Thursday, March 19, 2009

Who killed the Wyden-Snowe Amendment? Part II

Open Left has done some digging:

As is now widely reported, Senator Dodd had included language in the stimulus bill that would have retroactively blocked excessive compensation for employees at financial institutions receiving federal bailout money. However, at the request of the Treasury Department and the Obama administration, that language was stripped during the conference session. Senator Dodd was not in the conference session, but the following ten people were:

Senate:
  • Harry Reid D
  • Max Baucus (D)
  • Daniel Inouye (D)
  • Charles Grassley (R)
  • Thad Cochran (R)
House:
  • Dave Obey (Wisconsin D)
  • Charles Rangel (NY D)
  • Henry Waxman (Calif D)
  • Jerry Lewis (Calif R)
  • Dave Camp (Michigan R)
Which conferees stripped the language? Given that three of the four Republicans (Camp was the exception) voted to prevent restrictions on excessive compensation (see here and here), we can pretty much count on them. Given that Charles Rangel was recently publicly opposed to clawing back the bonuses (although he supports it now), we can probably count on him, too. However, that is only four. In order for the language to have been stripped, the support of two other conferees would have been needed.

Unfortunately, until someone fesses up, we will never know who the other supporters were. Right now, admitting to this is pretty dangerous politically, since the bonuses are so wildly unpopular.
So, we have Charles Grassley, Thad Cochran, Jerry Lewis, Charles Rangel, and some mystery fifth and sixth persons as possible contenders. Maybe so, maybe no. Still, who was it in the administration who was also involved in these discussions? Who were the "not-gonna-tell-the-President" Treasury department employees who were pushing to make sure that AIG got to award those bonuses?

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