The Dodd Amendment
Page H1412 of the final "stimulus" bill:
SEC. 111. EXECUTIVE COMPENSATION AND CORPORATE GOVERNANCE:
(iii) The prohibition required under clause (i) shall not be construed to prohibit any bonus payment required to be paid pursuant to a written employment contract executed on or before February 11, 2009, as such valid employment contracts are determined by the Secretary or the designee of the Secretary.
The entire amendment was a list of restrictions on bonus payments. What's interesting is that Dodd, number 1 on AIG's political donation list, now claims that this clause showed up in his amendment after the bill left the Senate. The administration is blaming Dodd for it, and Dodd is blaming Treasury. Glen Greenwald takes up the battle for Dodd against the Administration.
So far, nobody has claimed actual authorship of this clause. I suspect nobody will.
Edward Liddy, AIG's CEO, will be showing up tomorrow in front of a House subcommittee for the public Stoning of the Capitalist. The largest rocks will, of course, be tossed by those who have been wasting billions of "other people's money" for years. At least when Paul Allen gets his name on a building, it's his money.