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.

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.

Kevin Rennie, a former Republican state senator, is a columnist for the
Hartford Courant. He can be reached at .

--------------------------------------------------------------------------------
Facebook | Email | Print | Comments

--------------------------------------------------------------------------------

Related Topics: aig | dodd | jackie clegg |
Sponsored Links

Login | Register | RSS
Kevin Rennie
Author Archive Latest From this Author
Dodd's Wife a Former Director of Bermuda-Based IPC Holdings, an AIG
Controlled Company

"Dave" wrote in message
...
I sure hope they can plant a garden better than they can manage the
government.
I for one can not understand why the Dems and others are constantly
bashing Bush. He was doing fairly well untill 2006 when the Dems took over
congress and then everything started going to hell in a hand basket.
The A Holes who caused all the problems where Barney Fag, Chris the crook
Dodd, Chuckie the forehead Schummer, Maxine Waters, and that fat guy from
Harlem. ALL DEMOCRATS!!! They're the ones who wanted to give home loans to
people who couldn't afford to make payments. Don't forget Fannie and
Freddie are the root causes of the problems along with greedy Wall Street
brokers who tried to take over the mortgages to make a fast buck and then
fell on their faces.
You folks who live in New York, Conneticut, Massachutes, and California
desevr this bunch because you keep voting them back in. WHEN ARE YOU ALL
GOING TO WISE UP??????
The Dems are masters at coverup saying it wasn't our fault it was Bush's
fault. In addition to all the above we should all be worried how the Dems
are going to handle our countries security. If we ever get hit again I
fear how they will handle it.
My 2 cents worth.


__________ Information from ESET Smart Security, version of virus
signature database 3962 (20090325) __________

The message was checked by ESET Smart Security.

http://www.eset.com





__________ Information from ESET Smart Security, version of virus signature database 3962 (20090325) __________

The message was checked by ESET Smart Security.

http://www.eset.com