Sen. Chris Dodd and AIG

Let’s simplify my version of the problem with AIG, Sen. Dodd, Rep. Frank, President Obama and the majority Democrats on Capitol Hill demanding the passage of H.R. 1 (American Recovery and Reinvestment Act of 2009, passed the House on January 28, 2009, passed by the Senate on February 10, resolved House/Senate differences on February 13, 2009, and signed into law on February 17, 2009).

The essence of time was so imperative, President Obama and the Democrat leaders on Capitol Hill insisted the legislation be passed immediately, as our nation was in imminent danger. Democrats said this legislation was too vital to allow legislators adequate time to read and understand. All agreed noone on Capitol Hill knew what all the legislation included. President Obama did not practice the impending demand of time, waiting until February 17, 2009 with a Denver, CO ceremony to sign the legislation into law.

It is now discovered many from AIG received $218 Million in bonuses; $165 Million this March 2009. AIG’s failed management team is receiving millions of dollars in bonuses with these failures. American taxpayers screamed. Again, the majority Democrats on Capitol Hill said they were unaware about the bonuses of taxpayers’ money. Now it is discovered Sen. Dodd had installed an amendment to the legislation allowing for these bonuses. Sen. Dodd has now admitted his amendment, which he says was at the direction of the government. Treasury Secretary, Tim Geithner, says he knew nothing about this legislation until March 10, 2009. Others say Secretary Geithner was there as the legislation was finalized.

If you “follow the money” from those associated with AIG, Freddie Mac, Fannie Mae, and others, you will find hundreds of thousands of dollars directed into campaign pockets of Sen. Chris Dodd, Rep. Barney Frank, President Barack Obama, and others.

Again, Democrat leaders on Capitol Hill are not demanding independent investigations on Sen. Chris Dodd, or Rep. Barney Frank, who may be directly responsible to these corporate action failures, as established. Why?

Both, Dodd and Frank, as Senate Banking and House Finance Committee leaders, allegedly, went to AIG, Freddie Mac, Fannie Mae, and others, instructing and/or demanding these bankers to approve loans to many whom otherwise, would fail to qualify earlier, based on their incomes vs. allowed home payment amount proposals. To see one of these stories, see this Fox News Channel report http://www.youtube.com:80/watch?v=cMnSp4qEXNM&NR=1 .

The ultimate insult by Democrat Party leaders now is to bury their political legislative failures in the financial industry by introducing new legislation (The House bill, HR 1586; Senate bill S 651) to tax the bonus recipients for 90% of their bonus income. This proposed legislation is most likely unconstitutional.

It would have been much more honorable introducing new legislation to investigate and/or expel Sen. Chris Dodd for his deplorable legislation, and then being deceitful about it.