Senator Chris Dodd (D-Conn.), trying to save face amongst an angry sea of fed up Americans, decides that maybe the United States could tax the hell out of the American International Group (AIG) bonus recipients. Isn’t that nice Dodd wants to bring justice and balance to government in the form of the morning after tax. Now that is government in action and my only problems are… 

  1. Dodd added to last months stimulus package an amendment that provides an exception for contractually obligated bonuses agreed to on or before Feb 11, 2009.  So he is trying to undo his major screw up of loving AIG.
  2. Dodd was the single largest recipient of campaign donations from AIG during the 2008 election with $223,478. Source: Opensecrets.org
  3. AIG’s largest office complex is in Connecticut.
  4. Dodd received over $4,000,000 in donations in 2008 election cycle from Securities & Investment companies despite not being up for reelection until 2010. Firms include: Citigroup ($316,494), AIG ($223,478), Goldman Sachs ($180,220), Morgan Stanley ($156,600), JP Morgan Chase ($134,050), Merrill Lynch ($132,950), and Lehman Brothers ($122,300) 

chris-dodd

The American public should be sending Chris Dodd a thank you note for selling our future down the river for a reelection donation. It appears though that he was not alone in the bail out band wagon. The financial sector seemed to know that it 2009 it would need help from friendly politicians and so they donated generously. 

The #2 on the list of Recipients from AIG, Barack Obama at $101,332 but to be fair John McCain was 3rd. but received less total donations by more than 40% at $59,499. All told AIG spent $9,331,239 on its bail out supporters.  It appears ladies and gentlemen that your Congressman can be bought. 

And according to Opensecretes.org list of heavy hitters (top 100) there are many banks/financial firms getting bail outs.  

Goldman Sachs donated $30,819,435 with 63% of going to Democrats.

Citigroup Inc with $25,745,456 hedging their bets donating nearly 50-50.

JP Morgan Chase & Co gave away $20,011,083 donating 51% to Dems

Morgan Stanley $17,858,297

Bank of America $15,847,139

Merrill Lynch $14,715,116

Price Waterhouse Coopers $14,524,989

General Motors $10,076,600

Freddie Mac $9,854,915

Source: Opensecrets.org

 If only we could tax the hell out of politicians?

 Related Links:

Chris Dodd

American International Group (AIG)

Show Me the TARP Money

Orrin G. Hatch

American International Group Inc. (AIG) 10 Most Wanted Fugitives

Amid AIG Furor, Dodd Tries to Undo Bonus Protections He Put In