Sen. Chris Dodd Created Bailout Loophole To Allow AIG Bonuses, Admits He Lied To America

Uh oh. Senator Chris Dodd (D-CT) just dropped a major bombshell on his plans for reelection later this year. Dodd admitted to CNN, after having previously denied it, that he inserted a loophole into the bailout legislation which allowed AIG to give itself the massively undeserved bonuses via taxpayer money!

It is worth noting that Chris Dodd was the highest earning Senate recipient of campaign payoffs contributions by AIG with over $104,000. Barack Obama was the second highest with over $101,000 in payoffs contributions.

Dodd just admitted on CNN that he inserted a loophole in the stimulus legislation that allowed million-dollar bonuses to insurance giant AIG to go forward – after previously denying any involvement in writing the controversial provision. .

“We wrote the language in the bill, the deal with bonuses, golden parachutes, excessive executive compensation that was adopted unanimously by the United States Senate in the stimulus bill,” Dodd told CNN’s Wolf Blitzer this afternoon.

“But for that language, there would have been no language to deal with this at all.”

Dodd had previously said that he played no role in writing the controversial language, and was not a part of the conference committee that inserted the language in the bill. As late as today, Dodd’s spokeswoman denied the senator’s involvement.

The AIG bonuses have caused a political firestorm, with Republicans and Democrats alike looking to lay blame for who’s responsible, and leading lawmakers looking to revoke the bonuses.

Dodd’s role in the legislation will likely come up as he faces the likelihood of a tough re-election. Former GOP congressman Rob Simmons announced he was running this week, and has already taken issue with Dodd’s stewardship as chairman of the Senate Banking Committee.

See ya, Dodd!

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