Actually, it was DEMOCRAT Senator Dodd who made sure the language was in the final bill passed that gave AIG the money and allowed them to use it for bonuses. Interestingly enough, DEMOCRAT Senator Dodd was the single largest recipient of campaign donations from AIG during the last election cycle.
Go figure......
Amid AIG Furor, Dodd Tries to Undo Bonus Protections He Put InSome Details About AIG's Bonuses Are Revealed
Senator Chris Dodd (D-Conn.) on Monday night floated the idea of taxing American International Group (AIG: 0.95, 0.1699, 21.78%) bonus recipients so the government could recoup some or all of 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.
The move represents somewhat of an about-face for the Senator.While the Senate was constructing the $787 billion stimulus last month, Dodd 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 now seeking to tax.
The amendment made it into the final version of the bill, and is law.
Separately, 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.
http://www.foxbusiness.com/story/market ... ig---time/