AIG

Senator Chris Dodd’s Wife, Jackie Clegg Tied To AIG

Posted on
Share
chris dodd and family

Sen. Christopher Dodd, D-Conn., right, dances and jokes with Russert, left, as they watch Dodd’s younger daughter Christina, 2, second from right, dance after a taping of “Meet the Press” Oct. 28, 2007, in Washington, when Dodd was running for president. Dodd’s wife, Jackie Clegg, and older daughter Grace, 6, are shown in the middle

This revelation certainly will NOT help Senator Chris Dodd, U.S. Senate Banking Committee Chairman in the polls back home in Connecticut as his re-election campaign begins.

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. 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., 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.)

Clegg was compensated for her duties to the company, which was managed by a subsidiary of AIG. In 2003, according to a proxy statement, 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, 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.)

But, look at this chart of her further business dealings as the wife of a powerful United States Senator.

jackie-clegg-dodd

There will be lots of ‘plaining to do by the Senator and his wife regarding their personal and professional relationships with numerous concerns, including the failed AIG, doing business with the federal government.

And, Senator Dodd thought that his Countrywide Financial political loan scandal was his ONLY problem.


Technorati Tags: , ,

Share
AIG

House Passes Bill Taxing AIG and Other Employee Bonuses – Kabuki Theater

Posted on
Share
tax-weapon

Michelle is RIGHT about referring to the passage of the House Bill today exacting 90 per cent taxes on AIG and other companies who enjoy government bailouts employee bonuses as Kabuki Theater.
Denouncing a “squandering of the people’s money,” lawmakers voted decisively Thursday to impose a 90 percent tax on millions of dollars in employee bonuses paid by troubled insurance giant AIG and other bailed-out companies.

In some cases the bonuses might be taxed 100 percent leaving the recipients with nothing.

The House vote was 328-93. Similar legislation has been introduced in the Senate and President Barack Obama quickly signaled general support for the concept.

“I look forward to receiving a final product that will serve as a strong signal to the executives who run these firms that such compensation will not be tolerated,” the president said in a statement.

“We want our money back now for the taxpayers,” said House Speaker Nancy Pelosi. “It isn’t that complicated.”

Rep. Charles Rangel, a New York Democrat, chairman of the tax-writing House Ways and Means Committee, said he expected local and state governments to take the remaining 10 percent of the bonuses, nullifying the pay-outs.

The bonuses are outrageous but it was President Obama who signed the economic stimulus bill that allowed them – whether he knew or understood they were in the bill. And, it was Timothy Geithner’s Treasury Department that asked Senator Chris Dodd to insert a provision in last month’s $787 billion economic- stimulus legislation that had the effect of authorizing American International Group Inc.’s bonuses.

But, the Kabuki Theater comes from Flap’s own Congressman, Elton Gallegly and the fact this TAX AS A WEAPON legislation is a BILL of ATTAINDER which is prohibited by the U.S. Constitution.

From Congressman Gallegly’s Press Release:

“As a person with a lifetime record of opposing tax increases, today I voted for a bill to tax bonuses awarded to executives who received federal bailout money. It was the least the House could do to reclaim hard-earned taxpayer money from Wall Street firms who insult American taxpayers by rewarding those responsible for our economic crisis.

“It’s not the bill I would have preferred. I wanted to vote for the Republican alternative that would have recouped 100 percent of the bonuses. It would have done so by denying future federal funds to any company who did not recoup bonuses paid out under previous bailouts. It also would have required Treasury Department approval before companies could give future bonuses. I believe the bill would have been more effective and would have passed constitutional muster.

“Unfortunately, my Democratic colleagues—who stripped language banning bonuses from the stimulus bill and therefore allowed these payments—did not give members an opportunity to vote on the better bill.

“Right now, this was the only bill available to prevent AIG and other companies who receive bailout money to know of my outrage at giving outlandish bonuses to executives who failed the American people. These companies must get the message that the American people will no longer tolerate this behavior. Therefore, I voted for this bill.

“I look forward to working with my Democratic colleagues to pass meaningful legislation that will fix this loophole.”

The AIG bonus bill is a JOKE. The Democrats are blaming Bush and everyone knows the REAL culprits are Timothy Geithner, Chris Dodd and Barack Obama.

The Democrats are running for cover and Flap’s Representative should have voted NO today and for any additional federal government bailouts PERIOD.


Technorati Tags: , , , ,

Share
AIG

Will Obama, McCain and Dodd Return Political contributions form AIG Employees?

Posted on
Share
aig

Oh those dirty AIG employees are up to no good again.

Really?

AIG employees kept doling out donations to politicians, including presidential candidate Barack Obama, after getting bailed out with federal funds last year, raising the question of whether those politicians will now return the money.

AIG executives gave more than $630,000 during the 2008 political cycle even as the company was falling apart

According to the Center for Responsive Politics, which tracks campaign finance reports, more than $120,000 of that money was donated after AIG received its first $85 billion in federal bailout funds in September. The company has since received a total of $170 billion in taxpayer cash to prevent its collapse.

Their generosity included more than $23,000 to Obama’s campaign.

Both Obama and Republican presidential candidate John McCain raked in much larger sums from AIG earlier in the year. Obama collected a total of $130,000 from AIG in 2008, while McCain accepted a total of $59,499.

Exit answer: Don’t count on a refund.

But, look for this to be a campaign issue to be used against Senator Dodd in his 2010 race for re-election to the Senate.


Technorati Tags: , ,

Share
AIG

The Obama Honeymoon IS NOW Officially Over – AIG Bonus Flap Depletes Obama Political Capital

Posted on
Share
obama-and-aig

It’s over for Obama, baby.

The political honeymoon, that is.

President Obama’s apparent inability to block executive bonuses at insurance giant AIG has dealt a sharp blow to his young administration and is threatening to derail both public and congressional support for his ambitious political agenda.

Politicians in both parties flocked to express outrage over $165 million in bonuses paid out to executives at the company, demanding answers from the president and swamping yesterday’s rollout of his efforts to spark lending to small businesses.

The populist anger at the executives who ran their firms into the ground is increasingly blowing back on Obama, whom aides yesterday described as having little recourse in the face of legal contracts that guaranteed those bonuses.

White House press secretary Robert Gibbs, peppered with questions about why the president had not done more to block the bonuses at a company that has received $170 billion in taxpayer funds, struggled for an answer yesterday afternoon. He explained that government lawyers are “looking through contracts to see what can be done to wrest these bonuses from their recipients.”

And, with Obama about to seek even more $ billions to aid the financial system, political outrage is certainly not sufficient to mollify an angry public. The White House initially tried to obscure the flap by blaming President Bush but they have not answered as to why they failed to block these bonuses while they were authorizing an additional $30 Billion in new loans to AIG.

The AIG Bonus Flap has happened on Obama’s watch and he can either take responsibility and expend more of his his political capital or continue to make excuses and pass blame on the previous Bush Administration.

Which will it be, Mr. President?


Technorati Tags: ,

Share