $7,850
    Corker, Bob (R-TN) Senate $7,400
    Smith, Chris (R-NJ) House $6,900
    Neal, Richard E (D-MA) House $6,500
    Rockefeller, Jay (D-WV) Senate $6,500
    Reed, Jack (D-RI) Senate $6,000
    Udall, Mark (D-CO) House $5,800
    Maffei, Dan (D-NY) House $5,000
    Nelson, Bill (D-FL) Senate $5,000
    Warner, Mark (D-VA) Senate $5,000
    Bean, Melissa (D-IL) House $4,750
    Shelby, Richard C (R-AL) Senate $4,500
    Mahoney, Tim (D-FL) House $4,000
    Crowley, Joseph (D-NY) House $3,500
    Fimian, Keith S (R-VA) House $3,300
    Huckabee, Mike (R) Pres $3,300
    Leavitt, David O (R-UT) House $3,000
    Murphy, Chris (D-CT) House $2,800
    Berman, Howard L (D-CA) House $2,500
    Dole, Elizabeth (R-NC) Senate $2,500
    Garrett, Scott (R-NJ) House $2,500
    Cornyn, John (R-TX) Senate $2,300
    Culberson, John (R-TX) House $2,300
    Goode, Gregory Justin (R-IN) House $2,300
    Landrieu, Mary L (D-LA) Senate $2,300
    Lummis, Cynthia Marie (R-WY) House $2,300
    Shays, Christopher (R-CT) House $2,200
    Davis, Tom (R-VA) House $2,000
    Hoyer, Steny H (D-MD) House $2,000
    Inouye, Daniel K (D-HI) Senate $2,000
    Pomeroy, Earl (D-ND) House $2,000
    Visclosky, Pete (D-IN) House $2,000
    Weiner, Anthony D (D-NY) House $2,000
    King, Pete (R-NY) House $1,843
    Shaheen, Jeanne (D-NH) Senate $1,500
    Grassley, Chuck (R-IA) Senate $1,250
    Nelson, Ben (D-NE) Senate $1,200
    Wicker, Roger (R-MS) Senate $1,100
    Baker, Richard (R-LA) House $1,000
    Barrasso, John A (R-WY) Senate $1,000
    Bennett, Robert F (R-UT) Senate $1,000
    Brady, Kevin (R-TX) House $1,000
    Capps, Lois (D-CA) House $1,000
    Coleman, Norm (R-MN) Senate $1,000
    Cooper, Jim (D-TN) House $1,000
    Donnelly, Joe (D-IN) House $1,000
    Ellsworth, Brad (D-IN) House $1,000
    Engel, Eliot L (D-NY) House $1,000
    Enzi, Mike (R-WY) Senate $1,000
    Gillibrand, Kirsten E (D-NY) House $1,000
    Gordon, Bart (D-TN) House $1,000
    Harkin, Tom (D-IA) Senate $1,000
    Himes, Jim (D-CT) House $1,000
    Jones, Stephanie Tubbs (D-OH) House $1,000
    Kind, Ron (D-WI) House $1,000
    Kirk, Mark (R-IL) House $1,000
    Lautenberg, Frank R (D-NJ) Senate $1,000
    Lowey, Nita M (D-NY) House $1,000
    Maloney, Carolyn B (D-NY) House $1,000
    McMahon, Michael E (D-NY) House $1,000
    Olson, Pete (R-TX) House $1,000
    Pryor, Mark (D-AR) Senate $1,000
    Salazar, Ken (D-CO) Senate $1,000
    Tiberi, Patrick J (R-OH) House $1,000
    Towns, Edolphus (D-NY) House $1,000
    Wilson, Charlie (D-OH) House $1,000
    Mielke, Daniel Ernest (R-WI) House $900
    Huelskamp, Timothy A (R-KS) House $750
    Laesch, John (D-IL) House $750
    Tinklenberg, Elwyn (D-MN) House $750
    Vilsack, Thomas J (D) Pres $700
    Harrison, Stephen A (D-NY) House $604
    Brownback, Sam (R-KS) Senate $500
    Courtney, Joe (D-CT) House $500
    Crapo, Mike (R-ID) Senate $500
    Davis, Geoff (R-KY) House $500
    Fossella, Vito (R-NY) House $500
    Gilchrest, Wayne T (R-MD) House $500
    Musgrove, Ronnie (D-MS) Senate $500
    Myers, Chris (R-NJ) House $500
    Pierluisi, Pedro (3-PR) $500
    Putnam, Adam H (R-FL) House $500
    Richardson, Bill (D) Pres $500
    Roggio, Robert (D-PA) House $500
    Van Hollen, Chris (D-MD) House $500
    Wu, David (D-OR) House $500

    METHODOLOGY: The numbers on this page are based on contributions from PACs and individuals giving $200 or more. All donations were made during the 2008 election cycle and were released by the Federal Election Commission. Figures for the current election cycle are based on data released on February 09, 2009.

  • #2
    All I can do is shake my head... slowly.:mad:


    • #3
      Because the secret service won't let us shake their heads
      My weapon can kill, it isn't limited to mere assault


      • #4
        Yea, ain't it so.