Democrook Watch: Dodd's Wife Is a Former Director of Bermuda-Based AIG Controlled Company


Chris and Jackie Dodd shared a fondness for AIG.

Not only was Senator Christopher Dodd (D-Conn) one of AIG’s favorite recipients of campaign donations but his wife Jackie was a director of an AIG Bermuda-based company.
Real Clear Politics reported, via LGF:

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.)

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.

These self-inflicted wounds are starting to take a toll on Dodd.
The one-time Democratic Party National Chairman has been in re-election trouble for some months now.

Meanwhile… The Wall Street Journal reported today that senior Gaither aides worked with AIG for months on bonuses.

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