Why AIG bonuses was included in the senate bill?

[blackcatrun]

We know the out rage about the recent bonuses was all over the news. Senator Dodd included the protection of the bonuses of AIG employees. I learned some thing from a French websight. Politico had a story on this too.
Is it true Senator Dodd's wife sits on a board of a AIG subsidairy company?

I was shocked when I read the story. The whole outrage and such is being shoveled under and American news has moved on.

[bella-day]

We know the out rage about the recent bonuses was all over the news. Senator Dodd included the protection of the bonuses of AIG employees. I learned some thing from a French websight. Politico had a story on this too.
Is it true Senator Dodd's wife sits on a board of a AIG subsidairy company?

I was shocked when I read the story. The whole outrage and such is being shoveled under and American news has moved on.

You could be on to something here.

It looks like Dodd's involvement with AIG doesn't stop at this wife though...he has received campaign contributions from AIG to boot.

LINK (http://www.realclearpolitics.com/articles/2009/03/dodds_wife_a_former_director_o.html)


No wonder Senator Christopher Dodd (D-Conn) went wobbly last week when asked about his February amendment ratifying hundreds of millions of dollars in bonuses to executives at insurance giant AIG. Dodd has been one of the company's favorite recipients of campaign contributions (http://www.opensecrets.org/politicians/contrib.php?cycle=Career&cid=N00000581). But it turns out that Senator Dodd's wife has also benefited from past connections to AIG as well.
From 2001-2004, Jackie Clegg Dodd served as an "outside" director of IPC Holdings, Ltd. (http://www.ipcre.bm/index.html), a Bermuda-based company controlled by AIG. IPC, which provides property casualty catastrophe insurance coverage, was formed in 1993 and currently has a market cap of $1.4 billion and trades on the NASDAQ under the ticker symbol IPCR. In 2001, in addition to a public offering of 15 million shares of stock that raised $380 million, IPC raised more than $109 million through a simultaneous private placement sale of 5.6 million shares of stock to AIG - giving AIG a 20% stake in IPC. (AIG sold its 13.397 million shares in IPC in August, 2006 (http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/08-09-2006/0004413598&EDATE=).)

Clegg was compensated for her duties to the company, which was managed by a subsidiary of AIG. In 2003, according to a proxy statement (http://74.125.47.132/search?q=cache:QicD9dIcpQwJ:sec.edgar-online.com/ipc-holdings-ltd/def-14a-proxy-statement-definitive/2004/04/29/Section3.aspx+IPC+holdings+clegg&cd=11&hl=en&ct=clnk&gl=us), Clegg received $12,000 per year and an additional $1,000 for each Directors' and committee meeting she attended. Clegg served on the Audit and Investment committees during her final year on the board.
IPC paid millions each year to other AIG-related companies for administrative and other services. Clegg was a diligent director. In 2003, the proxy statement report, she attended more than 75% of board and committee meetings. This while she served as the managing partner of Clegg International Consultants, LLC (http://investing.businessweek.com/research/stocks/private/people.asp?privcapId=6369557), which she created in 2001, the year she joined the board of IPC. (See Dodd's public financial disclosure reports with the Senate from 2001-2004 here (http://www.opensecrets.org/pfds/candlook.php?txtName=dodd).)

[tinydancer]

For some levity, I found this hysterical article on WHY AIG NEEDED 170 BILLION IN TAXPAYERS MONEY.

Here's a couple of snippets. Funny! And we need to laugh to keep from crying.



March 20, 2009 - by Frank J. Fleming

Are you angry about the $165 million in bonuses AIG gave out?

If you are, there’s a reason for that:

You’re stupid and don’t understand how things work in the financial world.

You may think to yourself, “I wouldn’t get a bonus if my company were failing,” but of course you wouldn’t.

You’re a nobody.:razz: But try to imagine someone so smart and so awesome that even if the company you gave him was going bankrupt, you’d want to give him millions of dollars.

Hard to imagine someone like that, isn’t it? Well, those are the sort of people running AIG.

They are so beyond you it’s laughable for you to even question them.




and this:mrgreen: Here's the breakdown of the monies needed.

$2 billion for the party planning committee: It’s a big company, so there are a lot of birthdays.

Also, there are a lot of exclusive holidays that only rich, smart people celebrate.



$14 billion for a boat made out of stacks of hundred dollar bills: It’s not as extravagant as you’re thinking; they’re not making a yacht, just a decent sized sailboat to impress investors with.

Also, the figure accounts for a few billion to sink to the bottom of the sea in the form of unsuccessful prototypes (that’s just how engineering works).

Yes, they could reclaim some of that by dredging it up, but what self-respecting company would try and redeem soggy hundred dollar bills?

Best leave it to the fishes.
.

Full article at link:

http://pajamasmedia.com/blog/why-aig-really-needed-170-billion-in-taxpayer-money/2/

[blackcatrun]

You could be on to something here.

It looks like Dodd's involvement with AIG doesn't stop at this wife though...he has received campaign contributions from AIG to boot.

LINK (http://www.realclearpolitics.com/articles/2009/03/dodds_wife_a_former_director_o.html)


That the same info I was reading. Thank you.


This a conflict of interest for Dodd isnt it?

[bella-day]

That the same info I was reading. Thank you.


This a conflict of interest for Dodd isnt it?

It looks like a serious conflict of interest.

Can you imagine the outrage from the left if Dodd had a R beside his name?

Since he has a D beside his name, they will remain quiet about this while fanning the flames of outrage aimed at the people who received bonuses from AIG.

Boy it's a good thing Pelosie was going to clean up that culture of corruption isn't it?:rolleyes: