Rep, Chris Dod personaly authorizes AIG exec bonus's

Dodd's AIG problem

USATODAY, 23 MAR 2009

Sen. Christopher Dodd, D-Conn., has an AIG problem -- and just in time for his reelection next year.

Dodd, chairman of the Senate Banking Committee, acknowledged Wednesday that he, as Bloomberg News put it, "weakened a provision dealing with executive pay in last month's stimulus legislation at the request of the Obama administration." The provision inserted in the bill instead expressly allowed companies that received taxpayer bailout money to pay retention bonuses that were part of employment contracts signed before Feb. 11, 2009. That would include the AIG bonuses, although Dodd has said he didn't know about the AIG bonuses at the time.

In an emailed statement, Dodd told Bloomberg: "I did not want to make any changes to my original Senate-passed amendment but I did so at the request of administration officials."

As we've reported before, Dodd's popularity in Connecticut has been slipping. Former Rep. Rob Simmons is the latest to say he might run against Dodd, the Hartford Courant reported Wednesday.

It doesn't help that Dodd is the top recipient of campaign contributions from AIG employees since 1989, according to the Center for Responsive Politics.

Dodd told the Connecticut Post that he will return any contributions that can be linked to the bailout money. "I don't want those contributions," Dodd told the Post.

It's not clear how much Dodd will return. We're waiting on further clarification from Dodd's office on what he meant.

Update at 3:48 p.m. Statement from Dodd's office on returning campaign contributions: "“If I found out that any individuals who have taken bonuses made a contribution, it goes to charity. For months I’ve said I would take no contributions from PACs of companies receiving TARP money. I’m prepared to see to it, I hope others do as well."