Holy Crow: Dodd Going Down and Taking Admin with Him

What can you even say about this?

WASHINGTON (CNN) — Senate Banking committee Chairman Christopher Dodd told CNN Wednesday that he was responsible for language added to the federal stimulus bill to make sure that already-existing contracts for bonuses at companies receiving federal bailout money were honored.

Watch: I added bonus loophole, says Dodd

Both Dodd and a Treasury Department official who asked not to be named told CNN the administration pushed for the language because they were afraid that the government would face numerous lawsuits without it.

Dodd told CNN's Dana Bash and Wolf Blitzer that Obama administration officials pushed for the language to an amendment designed to limit bonuses and "golden parachutes" at those companies."The administration had expressed reservations," Dodd said. "They asked for modifications. The alternative was losing the amendment entirely."

On Tuesday, Dodd had denied to CNN that he had anything to do with adding the language, which has been used by officials at bailed-out insurance giant AIG to justify paying millions of dollars in bonuses to executives after receiving federal money.

They all knew, as for limits on parachutes, that is spin, the real story was they all knew and Chris Dodd is a liar.
Anyway here is the language he inserted:

Here's the Cliff's Notes version of what's going on:

Chris Dodd inserted a specific provision into the stimulus that says any pay limitations would not apply to contracts agreed to prior to February 11, 2009. AIG also happens to be Chris Dodd's biggest donor. And AIGFP is housed in Connecticut.

Now the clause covers all bonuses, not AIG in particular, so Dodd could argue that it was not "pay for play" with AIG. Of course that leaves him open to the charge that it was favor for the entire finance industry. Well, Pick Your Poison Senato. Anyway the convergence of democrats and AIG is already well documented, as well as the fact that Democrats are being phony on the issue. But at the end of the day it was President Obama who signed the stimulus legislation that contained the wording that protected the bonuses he is now outraged about