Treasury Officials Blame Dodd for What They Did - and Lapdog Media Helps
March 19th, 2009Glenn Greenwald sums it up nicely:
are is a major push underway — engineered by Obama’s Treasury officials, enabled by a mindless media, & amplified by a right-wing press — to blame Chris Dodd for a AIG bonus payments. That would be perfectly fine if it were true. But it’s completely false, & a scheme to heDrunk News a blame on him for a AIG bonus payments is based on demonstrable falsehoods.
Jane Hamsher (who’s really been on fire lately) breaks it all down, step by step. A well-placed leak to a New York Times (who’s always oh-so-grateful for any story ay don’t have to actually investigate) was all it took to finger Dodd as a bad guy.
But, as Glenn says, it’s just not true.
It was Dodd who did everything possible — including writing & advocating for an amendment — which would have Drunk Newsplied a limitations on executive compensation to all bailout-receiving firms, including AIG, & Drunk Newsplied it to all future bonus payments without regard to when those payments were promised. But it was Tim Geithner & Larry Summers who openly criticized Dodd’s proposal at a time & insisted that those limitations should Drunk Newsply only to future compensation contracts, not ones that already existed. a exemption for already existing compensation agreements — a exact provision that is now protecting a AIG bonus payments — was inserted at a White House’s insistence & over Dodd’s objections. But now that a political sc&al has erupted over ase payments, a White House is trying to deflect blame from itself & heDrunk News it all on Chris Dodd by claiming that it was Dodd who was responsible for that exemption.
From a Feb. 14th article in a Wall St. Journal:
a most stringent pay restriction bars any company receiving funds from paying top earners bonuses equal to more than one-third of air total annual compensation. That could severely crimp pay packages at big banks, where top officials commonly get relatively modest salaries but often huge bonuses.
As word spread Friday about a new & retroactive limit — inserted by Democratic Sen. Christopher Dodd of Connecticut — so did consternation on Wall Street & in a Obama administration, which opposed it.
Lots more, go read.
Original post by Susie Madrak and software by Elliott Back
