Call for President to return AIG money

Congressman Steve King of Iowa has called on President Barack Obama to return money to failed insurance giant and corporate bailout recipient AIG. Senator Obama took more than $100,000 from AIG during 2008, just a little more than Sen. Chris Dodd, the number one all-time recipient of the company’s campaign cash.

Question: Why have we not heard more about this? I knew Dodd and company had taken a lot of contributions from sources like Fannie and Freddie, but I don’t think I had heard this until now. With all the consternation over the AIG bonuses, why so little about the same company doling out campaign checks to politicians? The same ones who then went on to orchestrate the company’s taxpayer-funded bailout?

To ask the question is to answer it. It looks bad for Obama and his pals. King is doing the right thing, and perhaps more Republicans should be pointing this out. Who knows, maybe a lot of them were taking AIG money at the same time. But none took more than Obama last year and none more than Dodd, ever. And even if they did, they might have voted against the bailout. Anyway – this deserves attention. Here’s the press release from King’s office:

(I apologize for the formatting errors, the release didn’t paste well into my WordPress editor).

King Calls on Obama, Dodd to Return AIG Donations

WASHINGTON, D.C. — Congressman Steve King made the following statement today calling for President Barack Obama and Senator Chris Dodd to return campaign contributions received from AIG. Obama and Dodd rank #1 and #2 on the list of 2008 AIG campaign donation recipients, and Senator Dodd is the all-time leader in AIG contributions with $281,038.

“Barber Conable said that ‘Hell hath no fury like a vested interest masquerading as a moral authority.’ This week on Capitol Hill we have seen what happens when you throw billions and trillions of dollars out there and let the government get involved in running private companies.

“The American people are outraged that either President Obama or Senator Dodd removed a provision from the stimulus bill that would have kept AIG employees from receiving huge bonuses. It is still unclear whether the Dodd Amendment originated from the White House or Senator Dodd.

“To make up for their mistakes, yesterday Senator Dodd, President Obama and liberals in Congress passed a political bailout for themselves – unconstitutional legislation will regulate and tax the pay of thousands of private citizens. Instead of political bailouts, President Obama and Senator Dodd should put their money where their rhetoric is. Obama and Dodd should immediately return all campaign contributions they have received from AIG.”


Obama received $104,332 from AIG during the 2008 election cycle, and Dodd received $103,900.

2008 AIG Campaign Donations:

All-Time AIG Donations:

Congressman King has previously voted against the bailout, stimulus and omnibus spending bills passed by Congress.




Filed under General & Miscellaneous

4 responses to “Call for President to return AIG money

  1. Pingback: Call for President to return AIG money: Principally Political | The Kansas Progress

  2. Brian Johnson

    Thanks, Cherie, for the thoughts!

    Regarding point #1, I definitely believe it serves the purpose of the government-takeover activists to strip these private executives of credibility – and thus clout.

    Hmmm…yes, I admire Magill (don’t know him personally, but from what I’ve read), but the approach does seem a little out of sync with what popular culture would expect.

  3. Brian,

    Good points. I agree that it is fishy, the entire Bailout, the entire 1 Trillion TALF….the fact that even Claire McCaskill had the sense enough to cast a ‘nye’ vote when she was touted as Obama’s greatest campaign asset. Fascinating. Marx-esque 🙂
    It’s entirely unconstitutional for anyone to impose a 90 percent tax, especially after that was gifted. I think the MAX in most states is 14%, might be a little more, but certainly no more than a federal 34%.
    I’m sure that the escapade serves several purposes:
    1. To embarrass and indignify the entities at the top of AIG, much like what was done to Citibank’s Vikram Pandit and Bank of America’s Ken Lewis. It’s a measure to strip them of their pride so the financial institutions can be weakened with regard to consumer confidence so we can (God Bless America) succumb to social globalism and pilfering of rightfully taxed and owned assets.
    2. To decry a ‘poor me’ attitude for the FDIC, purporting a tax-payer funded scandal, a limit of capitalism and private equity while the government encroaches yet further on the basic Rights of Americans.
    3. Because Obama says so, he keeps feeding lines of confidence, and because we as Americans need to realize the power the voter populus has, maintain it and find our way back to assertiveness…and take back what is truly ours, the foundations of Federalism and logical thought.

    It’s frustrating, that’s what I have to say….and I’m all in favor of fighting back!

    Thanks for your contributions. I wish I had begun reading this sooner. It might have given my blog more direction. By the way, I found this amusing, but gotta love the guy:

    Good material. Keep it up!

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