Just how close was Conn. Sen. Christopher Dodd to AIG?
So close that in late 2006, when Democrats were about to regain control of Congress, then-AIG Financial Products CEO Joseph Cassano urged his top executives to donate to the man in line to become chairman of the critical Senate Banking committee. It didn’t hurt that Dodd was also home state senator for the Wilton, CT.-based unit.
“As he considers running for president in 2008, Senator Dodd has asked us for our support with his re-election campaign and we have offered to be supportive,” Cassano wrote in a Nov. 17, 2006 email to his top executives, according to the Washington Times.
The executives were asked to write checks for $2,100 from themselves and their spouses. They were also supposed to pass on the message to members of their management teams, according to the Times.
Cassano’s entreaty got results: In the next few weeks, Dodd’s campaign received $160,000 from the Financial Products group. Besides Cassano, those writing checks included executive vice presidents Alan Frost, David Ackert, Douglas L. Poling, Jake DeSantis, Jon Liebergall, Robert Leary and William Kolbert.
Dodd’s relationship with the teetering insurance giant has come under increasing scrutiny since he acknowledged he had inserted the provision in recent bailout legislation that authorized the bonus payments, after initially denying he had any role. Dodd insisted, however, the Treasury Department had asked him to do it because of concerns about lawsuits.
In a subsequent statement, Dodd said he had no idea the legislation would impact AIG. “Let me be clear - I was completely unaware of these AIG bonuses until I learned of them last week,” he said.
The March payment of an estimated $165 million in bonuses to AIG executives ignited a political firestorm, spurring the House to pass a huge tax on the bonuses, and putting the career of the longtime Connecticut senator in potential jeopardy.
Dodd - who was the top recipient of AIG donations from 1989-2008, according to the Center for Responsive Politics - is being hammered for being too cozy to Wall Street and faces the first significant political challenge since he was elected in 1980.
Yesterday, Dodd’s office dismissed the Washington Times report as “old news.”
“This is a biased news story that seems to be a blatant attempt to repeat old news,” Dodd spokesman Bryan DeAngelis said in a statement. “Senator Dodd’s fundraising has always been above-board, transparent and in accordance with campaign finance rules, and he has been the leader on cracking down on excessive executive bonuses and compensation.”
DeAngelis said Dodd would donate all the contributions to charity, and noted that Dodd had said last fall that he would no longer accept contributions from companies receiving federal bailout money.
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2 Comments
#1. basementfrog 03.31.2009
Another good example for term limits.
We need to move away from the ability of corporations to influence elections and decisions of elected officials.
When politicians establish a dynasty in Washington, they do more thatn create opportunities for corruption, they survive by them.
Dodd should immediately resign and fall on a sword in some little hole. We can kick dirt over his miserable carcus for him.
#2. I desperately need my story told about AIG Annuity, 04.08.2009
I am an investor of AIG. The agent lied to us about the annuity terms. We had the misfortune to meet the agent for AIG. He was working out of Washington Mutual Bank. The bank had given all our information to the agent without our consent. We thought to ourselves that Washington Mutual Bank was backing AIG up. So it sounded like a sound investment. Wrong!!!!The agent lied about the fixed interest rate of almost five percent on the lifetime of the annuity. A lie! He also stated that the annuity would always be liquid in case we needed cash. Another lie. I have been fighting with this agent for almost fifteen years. If I were to take my money out of the annuity today, I would have to pay AIG almost four thousand dollars. I have also found out that the agent was not sending us our statements at all. When you are an employee of Aig they think they are God. This is what the agent has done to us all these years. He is a con-man. I need to find a Lawyer who can help me, sue the Bank and AIG and the agent. Also I just found out they have been chargeing me a fee of eight dollars and fifty cents a month. This amount times twelve time fifteen years is alot of money. I also refuse to pay the surrender fee’s of four thousand dollars because we need all the money and once I have paid, I will not be able to get all my money back. Please contact me through my email address and I will send you the whole story. I do not want my name mentioned. Thank you
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