Sen Dodd Admits He Was Responsible For AIG Bonus Loophole

There was another dog and pony show on Capitol Hill today — President Obama held a press conference on the south lawn to rail against the AIG bonuses, as a Senate  subcommittee was meeting to fry AIG Chairman Edward Liddy on the same issue.

Finally there is a break in the hypocrisy as Senate Banking committee Chairman Christopher Dodd (D-CT) told CNN’s Dana Bash and Wolf Blitzer Wednesday that he was responsible for adding the bonus loophole into the stimulus package that permitted AIG and other companies that received bailout funds to pay bonuses. On Tuesday, Dodd denied to CNN that he had anything to do with the adding of that provision. Now he says that the Obama administration officials pushed for the language to an amendment designed to limit bonuses and “golden parachutes” at those companies.

Sen. Chris Dodd (D-CT)

The blogosphere broke this first, read Riehl World View. There is more “bonus scandal” within Freddie Mac and Fannie Mae as reported by Ed Morrissey here.

The phony witch hunt and blame game falls directly at the feet of those elitist Senators that rushed the passage of the Stimulus Bill, written in the dead of night and never read by those voting on it.

The blame and the responsibility also lands squarely on the shoulders of President Obama and his Secretary of the Treasury, Tim Geithner. The who knew what and when of the AIG bonus conundrum is about to be broken.

Time Magazine reports, “Although Treasury Secretary Timothy Geithner told congressional leaders on Tuesday that he learned of AIG’s impending $160 million bonus payments to members of its troubled financial-products unit on March 10, sources tell TIME that the New York Federal Reserve informed Treasury staff that the payments were imminent on Feb. 28. That is 10 days before Treasury staffers say they first learned “full details” of the bonus plan, and three days before the Administration launched a new $30 billion infusion of cash for AIG.”

At this very moment President Obama is conducting a town hall meeting in Southern California, in front of a very partisan crowd. The first several questions asked by the participants showed the general populations total lack of awareness — lots of softball questions and no red meat at all.

These Obama drones just allow him to give out his talking points. No one is going to challenge the messiah.

It’s about time that the media and citizens take Obama to task for all the deceit and rhetoric he has shoveled our way in less than 60 days in office. When he was campaigning for the stimulus bill he took a trip to the head quarters of Caterpillar Inc. in Ohio. There he trumpeted that his bill would result in new hires.

Wrong: Caterpillar Inc. on Tuesday announced plans to lay off more than 2,400 employees at five plants in Illinois, Indiana and Georgia as the heavy equipment maker continues to cut costs amid the global economic downturn. Gateway Pundit has it all here.

While the country sleeps, Obama is rapidly rolling us back to the Jimmy Carter era. I dislike him more every day, pity those who voted for him and pray that this country will recover from all of his crap.

Posted 1650PT
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