March 18, 2009

CHRIS DODD spills the beans.

UPDATE: Dodd Facing Fresh Political Firestorm. “Dodd just admitted on CNN that he inserted a loophole in the stimulus legislation that allowed million-dollar bonuses to insurance giant AIG to go forward – after previously denying any involvement in writing the controversial provision.”

The country’s in the very best of hands. . . .

ANOTHER UPDATE: Stephen Spruiell; “Look, it’s hard to have any sympathy for Dodd — the sweetheart mortgage deals, the Irish cottage, the self-righteous grandstanding, etc. And as for the policy at hand, I agree more with Geithner and Summers than Dodd. But as for the politics, this AIG thing is blowing up in Obama’s face, and it looks an awful lot like his administration is trying to make Dodd the fall guy. I’m not so sure Republicans (or conservatives) should help.”

Plus this: “Ed Liddy sized up this situation when he got to AIG and came to the conclusion that the best course for taxpayers and for the financial system was to pay the bonuses. This gets back to something I wrote earlier: If Obama disagrees with Liddy’s decision, he should either A) fire Liddy, or B) fire the guy who hired Liddy (Tim Geithner). What he should not do is go along with this Kabuki outrage, in which official Washington pretends it had no idea that big financial institutions — especially failing ones — might need to keep paying their top employees competitive salaries.”

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