Jonathan Karl of ABC News reports:
Last month, the Senate unanimously approved an amendment to the stimulus bill aimed at restricting bonuses over $100,000 at any company receiving federal bailout funds. The measure, which was drafted by Sen. Olympia Snowe, R-Maine, and Sen. Ron Wyden, D-Ore., applied these restrictions retroactively to bonuses received or promised in 2008 and onward.
The provision was stripped out during the closed-door conference negotiations involving House and Senate leaders and the White House. A measure by Sen. Chris Dodd, D-Conn., to limit executive compensation replaced it. But Dodd’s measure explicitly exempted bonuses agreed to prior to the passage of the stimulus bill.
Here’s the exact language from Dodd’s measure in the stimulus: “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…”
How can he possibly explain this?
I have not been impressed with Dodd’s false populist outrage, nor with his disclosure of his role in the unfolding of this crisis. If New York (and London) is the epicenter of this financial earthquake, Connecticut with its hedge funds and insurance industry, represents a second locus of major instability. Dodd, like Schumer, along with the entire GOP, bears serious responsibility for the lack of oversight and regulation preceding these events.
I can’t wait to hear why this language was inserted into the bill.