Wednesday, March 18, 2009
AIG bonus protections were added to Stimulus Bill by Sen. Christopher Dodd
Senate Banking Committee Chairman Chris Dodd (D-Conn.) on Monday night floated the idea of taxing American International Group bonus recipients so the government could recoup some or all of the $450 million the company is paying to employees in its financial products unit. Within hours, the idea spread to both houses of Congress, with lawmakers proposing an AIG bonus tax.
While the Senate was constructing the $787 billion stimulus last month, Dodd added an executive-compensation restriction to the bill. The provision, now called “the Dodd Amendment” by the Obama Administration provides an “exception for contractually obligated bonuses agreed on before Feb. 11, 2009” -- which exempts the very AIG bonuses Dodd and others are now seeking to tax...
FoxBusiness: Amid AIG Furor, Dodd Tries to Undo Bonus Protections in the 'Dodd Amendment' Rules
While the Senate was constructing the $787 billion stimulus last month, Dodd added an executive-compensation restriction to the bill. The provision, now called “the Dodd Amendment” by the Obama Administration provides an “exception for contractually obligated bonuses agreed on before Feb. 11, 2009” -- which exempts the very AIG bonuses Dodd and others are now seeking to tax...
FoxBusiness: Amid AIG Furor, Dodd Tries to Undo Bonus Protections in the 'Dodd Amendment' Rules
Permalink posted by markw @ 4:33 AM 
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