DARREN HUTCHINSON IS defending Chris Dodd. “In a nutshell, the original law and subsequent regulations do not prohibit bonus payments by AIG. Dodd proposed and the Senate passed an amendment that would have banned most bonus payments by TARP recipients; the measure would have applied retroactively to AIG. The Obama administration pressured Dodd to make his amendment prospective rather than retroactive; Dodd capitulated to the administration’s demands, and Congress passed the modified version of Dodd’s amendment. Instead of blaming Obama, Bush, and Congress, commentators point the finger at Dodd, even though his amendment is the only legal provision that seriously regulates compensation and bonuses for TARP recipients. It is also worth mentioning that Dodd alone cannot legislate a loophole for AIG; only Congress can!” Well, except that presumably nobody but Dodd read the provision, since Congress as a whole voted on the bill without reading it . . . .