CNN Special Investigations Unit
OK – In this new age of "transparency" I want to know who in Congress, White House or the Treasury Department wrote this!
(iii) 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, as such valid employment contracts are determined by the Secretary or the designee of the Secretary.
This is the loophole written into the American Recovery and Reinvestment Act of 2009 (the stimulus whopper) that "congressionally blesses" the very AIG bonuses congress itself is now blasting.
It was a simple question we began asking Tuesday. But there is no easy answer so far.
Sen. Chris Dodd, D-CT, accepted some responsibility, sort of. He says the administration suggested he put the language in the bill.
But Treasury chief Tim Geithner told our Ali Velshi, while some suggestions were made between "staffs" no language was drafted by treasury., Sen. Dodd has been dancing ever since, and may again try to clear the air with a news conference today.
The most recent explanation being spun in Washington is that it would have been illegal for Congress to retroactively go back and deny bonuses on contracts already signed and sealed. That may be true, but since when does Congress worry about such trivial matters as retroactive law-making? After all, the only challenge would be from an AIG executive who would have to take his or her case to court, thereby revealing they not only are receiving a taxpayer-funded bonus but would stand in open court saying they deserve a taxpayer-funded bonus.
All I want to know is who wrote the loophole. And so far, like a group of baseball playing kids standing in front of a broken window, Congress, Treasury and the White House are all saying "not me."
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