In the midst of all the outrage from politicians at the bonuses recently paid to AIG executives, one fact stands out:
a provision in the Stimulus Bill specifically allows bonuses contracted for on or before February 11, 2009 (all of the AIG bonuses fulfilled this provision).
Who put this provision in the stimulus bill? Senator Chris Dodd (D-Conn.). Interestingly, Senator Dodd received more campaign contributions from AIG than any other congressperson.
Perhaps next time they should read the bill before they vote on it!
In addition, the Administration has known about the bonuses for several months, but concluded that contract law would prohibit them from doing anything about them. That didn't keep them from complaining all day yesterday though.
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