Monday, March 30, 2009

Chris Dodd and AIG

You may recall how Democratic Senator Chris Dodd "emerged as a central figure in the government's decision to let executives at the now-failing AIG collect more than $218 million in bonuses...even as the company was receiving billions of dollars in assistance from the Troubled Asset Relief Program (TARP)."

Today, The Washington Times is reporting that the "Financial Products chief executive" for AIG sent an e-mail to AIG executives urging them and their wives to provide financial support for Senator Dodd's campaign s since Dodd was "next in line' to be chairman of the Senate Banking, Housing and Urban Affairs Committee, which oversees the insurance industry, and he would 'have the opportunity to set the committee's agenda on issues critical to the financial services industry."

So AIG raises tens of thousands of dollars to get Dodd re-elected so Dodd could enact legislation favorable to AIG, and Dodd repays the favor not only by supporting the AIG bailout but by adding a provision to provide $218 million in bonuses to AIG executives!

This is Washington's version of the golden rule: He who has the gold makes the rules. This is your Democratic Congress at work!

Read the whole story at The Washington Times.

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