Senate Banking Committee Chair Chris Dodd has had better days. Looks like the AIG bonus scandal just found a political whipping boy:
Dodd just admitted on CNN that he inserted a loophole in the stimulus legislation that allowed million-dollar bonuses to insurance giant AIG to go forward â€“ after previously denying any involvement in writing the controversial provision.
â€œWe wrote the language in the bill, the deal with bonuses, golden parachutes, excessive executive compensation that was adopted unanimously by the United States Senate in the stimulus bill,â€ Dodd told CNNâ€™s Wolf Blitzer this afternoon.
â€œBut for that language, there would have been no language to deal with this at all.â€
Dodd had previously said that he played no role in writing the controversial language, and was not a part of the conference committee that inserted the language in the bill.
I like the â€œBut for that languageâ€ part of the quote. If Dodd thought the language was good, he wouldnâ€™t have hid from his involvement in it. Heâ€™ll have a hard time defending his role now. Sure, a lot of people voted for the bill, but the â€œI didnâ€™t read that partâ€ excuse is better than the â€œI wrote that part and then denied and am now hoping it all goes awayâ€ excuse.
This entry was posted on Wednesday, March 18th, 2009 and is filed under Bailouts, Banks, Dodd, Senate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.