Tweet
:rolleyes: More icing for the cake..
Tuesday, March 17, 2009
Amid AIG Furor, Dodd Tries to Undo Bonus Protections He Put In
Rich Edson
FOXBusiness
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 opensecrets.org.
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).
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.
Tuesday, March 17, 2009
Amid AIG Furor, Dodd Tries to Undo Bonus Protections He Put In
Rich Edson
FOXBusiness
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 opensecrets.org.
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).
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.
Comment