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Dodd up to his eyeballs in AIG...

March 23, 2009
Dodd's Wife a Former Director of Bermuda-Based IPC Holdings, an AIG Controlled Company
By Kevin Rennie

No wonder Senator Christopher Dodd (D-Conn) went wobbly last week when asked about his February amendment ratifying hundreds of millions of dollars in bonuses to executives at insurance giant AIG. Dodd has been one of the company's favorite recipients of campaign contributions. But it turns out that Senator Dodd's wife has also benefited from past connections to AIG as well.

From 2001-2004, Jackie Clegg Dodd served as an "outside" director of IPC Holdings, Ltd., a Bermuda-based company controlled by AIG. IPC, which provides property casualty catastrophe insurance coverage, was formed in 1993 and currently has a market cap of $1.4 billion and trades on the NASDAQ under the ticker symbol IPCR. In 2001, in addition to a public offering of 15 million shares of stock that raised $380 million, IPC raised more than $109 million through a simultaneous private placement sale of 5.6 million shares of stock to AIG - giving AIG a 20% stake in IPC. (AIG sold its 13.397 million shares in IPC in August, 2006.)

Clegg was compensated for her duties to the company, which was managed by a subsidiary of AIG. In 2003, according to a proxy statement, Clegg received $12,000 per year and an additional $1,000 for each Directors' and committee meeting she attended. Clegg served on the Audit and Investment committees during her final year on the board.

IPC paid millions each year to other AIG-related companies for administrative and other services. Clegg was a diligent director. In 2003, the proxy statement report, she attended more than 75% of board and committee meetings. This while she served as the managing partner of Clegg International Consultants, LLC, which she created in 2001, the year she joined the board of IPC. (See Dodd's public financial disclosure reports with the Senate from 2001-2004 here.)

Dodd is likely more familiar with the complicated workings of AIG than he was letting on last week. This week may provide him with another opportunity to refresh his recollections.

Kevin Rennie, a former state senator, is a columnist for the Hartford Courant. He can be reached at kfrennie@yahoo.com.


http://www.realclearpolitics.com/articl ... tor_o.html
Old 03-23-2009, 09:37 AM
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For these people WHO WROTE THE BILL to claim they knew nothing of the bonuses is disingenuous.
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Old 03-23-2009, 10:09 AM
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Dodd did good in the Dem presidential debates, and not as grumpy as Gravel or as out there as Ron Paul in the Rep debates. I liked all of these guys, but dig down a little and it's all mud.

Dodd seemed smarter than this, WTF?
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Old 03-23-2009, 10:33 AM
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For these people WHO WROTE THE BILL to claim they knew nothing of the bonuses is disingenuous.
It would seem that way. But there's no way a handful of senators came up with 1000 pages on their own and then read the whole thing. I think staffers wrote it all, briefed their bosses on it and that was it. They knew Obama wouldn't even think about vetoing it. So why wouldn't they fill it with all kinds of BS? What better opportunity to get stuff passed that might otherwise face some scrutiny?
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Old 03-23-2009, 11:10 AM
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It would seem that way. But there's no way a handful of senators came up with 1000 pages on their own and then read the whole thing.
To paraphrase George Will - this is why the marketplace is better than government for making these sorts of decisions.

These companies should have been bankrupted, busted up and sold off. The government can't be in the business of running banks, insurance companies and car manufacturers.
Old 03-23-2009, 11:51 AM
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These companies should have been bankrupted, busted up and sold off. The government can't be in the business of running banks, insurance companies and car manufacturers.
Yeah, but they are now. Just don't call it socialism. Govt. doesn't like that term.
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Old 03-23-2009, 12:29 PM
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they cannot run the government..
much less a corner store...
Dodd..I'm sure he will think of something....
like..
your wife works/worked for AIG..?
it's not the same AIG...

Rika
Old 03-23-2009, 02:20 PM
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