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March 19, 2009

Dodd: Bonus Protections Added to Stimulus Bill at Admin’s Request
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Questions, meanwhile, are also surrounding Treasury officials and
lawmakers for political maneuvering that effectively authorized the
executive bonuses with the passage of the stimulus bill last month.
Democratic Senator Ron Wyden says he introduced a provision that would
have forced bailout recipients to cap bonuses at $100,000 and tax those
exceeding it at 35 percent. The measure passed through the Senate but
was inexplicably removed during talks with the House. Meanwhile, the
chair of the Senate Banking Committee, Senator Christopher Dodd, is
claiming he inserted a provision protecting contractually promised
bonuses at the request of the Obama administration. Dodd didn’t name the
administration officials who told him to insert the provision. He says
he wouldn’t have done so had he known it would have allowed the bonuses
at AIG.



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