Senator Dodd in an effort to recover from the repercussions of the "Dodd Clause" of the AIG contract is still drawing fire. Dodd was accused of allowing AIG executives to pay contractual bonuses with taxpayer bailout money.
For obvious reasons, the general public is outraged over this practice. Had AIG entered bankruptcy protection chances are that none of those bonuses would have ever been paid. Under bankruptcy law AIG could have been forced to restructure itself, and as a result been able to legally not give bonuses to the people responsible for the global economic "Melt Down."
The pandemonium of fear in Washington however, took control of AIG and nearly 3/4 of its stock. AIG was deemed too important of a company, and as such categorized as of "too big to fail." Federal Reserve Bank Chairman Ben Bernake (A self proclaimed expert on the Great Depression) said the "bailout was the right thing to do because a lack of a bailout during the Great Depression is what induced the economic hardship on Main Street."
Peter Schiff, a potential contender against Chris Dodd and expected to have raised his first One Million Dollars on line, said that "Bernake's actions just put off our economic problems to a later date and more severe consequences are later expected." Schiff suggested the Federal Reserves motto ought to be "What America has succeeded in creating is not an economy impervious to shocks, but merely one which enables their consequences to be postponed to a later date."
Schiff may be running against a full slate of Republican contenders, including Rob Simmons, Linda McMahon (Owner of the WWF), and others who have yet to formally announced.
The Connecticut waters are certainly filled with sharks, and a wounded Chris Dodd is entrenched in a moat as he is under fire from his many critics. One such critic Senator John Cornin put this advertisement on Google titled "Dump Dodd." These public criticisms in tandem with the public view are responsible for eroding his approval rating to a record low of under 41%. and many political science experts are of the opinion this very well could be his last term.
Dodd has also announced that he is ill with prostate cancer, and as such earned the kind supportive words of many local leaders including Gubernatorial candidate Jim Amann and all who wish him well. Some are concerned that Dodd may have an epiphany and realize his re-election is futile. He may ultimately decide to retire on his own terms. However honorable this may be, (especially in lieu of the acrimonious nature of the general public and their sentiments toward is work in the last few years) it is not likely to happen.
Well all that is left to say is that Dodd's ego is even bigger than his Prostate. Read the story below...
SEE STORY AT THIS LINK
Dodd Will Be Running Leaner And Meaner "Without A Prostate."