An American Tale

Only in Washington could such a saga take place:

Date: January 11, 2007
Place: Imus in the Morning Radio Show

Christopher Dodd, Democrat from Connecticut, announces he is running for President of the United States.

Date: January 15, 2007-January 3, 2008
Place: Throughout the United States

Christoper Dodd campaigns throughout the United States. He raises significant amounts of money on the trail. He receives $103,100 from the giant insurance company, AIG. He ends up being the biggest recipient of AIG campaign donations throughout all of 2008, even receiving more than Barack Obama (who received around $101,000.)

Date: September, 2008
Place: USA

The giant financial institution, AIG, is in trouble. Hit badly by the credit crisis in the US, AIG looks ready to fail. However, important people in the US government come up with this idea that the private company was "too big to fail." Thus, the private company was given what would eventually turn out to be a $170 billion dollar bailout.

Date: February, 2009
Place: Washington, D.C.

Christopher Dodd, Democrat from Connecticut, adds an amendment to the enormous $787 billion dollar stimulus bill that provides an "exception for contractually obligated bonuses agreed on before Feb. 11, 2009." This executive-compensation restriction amendment was agreed to in committee and signed into law, as part of the larger stimulus bill, by President Barack Obama.

Date: March, 2009
Place: Washington, D.C.

It is revealed that after receiving bailout funds from the federal government, AIG honors its contractual obligations and agrees to pay out $165 million dollar bonuses to its top executives. Many in Washington are outraged at such an idea and demand that something be done. Senator Chuck Grassley, Republican from Iowa, even goes as far as to say that the executives should either resign or commit suicide! Leading the effort to create a bill that would reign in the bonuses...Senator Chris Dodd, Democrat from Connecticut.