Thursday, March 19, 2009

Dodd Saying Goodbye To AIG Campaign Cash, Constituents?

Chris Dodd has taken Zero Hedge's advice and has decided to refund his campaign contributions from not only criminals with a record, and destroyers of the free market such as Joe Cassano but everyone else at AIG. Seems the Connecticut Democrat had received over $100,000 from a dozen AIG workers, which include Douglas Poling, of Fairfield; Christopher Phole, of New Canaan; Steven Pike, of Stamford; Robert Powell, of Westport; Joseph Rooney, of Fairfield; Gregory Ruffa, of Darien; Christian Toft, of Weston; Steven Wagar, of Norwalk; Jonathan Liebergall, of New Canaan; Leonid Shekhtman, of Redding; and James Haas, of Fairfield. Three of these executives, Poling, Haas and Liebergall, were outed as possible recipients of bonuses on Wednesday. The Connecticut post missed Joe Cassano, maybe because his CT house is only his second residence.

However this may be the least of Dodd's transgressions. Yesterday the uber-conflicted Democrat for the first time openly talked about his role in determining AIG's bonuses (of course, not at all influenced by campaign donations).
Sen. Chris Dodd for the first time Wednesday acknowledged he was instrumental in creating legislation that cleared the way for disgraced executives at taxpayer-rescued AIG to walk away with hundreds of millions of dollars in bonuses.
Dodd will have a lot of explaining to do to the one or two voters he may still have left.
This is not the first time Dodd has found himself in this position of pillorying a corporate villain in one breath and in the next defending himself from claims he's too cozy with the same miscreant.

It was revealed last year that Dodd, who raged against abuses by the mortgage industry, had received a preferential loan for his home. And, as Senate finance chairman, eyebrows have continued to be raised about the contributions he has received from Wall Street firms.

Gary Rose, a Sacred Heart University professor of political science, said this could open the door for someone to challenge Dodd's hold on his Senate seat.

"It continues to raise the spectre of preferential treatment and it may not be true, but the perception, in politics, is reality," Rose said.

And Dodd will have to work hard to dispel public sentiment about government's relationship with big business.

And this is likely merely the tip of the iceberg. One can only imagine what is really going on behind the scenes of the Wall Street - Politico theater at this moment. One thing is for certain -the crookery continues unabated (I write this as Charlie Rangle gets crucified on CNBC for being a tax fraud as he introduces tax legislation to curb AIG bonuses). Such utter insanity... Lewis Black describes the situation best (as always).

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2 comments:

Broken said...

Tyler,

Much of what you post is extremely valuable and unique on the web.

What puzzles me are these occasional descents into what can only be called wing-nuttery. Yes, Dodd has been a little too chummy with Wall Street over the years, but you are inaccurate on the bonuses.

Dodd wrote the original strict legislation limiting executive pay and only weakened it under pressure from Treasury and others.

Also, on the above donations from individuals, they are exactly that, donations from individuals living in Connecticut. Would you only be satisfied if they they gave exclusively to the GOP?

Long story short: postings like this undermine your credibility unnecessarily. Why do it?

Tyler Durden said...

i can promise you that the second i see this kind of performance by any other politician (democrat or republican) i will be the first to bring attention to it. the "chumminess" has gone on too long.