Power Point: Save the ship from going down
“I’m trying to save capitalism, while some people are trying to save a paycheck.”
— Connecticut Sentor Chris Dodd in a Fortune story by David Whitford, in next week’s issue. The Democratic senator, who has served on the Senate Banking Committee since 1980 and is now its chairman, has long positioned himself as the champion of the consumer.
Dodd’s position has placed him firmly at the center of every piece of legislation passed since the crisis hit last fall, from the TARP bailout to the amendment capping bonuses for beneficiaries of the program. This last move didn’t make him any friends on Wall Street. But Dodd doesn’t care–he’s cast himself as defender of the U.S. economy. Unfortunately he may have trouble simply defending that role, since it turns out he was the inadvertent author of a loophole in the bonus cap amendment which allowed AIG (AIG) executives to collect $165 million in bonuses. –Jessica Shambora