LAVA Hot! Dodd’s Wife “Former Director of Bermuda-Based IPC Holdings, an AIG Controlled Company”
By SusanUnPC on March 23, 2009 at 5:10 PM in AIG, Christopher Dodd
h/t Truthteller for spotting this muy caliente story about Senator Christopher Dodd (D-Conn.) — now forever infamous for his Day One: “I didn’t touch the Wyden/Snowe amendment”; Day Two: “I altered the amendment in the bill, but I’m not being inconsistent in my truthiness” — and his Mormon wife, Jackie Clegg Dodd, also an aide for 10 years to former Sen. Jake Garn, R-Utah.
From “Dodd’s Wife a Former Director of Bermuda-Based IPC Holdings, an AIG Controlled Company,” Real Clear Politics, March 23, 2009, by Kevin Rennie:
Jackie Clegg Dodd introduces her husband Presidential candidate US Senator Chris Dodd to the Democratic Convention at Skyline High School. Photo by Scott G. Winterton / Deseret Morning News July 14, 2007.
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.
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. … Read all.
Ahem. No doubt he is.
P.S. If, the first time I mention her name, you click on the link, you’ll be treated to an interesting story about Dodd’s long courtship of Jackie, as well as the story of her Utah Valley family’s solid Mormon and Republican roots from the Deseret Morning News newspaper in Utah.
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