ABC News - By JONATHAN KARL and MATT JAFFE- March 19, 2009
Who Is Responsible for AIG Loophole?
Dodd Says He Tweaked Law to Allow Bonuses Because Administration Asked Him to
Who is responsible for the apparent loophole in the February 2008 stimulus bill that paved the way for the AIG bonuses? The front pages of the major newspapers in Connecticut point the finger at the state's Democratic Sen. Chris Dodd. As the Hartford Courant banner headline puts it: "Dodd's Flip-Flop: Admits Role in Bill Changes that Led to AIG Bonuses."
But Dodd is pushing back hard, placing the blame on the Obama administration, saying that it is the Treasury Department that insisted on the inserting the loophole.
In a statement issued Wednesday night, Sen. Chris Dodd said that during stimulus negotiations, he did change a section on limiting executive pay to include an exemption for any company that received taxpayer bailout money. The change permitted payouts of any executive bonuses as long as they were agreed to on or before Feb. 11, 2009
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