Dodd and AIG Scratch Each Other's Back
On Tuesday, Dodd said that he was not a member of the conference committee that crafted the final compromise bill and said that the exception had not been in the bill as he drafted it.Don't think that Dodd is at an arm's length relationship with the financial services conglomerate. If you check the record of donations to him, you quickly see that AIG was his fourth largest contributor from 2003 to 2008, with a total of $223,478 donated.
But late Wednesday, Dodd admitted in an interview with CNN that he had been involved in the change.
"I agreed reluctantly," Dodd said. "I was changing the amendment because others were insistent."
The total money he raised during that time was $8,938,003. That means that AIG was directly responsible for 2.5 percent of all the money he raised during that period. The insurance industry was one of his top five industry donors with a total of $1,440,422, making AIG responsible for 15.5 percent of all insurance company donations to Dodd.
It's not surprising that Dodd has close ties to financial services as he's chair of the Senate's Banking, Housing, and Urban Affairs Committee. This is clearer when you add the total of campaign money received from 2003 to 2008 from securities and investments, insurance, and commercial banks: $6,588,012, or 73.7 percent of all campaign contributions to the senator.
It's not that the money comes directly from the companies, because that would violate election laws. However, 71% of the money comes from individuals; organizations like OpenSecrets.org collect the public information and then cross reference to find the totals. It seems pretty hard to believe that Dodd's own office wouldn't have made the same calculations.