THE BUSINESS INSIDER
By various accounts, it appears that Dodd initially wanted the bonus limitations in the Stimulus deal, but that it was Obama and the Treasury Department that fought heavily for the clause that allows for the payment of the AIG bonuses.
Now we’re not necessarily against the clause [statement made by Salon Magazine & Business Insider Magazine], which prevented bonus limitations from being made retroactive. Retroactive limitations are problematic. But it seems that the smears on Dodd may be coming from Treasury as well as the White House.
Glenn Greenwald at Salon has a full narrative, and the official word out of Dodd’s office:
Dodd’s Office States:
It was Obama officials, not Dodd, who demanded that already negotiated bonus payments be maintained. And it was Dodd, not Obama officials, who wanted the prohibition applied to all compensation agreements, past and future. The provision which shielded already-promised bonus payments from the executive compensation limits ended up being inserted at the insistence of Geithner. A spokesperson for Dodd, who is now consumed by these completely unfair attacks, finally confirmed today that these provisions were inserted at the direction of Treasury officials: Senator Dodd’s original executive compensation amendment adopted by the Senate did not include an exemption for existing contracts that provided that these types of bonuses be eliminated. Because of negotiations with the Treasury Department and the bill Conferees, several modifications were made, including adding the exemption, to ensure that the AIG bonus would not be subject to the restrictions in the final stimulus bill.