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Christopher Dodd’s Ties to AIG Run Deeper than Contributions

March 23, 2009

I suppose it’s too much to ask that politicians who help craft legislation practice full disclosure.  But Chris Dodd, who has received more campaign contributions from AIG than any other congressman and who inserted into the bailout legislation the clause that allowed AIG execs to be paid substantial bonuses from taxpayer monies, also never reported the connection between his wife and the infamous insurer.    Dodd’s Wife a Former Director of Bermuda-Based IPC Holdings, an AIG Controlled Company.

From 2001-2004, Jackie Clegg Dodd served as an “outside” director of IPC Holdings, Ltd., a Bermuda-based company controlled by AIG. IPC, which provides property casualty catastrophe insurance coverage, was formed in 1993 and currently has a market cap of $1.4 billion and trades on the NASDAQ under the ticker symbol IPCR. In 2001, in addition to a public offering of 15 million shares of stock that raised $380 million, IPC raised more than $109 million through a simultaneous private placement sale of 5.6 million shares of stock to AIG – giving AIG a 20% stake in IPC. (AIG sold its 13.397 million shares in IPC in August, 2006.)

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