Chris Dodd had an Op Ed in “Dodd: Setting the record straight” in this morning’s News Times… Unfortunately, the piece doesn’t seem to be on their web site so I can’t link to it… Regardless the timing couldn’t have been worse since Sen. Dodd is likely to face new questions about his wife’s involvement with IPC Holdings, Ltd., a Bermuda-based company controlled by AIG:
No wonder Senator Christopher Dodd (D-Conn) went wobbly last week when asked about his February amendment ratifying hundreds of millions of dollars in bonuses to executives at insurance giant AIG. Dodd has been one of the company’s favorite recipients of campaign contributions. But it turns out that Senator Dodd’s wife has also benefited from past connections to AIG as well.
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.)
To quote Ricky Ricardo “Somebody’s got some splainin’ to do.”
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