Dodd: Treasury insisted on allowing bonus money
Chris Dodd admitted to CNN that he created a loophole that allowed AIG to pay out bonuses on contracts agreed to before February 2009. Dodd said that Obama Treasury officials pressed him to make the change. Earlier, the Senator had said he didn’t make the change in legislation that created the loophole but later confessed to CNN that he had made the change after Treasury officials insisted. Officials believed that AIG and other companies could have sued if existing bonuses had been limited in the recovery bill.
At a town hall meeting yesterday, President Obama has tried to take some responsibility for bonuses paid to AIG executives. “For everybody in washington who is busy scrambling trying to figure out how to blame somebody else, just go ahead and talk to me. Because it’s my job to make sure that we fix these messes even if i don’t make them,” said Obama.
This video is from CNN’s American Morning, broadcast Mar. 19, 2009.