Our nation has been in turmoil this week over the bonuses paid at AIG. After taxpayers infused nearly $200 Billion into the private firm, AIG paid out nearly $165 million of that in bonuses to their executives. The New York Times reported that these bonuses included $33.6 million for 52 people who have already left the failed insurance company and more than $1 million each to 73 people.
If it was not bad enough, we are beginning to hear that many of our nation's elected officials might have known about these bonuses. Worse, it appears that Democrat Senate Banking Chairman Chris Dodd actually sponsored an amendment in the so-called stimulus bill to protect these bonuses. The question is, why did he do that? Did Obama and his Treasury Secretary not only know about these bonuses in advance, but actually work to support them?
Senator Chris Dodd slipped into the Obama stimulus bill a secretive provision to protect these specific AIG bonuses. That much we do know.
It is shocking. We need to find out why he did it and hold him accountable. He and others are trying to run and hide from the criticism. We cannot let them.
THAT IS WHY ACU IS LAUNCHING A PETITION EFFORT TO DEMAND THAT DODD, OBAMA AND GEITHNER ALL COME CLEAN AND TELL THE TRUTH ABOUT AIG.
We are going to press them in the news media and on Capitol Hill to tell the American people the truth. And, we are launching a special effort right in U.S. Senator Chris Dodd's home state of Connecticut to hold him accountable for his actions.
As the days of the week have passed, we waited to see if they would truly admit to their involvement in the AIG bonus scandal and come clean. However, for days all they have done is point fingers at each other, at previous administration officials, at current administration officials and then at anyone and everyone else to deflect attention from themselves.
As more information leaked out about their involvement they then changed their story and all at once tried to claim responsibility. It was a purposeful shift to try and throw us off the trail, to deflect media criticism, create confusion, and stop the search for answers. We cannot allow them to succeed. What has become clear is that we, the American people, must stand up and demand the truth.
THAT IS WHY ACU IS LAUNCHING A PETITION EFFORT TO DEMAND THAT DODD, OBAMA AND GEITHNER ALL COME CLEAN AND TELL THE TRUTH ABOUT AIG. SIGN IT HERE, NOW.
At the center of this controversy are three people.
One is Treasury Secretary Tim Geithner, who admitted to not paying his own personal taxes even prior to taking the job as Treasury Secretary, a job where he will oversee the IRS. Geithner said they were "careless mistakes" that he failed to pay tens of thousands of dollars in taxes. (We have heard that from a number of Obama appointees.) Then in February testimony before Congress he used the word mistake again in reference to his banking plan saying, "we will make mistakes," and the market instantly fell 380+ points. He has been careless with his money and ours, now we cannot allow him to pass off the AIG bonuses as just another "careless mistake."
Geithner has been a central figure in the government's push for bailouts and the spending of our hard-earned taxpayer money on the so-called stimulus and on failed company bailouts. As President of the Federal Reserve Bank of New York, prior to becoming Treasury Secretary, he has been a principle architect of the bailout strategy. The Washington Post noted, "When the government rescued AIG in mid-September (2008), no one was more central to the decision than Geithner." Obama actually promoted his bailout experience in selecting him as Treasury Secretary.
Now, in just the last few hours we have learned that Geithner knew about the bonuses for days, but the truth may be that he knew about them for weeks as far back as the time when we first pushed their bailout. What is he hiding?
ACU IS LAUNCHING A PETITION EFFORT TO DEMAND THAT DODD, OBAMA AND GEITHNER ALL COME CLEAN AND TELL THE TRUTH ABOUT AIG. SIGN IT HERE, NOW.
Even worse than Geithner's involvement and that of the President, however, may be the involvement of Senator Chris Dodd, the former Chairman of the Democrat National Committee and Democrat candidate for President, who is now the Chairman of the U.S. Senate Banking Committee.
Over the last year the ACU has pointed out some of Chris Dodd's most troubling actions:
SPECIAL MORTGAGE PERKS FOR HIMSELF AND HIS DEMOCRAT BUDDIES - last July ACU disclosed media reports that Chris Dodd was part of the FoA, or Friends of Angelo program, named for Countrywide Mortgage Chief Executive Angelo Mozilo which provided special Countrywide loan rates for politically connected officials. The individuals who got special mortgages? Bill Clinton's former budget director, the man chosen by Obama to pick Joe Biden as his running mate, Senate Budget Committee Chairman Democrat Kent Conrad and, yes, Chris Dodd.
HELPING CREATE THE FINANCIAL CRISIS - our financial crisis was started by the subprime mortgage mess. Dodd helped support Fannie Mae and Freddie Mac's purchase of subprime loans. The WALL STREET JOURNAL wrote in their editorial last summer on Dodd, "You'll love this one. In the strange accountability of Washington, the same folks who put taxpayers on the hook for Fannie Mae and Freddie Mac are now demanding ransom to let taxpayers bail them out." The Journal reported Dodd publicly attacked critics who were "repeatedly raising alarm bells about the risks Fannie and Freddie pose to the financial system." He promoted and protected them and in return he received more PAC money from them than any other politician. A Journal editorial said, "In any other business, Mr. Dodd would be begging forgiveness."
SUPPORTING ACORN - Not only has ACORN been raided by the FBI for falsifying voter registration records, ACORN directly promoted Fannie Mae and Freddie Mac's involvement in subprime loans. In return Chris Dodd attended meetings at ACORN offices and promoted their efforts "to stop foreclosures." More shocking, as we have repeatedly pointed out, the stimulus bill a contained a provision to provide taxpayer funding for ACORN. This is the same stimulus bill that apparently became the vehicle for Dodd's support of AIG.
With this track record the American people should not be surprised that it was Senator Chris Dodd who slipped in the secret provision to specifically protect the now infamous bonuses at AIG. The question is why and what is he hiding?
SIGN THE ACU PETITION EFFORT TO DEMAND THAT DODD, OBAMA AND GEITHNER ALL COME CLEAN AND TELL THE TRUTH ABOUT AIG. SIGN IT HERE, AND SUPPORT ACU, NOW.
While conservative members of Congress were fighting against the pork-filled stimulus bill, Dodd was working for the AIG bonuses - meeting behind closed doors with Treasury officials and the Obama administration writing his amendment that specifically allowed for the multi-million dollar bonuses. As CNN pointed out, "final language in Dodd's amendment specifically excluded bonuses from contracts signed - before the stimulus bill's passage - a fact which allowed for the AIG bonus payout."
If you received a bonus at AIG you might say, "thank you,"... just as Fannie Mae did with their PAC donations to Dodd when he supported them ...just like ACORN who has showered him with praise. But the taxpayers of the United States are left thankless for the havoc he continues to wreak on our nation. So, the question is, how does Dodd remain in the Senate after all of this? The simple answer is that the people of Connecticut elected him.
So, not only are we going to hold him accountable in Washington - WE WANT YOUR DIRECT HELP TO HOLD CHRIS DODD ACCOUNTABLE, AT HOME, RIGHT WHERE IT MATTERS MOST, IN HIS HOME STATE.
We have created a special CHRIS DODD CONNECTICUT MEDIA PAGE. When you sign the petition, support ACU and hit "submit" you will be taken to a page where you can find this special, new ACU Chris Dodd media site. On our Dodd Media Site, you can find contact information for media all over Connecticut; both newspapers for letters to the editor and talk radio shows. You can contact them and express your outrage to the people of Connecticut who sent Dodd to the U.S. Senate. Why did they do it? Are they still proud to have him representing them in Washington? Will they try to send him back to Washington? Let them know what you think.
Please sign the petition below, support ACU's effort, and then click submit to be taken to this special Dodd Media page.
SIGN THE ACU PETITION EFFORT TO DEMAND THAT DODD, OBAMA AND GEITHNER ALL COME CLEAN AND TELL THE TRUTH ABOUT AIG HERE, NOW.
The third person at the center of this scandal is President Barack Obama. The ACU has repeatedly warned about government infusions of taxpayer money into private companies. We have opposed these bailouts and stimulus packages. Barack Obama's agenda to grow the size of government has enabled these activities.As our Chairman David Keene said this week, "the bonuses are a political issue because the money comes from you and me. We shouldn't have been asked to put it up in the first place and if we hadn't, it would simply be an issue between the management and stockholders. And, if I was a stockholder, I would have been outraged that a bunch of managers who managed to ruin my investment were getting a bonus. But the real mistake was putting the money into AIG in the first place."
The ACU opposed the stimulus package from the start. We delivered petitions from you and others against this bill. Every Republican in the House opposed it and almost every Republican in the Senate did too, and at least they cut hundreds of millions from it. But now in addition to the billions and billions of dollars in wasteful spending we now have the AIG crisis too.
ACU will continue to fight these efforts with your help. Please sign the petition here, now and we will do so.
Don't let Chris Dodd escape accountability. Sign the petition, support ACU and visit the Chris Dodd media page now to express your opinion.
Executive Vice President
P.S. Don't let Chris Dodd hide from his actions. Help us get to the truth. Send the message to his own voters, right in Connecticut. Ask them why he is in the Senate. Do so after you sign the petition here, now, to make Obama, his Treasury Secretary and Chris Dodd come clean on their actions, now.