Urbin Report

Monday, March 30, 2009

AIG execs pressured to donate to democrat Senator Dodd

The Washington Times has the story on how the Senate Banking Committee Chair, democrat Chris Dodd, collected large donations from AIG employees.

Mr. Dodd's campaign quickly hit pay dirt, collecting more than $160,000 from employees and their spouses at the AIG Financial Products division (AIG-FP) in Wilton, Conn., in the days before he took over as the committee chairman in January 2007. Months later, the senator transferred the donations to jump-start his 2008 presidential bid, which later failed.

Now, two years later, Mr. Dodd has emerged as a central figure in the government's decision to let executives at the now-failing AIG collect more than $218 million in bonuses, according to the Connecticut attorney general - even as the company was receiving billions of dollars in assistance from the Troubled Asset Relief Program (TARP). He acknowledged that he slipped a provision into legislation in February that authorized the bonuses, but said the Treasury Department asked him to do it.
...
The employees were told, "If you agree," to write checks for $2,100 from themselves and their spouses and to send them to Mr. Dodd's campaign within four days. They also were to ask the senior members of their management teams to do the same and send copies of their checks to the company.

The Dodd campaign collected $162,100 from AIG-FP employees and their spouses within six weeks of the e-mail, according to data from the Center for Responsive Politics and the Federal Election Commission.


Note that the employees were told to send copies of their checks to the company. That may be legal, but it clearly crosses an ethical line.

Originally published at the Urbin Report.