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Wednesday, March 25, 2009

Wife Of Chris Dodd, Jackie Clegg, Was
Outside Director For AIG Owned Company

Phony Baloney, Grandstanding LPOS Senator Chris Dudd

Whoa. More egg on the face of Connecticut Senator Chris Dodd Dudd! We all know any Republican Senator with the history of offenses and perception of wrongdoing that Dodd has chalked up would be booted from the Senate.

From Dudd's special favors and sweetheart CountryWide mortgage deal, his being the biggest recipient of campaign money from Freddie and Fannie, the biggest recipient of campaign cash from AIG and his disastrous attempt to put language into the recent stimupork bill that would have prevented bonuses from being paid out from companies receiving taxpayer money. In contrast, Al Capone was a legitimate businessman compared to Chris Dudd. Dudd would have been driven from office long ago if he didn't have that precious "D" following his name.

Jackie Clegg Dudd

Now we learn that his wife, Jackie Clegg Dodd, was the former director of a Bermuda-based company of AIG. RCP:

    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.


    Clegg was compensated for her duties to the company, which was managed by a subsidiary of AIG. In 2003, according to a proxy statement, Clegg received $12,000 per year and an additional $1,000 for each Directors' and committee meeting she attended. Clegg served on the Audit and Investment committees during her final year on the board.

    IPC paid millions each year to other AIG-related companies for administrative and other services. Clegg was a diligent director. In 2003, the proxy statement report, she attended more than 75% of board and committee meetings. This while she served as the managing partner of Clegg International Consultants, LLC, which she created in 2001, the year she joined the board of IPC. (See Dodd's public financial disclosure reports with the Senate from 2001-2004 here.)

    Dodd is likely more familiar with the complicated workings of AIG than he was letting on last week. This week may provide him with another opportunity to refresh his recollections.

I hate math, but I'm pretty sure if Mrs. Dudd attended 75% of board and committee meetings and she was paid $1,000 for each meeting she attended, she earned a nice, cool $75K for sitting in on those meetings which must run all of two, maybe even three arduous, painstaking hours. Whew! Time for a brew. That's was hard work, wasn't Mrs. Dudd?

Mrs. Dudd served on the Audit and Investment Committee her final year...hmmmmmmmm...hmmmmmmmm.

Since many of the AIG workers are returning their bonuses, maybe Mrs. Dudd will return her $75K?

The nepotism found in the Liberal/Progressive wing of the Democrat party should make us all recoil in horror.

The Culture of Corruption is alive and well within the Liberals and Progressives.

Oh, good Christ, how The Left would be screaming if the above story was about Cindy McCain or Hadassah (Mrs. Joe) Lieberman.

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Ummm ... Not sure how you get to 75K from 75%.
Not that I don't think these folks deserve ridicule, tar and/or feathers. But if the good Mrs. attended 75% of Quarterly Meetings for instance, that works out to a LOT less than $75K.

The verifiable facts are heinous enough. No need for hyperbole.
Hi Art. Thanks for visiting and commenting.

The story said she was paid $1,000 for each Directors' and committee meeting she attended.

If she attended 100% of the meetings - all of them - she would have received $100,000, right? So wouldn't she recieved $75k if she attended 75% of the meetings?

I hate mate, I only do it if I'm getting paid, so I may indeed be off. If I am, please show me where I err. Thanks.
Oh, Art - one more thing - I love the hyperbole. The Liberals use it all the time whether there is a factual basis for them using it or not. I'm just throwing the same back onto them.

This is not a personal quarrel or anything with what you wrote. I'm just explaining it.

I understand the math implications you note. There's nothing from the story to suggest that 75 meetings took place, thus, 75% may not translate into $75K. I'm with you on that. Then again, so far we don't know the number of meetings that that 75% represents.
Um, you might be right about Dodd, but your board comments make you out to be extremely naive about the rest.

First 12000 is very low money for a director. Even lower for a committee chair.

Second, most boards meet 6-7 times a year. So she gets $1000 PER MEETING, not $1000 per percent of meetngs atteneded. There's a wee difference.

Third, given these responsibilities, she has to be working for times other than the meetings. all in all, this is a very, very low rate. People like Trent Lott make 1000% more on boards. Financial services directors are paid far and away the best, by the way.

I think your lust to go after Dodd is clear and probably justified.

Either you have mangled your facts, or you have just made her out to be almost charitable. I think it would help to do your homework first.

First, let me cede you the mathematical points on the %'s of the meetings. You and Art explained that quite well.

Yes, $12,000 is low money for a director. I'm aware of that.

Without more specific details of what Clegg did in her job at IPC, neither of us know how difficult or casual her job was or if her responsibilities were any more or less than any other comparable executive.

There are plenty who sit on boards who are there for name and marquee value or "she's the wife of...(fill in the blank)."

Considering she also had time to, in 2001, start and run her own company - Clegg International Consultants - while she was outside director of IPC, we may reach an opinion that IPC wasn't did not consume all her time, not by a long shot.

We should also ask, did her own company profit from relationships she developed through IPC. Certainly there is the appearance of impropriety if this happened.

I don't know that I'd call it a "lust" in going after her. I'm just treating her the same way The Left would treat her if she were Cindy McCain or Mrs. Joe Lieberman - like I said.
It's not clear what point you are trying to make.

First, being a director is never a full time job. How did she have time to be on a board while starting her own company? How does Warren Buffett have time to sit on multiple boards while running his own company? Or was she supposed to be on a board for $19000 a year and do nothing else?

Second, the number of marquee trophy-spouses (I won't say wives because that's a no-no since the latter part of the 20th century) on for-profit board members is down drastically. There are huge problems with boards, but this is no longer one of them.

Finally, I take it that you use this blog to impale anyone from the Left, as if they alone got the nation, and indeed the world into this ditch. I could say that Republican Banking Committee chairman Phil Gramm who destroyed Glass-Stegall for fun and profit the day before Christmas on a roll call vote with no debate, and his trophy wife Wendy (head of Enron's audit committee and head of the CFTC that deregulated them--she made $2,000,000 off Enron's board, not $20000 a year) had a bit to do with it.

And of course, he ran McCain's economic team and would likely be Secretary of the Treasury if McCain had won.

Of course they were not alone. Your dogged rightwingedness is really off-target: this was not a Left or Right thing. It was both, but surely more the responsibility of the Right. After all, the Democrats are the party of unions, right?

Someone must clean both sides up. So who will do it? Unfortunately, it is the very people who are dirtiest.

So who does that leave? Ralph Nader? Michael Moore? I can guess what you think about them. Not that I ever voted for Nader, etc. but I hate to tell you: they had this whole thing right all along.

I think you have put yourself in a minefield.

Make up your mind. In your previous comment you made it sound like Clegg was working her ass off at ICP, now you downplay it by saying it's not a full time job. I know that. Do you?

Warren Buffet is the perfect example of a marquee name to have sitting on your board. Certainly he brings a wealth of knowledge and investment experience, I am not denying that at all. You'll have to ask him how he manages his time to sit on the boards he does.

RE; Marquee or trophy names on boards. It still exists. Retired athletes, some of whom have no formal business education and lack business savvy sit on boards. It's nice to have a marquee name on one's board. Didn't Michelle Obama get a boost in salary when she sat on some board after Barry was elected state senator, or maybe US Senator?

Yes, Phil Gramm had his part in Glass Stegall.

So did Chris Dodd, Chuck Schumer and other Libs who championed its repeal. The deadlock on Glass Stegall was broken by Chuck Schumer and Chris Dodd looking out for Wall Street and insurance companies who stood to gain tremendously under the bill.



See http://mrssatan.blogspot.com/2008/09/wall-street-mess-fault-of-democrats.html (all facts documented via links)

When Liberals start holding their own politicians as accountable and responsible they do others, I will be among the first to applaud.

As for "impaling" anyone from the Left, that is your opinon. Again, I'm treated Liberals and Progressives (not Traditional or Centrist Democrats) no differently than they treat others.

The current US economic crisis is rooted in what I wrote above RE Glass Stegall and Franklin Raines, Obama's buddy, who admitted cooking the books during his time at Fannie Mae. Fannie is the epicenter that caused rippples in the mortgage and housing crisis, and led to a domino effect with Wall Street, banks and financial institutions.

My "rightwingedness..." Heh. You obviously haven't spent any time to learn anythig about my political views except from a small portion of what you've read here. I have consistently held Republicans to the same standard as I do Liberals. And I hold Liberals to the same standard they hold everyone else but themselves.

I was against the Bush stimulus when he gave back $600 - $1200 in what was a failed attempt to jumpstart spending. I wrote about it. I was against the Bush-Pelosi-Reid bailout last fall. I wrote about it. I am against bailouts and stimulus under Obama.

I have written here about W. Bush & Republicans spending like Liberals for six years.

I am an Independent Conservative and a small-L Libertarian. If you has done a little research on this blog, you will have found where I have said that many times. But no, it's easier to jump to the conclusion I'm a Right Winger based on a small sampling. Do you this in other aspects of your life, make a broad and sweeping generalization based on a small sampling? That's pretty narrow-minded if you do.

There are things I like about Raplh Nader. I don't know that I want him in the White House. And good christ almighty I want Michael Moore as removed & as far as possible from legislating any laws that any of us have to live under.

There IS blame on both sides. The difference is I blame the Republicans when they deserve it and defend them when they don't.

Liberals, on the other hand, never accept responsibility for their actions and always blame others. Always.
When McCain let Gramm run the economics part of his campaign, was he holding him accountable?

And you're right. It was the fault of Democrats who held all that power from 2001 to June 2007.

Why is Raines the Ground Zero evil boogey man? What evidence have you that this was the epicenter?

They all tried to sell houses to poor people. Bush knew that it would further enrich the people at the top of the finance world. And if some poor people got houses, he really didn't mind.

How about the absence of enforcement by the SEC? How about the Bush people firing Armando Falcon at Fannie Mae? How about the 15% tax rate on hedge fund and private equity? How about the end of Glass-Steagall? How about the whole shadow banking system that mushroomed after the internet bubble? How about the 2005 bankruptcy bill amendments? How about decoupling fiscal policy from monetary policy during the entire bush jr. /GOP era? How about Greenspan and 1.5% fed funds rate for years and years? Did Raines also run the Fed? How about Angie Mozilo and the other mortgage peddlers? How about tax cuts that obliterated a surplus and recreated the deficits of the Reagan years? How about the utter absence of Congressional oversight over banking and government affairs from 2001 onward? How about eight straight years of falling real wages (despite productivity gains) leading to excess household debt that Frank Raines, alone in the universe, was all too willing to sell?

I could go on. I would love to live in your world. It's so simple! Where's the rabbit hole to enter? Everything bad is the fault of liberals! And Frank Raines. Always.

Because only liberals make sweeping generalizations. And don't hold their own accountable.

You are getting more and more confused.

Signing off. It's been fun!
Oh yeah, you're just a typical raving barking Moonbat, aren't you? Admit it, at the very least I would respect your honesty. Honesty from a Liberal - what am I saying?!?

Nice attempt at deflection from the issue of Glass Stegall but I won't let you get away with it.

The final version that passed into law and was signed by Bill Clinton - was he a Republican, Anon? - passed the Senate with a vote of 90-8 and the House 362-57. That tells me plenty of Democrats were on board with it as well, so you unjustified rage against Gramm as the evil influence holds ZERO WATER.

OH, AND NO COMMENT FROM YOU ON YOUR BELOVED JOE BIDEN, CHRIS DODD AND SHCUMER ALL VOTING FOR THE REPEAL OF GLASS STEGALL, EH? YOU SILENCE/HYPOCRISY/DENIAL IS DEFEANING. Don't hold your own party accountable, shit, you might breakdown and realize they're stabbing you in the back while smiling at your face. Idiot!

Oh, christ, don't hold your own precious Marxists accountable; that's the Liberal Way.

You are extremely naive or intentionally ignorant about Raines, Fannie and Freddie and how it was the epicenter of the financial crisis:


The Associated Press
April 18, 2008

WASHINGTON — Former Fannie Mae chief Franklin Raines and two other top executives have agreed to a $31.4 million settlement with the government announced today over their roles in a 2004 accounting scandal.

Raines, former Fannie chief financial officer Timothy Howard and former controller Leanne Spencer were accused in a civil lawsuit in December 2006 with manipulating earnings over a six-year period at the company, the largest U.S. financer and guarantor of home mortgages.

Raines, a Seattle native and prominent Washington figure who was President Clinton's budget director, is relinquishing company stock options, proceeds from stock sales and other benefits. His part of the settlement is worth $24.7 million.


Fannie Mae paid a record $400 million civil fine in a settlement with OFHEO and the Securities and Exchange Commission.

You must have been too wrapped up in Bush Derangment Syndrome a year ago and missed the many headlines splashed across the news media reporting the scandal and fines.

They all tried to sell houses to poor people. Bush knew that it would further enrich the people at the top of the finance world. And if some poor people got houses, he really didn't mind.

You ARE clueless, aren't you? Again your either deliberately ignorant or in denial about the truth and facts. No factual sites or reports will change what you want to "believe."

It's clear you and your Liberal Cultists are the only ones who know where the Rabbit Hole is located. It's all your simple mind will allow.

You've made your mind up that your beliefs trump facts. You're hopeless. Another of many lost idiots, zombies, who blindly follow their leaders without questioning them, and never giving the opposition a chance. And you Libs claim to be the tolerant, big-tent party? What a bunch of bullshit.

Keep making those broad and sweeping generalizations based on what amounts to your small knowledge on issues you proclaim to know so much about.
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