Posted by: Puma1 | March 18, 2009

Dodd Goes Under the Bus: Obama Lying About AIG Bonuses to Protect Himself

As reported by lefty blogger Glenn Greenwald, Obama is throwing Chris Dodd under the bus, falsely trying to deflect blame for the AIG bonuses from Larry Summers and Tim Geithner to Dodd. Greenwald notes that while Dodd does have shady Wall Street connections related to the financial crisis — and thus probably deserves defeat in his 2010 re-election bid — in this case Dodd fought against the AIG bonuses and was vehemently opposed by the Obama administration — all of which is well documented public record:

There is a major push underway — engineered by Obama’s Treasury officials…to blame Chris Dodd for the AIG bonus payments…it’s completely false…

The accusation against Dodd is that there is nothing the Obama administration can do about the AIG bonus payments because Dodd inserted a clause into the stimulus bill which exempted executive compensation agreements…this accusation asserts, it was Dodd’s amendment which explicitly allowed firms like AIG to make bonus payments…

What actually happened is the opposite.  It was Dodd who did everything possible — including writing and advocating for an amendment — which would have applied the limitations on executive compensation…But it was Tim Geithner and  Larry Summers who openly criticized Dodd’s proposal at the time and insisted that those limitations should apply only to future compensation contracts, not ones that already existed.  The exemption for already existing compensation agreements — the exact provision that is now protecting the AIG bonus payments — was inserted at the White House’s insistence and over Dodd’s objections.  But now that a political scandal has erupted over these payments, the White House is trying to deflect blame from itself and heap it all on Chris Dodd by claiming that it was Dodd who was responsible for that exemption…

During the debate over these provisions, The Wall St. Journal article identified above reported explicitly that it was Geithner and Summers who were rejecting Dodd’s limits on executive compensation…

At the same time, The Hill reported that “President Obama and the chairman of the Senate Banking Committee [Dodd] are at odds on how to rein in the salaries of top executives whose companies are being propped up by the federal government” and that “most of the administration’s concern stems from the Dodd’s move to trump Obama’s compensation provisions by seeking more aggressive restrictions.”  Let’s repeat that:  the Obama administration was complaining because the compensation restrictions Dodd wanted were too “aggressive.”

Yet now, the Obama administration is feeding reporters the accusation that it was Dodd who was responsible for the exemptions…

The next reporter who writes a word about this or listens to anonymous White House officials blame Dodd for these provisions might want to spend a moment reading Jane’s post and looking at the evidence showing what actually happened, rather than mindlessly writing down what Rahm Emanuel these anonymous White House officials are whispering in their ears.

Well, Glenn, when you and the rest of the left wing were busy supporting Obama over Hillary, we were busy trying to warn you that Obama was full of crap. You didn’t listen. But at least you have now seen the light.

At least when Clinton and Bush played politics, it wasn’t directed at senior Senators of their own party!


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