Dodd but true...

by Keli Wed Mar 25, 2009 3:09 am

RealClearPolitics
March 23, 2009
Dodd's Wife a Former Director of Bermuda-Based IPC Holdings, an AIG Controlled Company
By Kevin Rennie

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.

IF a Republican had done this, there would be hell to pay.

by SamCogar Wed Mar 25, 2009 8:56 am

From 2001-2004, Jackie Clegg Dodd served as an "outside" director of IPC Holdings, Ltd.,

And as an "outside" director of IPC Holdings, Ltd., ..... just how many shares of stock did Jackie Clegg Dodd own and/or have an Option to Purchase ....... and when did she sell them and what was her "profit"?

Directors of Corporations are always either given Stock when they are hired or given an Option to Purchase said at a "specified price". Even newly hired managers and key personnel are afforded the same.

Options are good ........ because they don't have to purchase the Stock ........ but if it does increase significantly in Market Value they can then "exercise their Option" and buy it at the "set price" ........ and immediately sell it for the "market price".

When Directors of Corporations want to sell Stock the SEC has to be notified and in some cases have to give their permission for them to do so. And their intent to sale said and/or their sale of said is published in the media newspapers.

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Dodd but true...

Dodd but true...

Re: Dodd but true...