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GLENN: So here's Richard Blumenthal last night on the program. I started with AIG gave Chris Dodd all kinds of money. AIG executives said, hey, we've got to give him, because he's probably going to be the head of the banking committee and he's very powerful, so give, give, give. And they all gave. And I wondered if Richard Blumenthal was going to go after another resident in his state that took money from out of state. You know, not just the AIG executives but Christopher Dodd. And here's what happened.
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GLENN: Are you going to demand that Chris Dodd returns this money?
BLUMENTHAL: Well, Chris Dodd is returning the money on his own. I think he probably regrets having taken it.
GLENN: Right. If he didn't, would you demand it? If he didn't, I mean
BLUMENTHAL: I would ask him to do it. I think it's appropriate that he do it.
BLUMENTHAL: The other question is why did congress approve all of these bonuses, which the entire congress did, not just one senator.
BLUMENTHAL: And why did the Federal Reserve
GLENN: Are you asking for
BLUMENTHAL: Why isn't it taking action.
GLENN: Are you going after Chris Dodd for writing that in?
BLUMENTHAL: I have asked that the Federal Reserve block these bonuses which I think
GLENN: Stop for a second.
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GLENN: You must see this. Can we post this or put this in the newsletter today? You have to see this video because this is where he starts to look like a deer in the headlights. Did you see it last night, Stu?
STU: Yes, I did.
GLENN: Okay. When I asked him, did you ask, he knew, uh oh, uh oh, and he paused. So when you're hearing the pauses, just put the big lights, you know, the big headlight eyes in there like... every time you hear a pause, just have that face in your mind like, "Oh, crap." So go ahead. I asked him about Chris Dodd and if he was going to go after. Go ahead.
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GLENN: I'm asking you about congress. I'm asking you about Chris Dodd because he lives in the great state of Connecticut. Are you going after him?
BLUMENTHAL: We don't have the power to investigate, nor does any attorney general, a federal official.
GLENN: Well, nobody's he's a resident in your state.
BLUMENTHAL: That's an issue for the congress.
GLENN: Wait a minute. He is a resident in your state.
BLUMENTHAL: He is a resident in the state but he is a federal official.
BLUMENTHAL: And no attorney general has the jurisdiction.
GLENN: Because it's in Washington, you can do anything about it. Kind of like if there's an AIG contract in New York, you really don't have any place?
BLUMENTHAL: Well, the AIG bonuses were paid in Connecticut and that's why we have demanded that they be repaid.
GLENN: Stop for a second. Stop for a second.
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GLENN: Now, listen to what he's saying. What he's saying is, I can't go after Christopher Dodd and ask him, even though he took money from AIG. It didn't go to Washington. It went to Chris Dodd's headquarters in Connecticut. So the money crossed state lines and came into Connecticut. He can't, he can't go after him because he doesn't have jurisdiction. He can't do anything on a federal, on a federal case against a federal, you know, representative, okay? He can't do it. He doesn't have jurisdiction. He would like to, but he can't.
Okay. When I say about the AIG, just like the AIG, "Well, no, that was paid in Connecticut." No. The checks were issued in New York. The contract is New York, but the money came across state lines, kind of like the AIG money. In fact, it's coming from the same source. Isn't that weird? It's coming from the same source and coming across state lines, but you don't have jurisdiction there but you somehow or another do? What is the law that applies here to one and not the other?
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GLENN: Now, the one thing I was going through the interviews with you and nobody's asked this question and I'm just dying to know and I know you'll have the answer. What law did the AIG executives break when they took those bonuses that were mandated by a legal contract?
BLUMENTHAL: The AIG executives did not themselves break a contract.
GLENN: So then why were you going after them?
BLUMENTHAL: Well, we're not going after them.
GLENN: You were.
BLUMENTHAL: Going after the bonuses.
GLENN: It's their bonuses.
BLUMENTHAL: We were going after the
GLENN: No, their bonuses.
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GLENN: What he's trying to do now is, we weren't going after people, we were going after the money, we were going after the bonuses. Oh, I'm sorry, did you yell at the check? "Don't cash yourself!" Is that what you were doing? You weren't yelling at the checks.
GLENN: Who had the bonus? The people did. No, we weren't going after the people; we were going after the bonuses. "You're obscene, you little dirty $165,000 check! You should be ashamed of yourself!" By the way, you who are holding the check, I love you. You're spot on. "You're a dirt bag, you little piece of paper! Look! Look at the way you're dressed, you little check!" Yeah, yeah, that's exactly what he was doing.
GLENN: So he's not going after the people. He's going after the bonuses.
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GLENN: They are their bonuses. They earned that money. What right, what law did they break that gave you the ability in Connecticut to go after those bonuses?
BLUMENTHAL: Well, let's take it one step at a time. The money they received came from us, the taxpayers.
GLENN: Oh, I know how this works. I'm asking you, sir. You're the attorney general. I'm asking you for the law that they broke that gave you the ability. Are you not the defender of the law in Connecticut?
BLUMENTHAL: The law that they broke
BLUMENTHAL: is the law that requires that they serve the public interests, that bonuses that they
GLENN: What law is that? Wait, wait, what law is that, sir? You're the chief law enforcement officer. What law say that again? I don't recognize that law. It sounds like a good policy. It sounds like a good rule of thumb but I'm not sure I recognize that law. Could you give that to me again?
BLUMENTHAL: Well, you know, again these funds belong to us, the taxpayer.
GLENN: No, no, sir, look, you know what you've done? You know what you've done? You have you are an insult to George Washington, sir. George Washington made it very clear that we are a respecter of laws, not of men. For your own political gain you have decided to go after these people at AIG because it is a popular thing. And while I may agree with you that it is obscene, I would like to know, sir, not what's right as a rule of thumb, not what makes us feel good. You, sir, are to protect people and to stand for the law in Connecticut. So again I ask you, sir, what law gave you the right to go after them, what law did they break?
BLUMENTHAL: Well, I think you're wrong in the basic premise. We're not going after any individual. We're asking the United States
GLENN: You as the attorney general
BLUMENTHAL: Let me finish. You have to let me finish if you want to know what law I'm talking about. We're asking the United States of America, our federal government to ask that this money be returned or pursue it because they were undeserving of it. Now, I'm not enforcing the law
GLENN: They are undeserving of it?
BLUMENTHAL: against them. They are not deserving this money.
GLENN: What right do you have to say the people that worked for $1 a year
GLENN: Stop, stop, stop, stop.
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GLENN: How dare you. This just makes my blood boil. How dare you. There is a contract. There is a contract. Just as I have a contract with my mortgage company and I am required by law. And if I don't honor my contract with my mortgage company, these weasels will send the sheriff out to kick me and my family out of the house. "Well, they didn't deserve it. These banking people, they didn't deserve to have my mortgage. They aren't very good. Look how much trouble they're in." No, I have a contract and so I honor that contract because if we don't honor the contracts, then all of society breaks down. They didn't deserve it. I'm sorry. It's in the contract.
Most of these people were working and this didn't come out in the press. Most of these people were working for $1 a year. They stayed on because they were begged by the government, "Please help us. Please help us. We don't even understand how to unwind these things. Please help us." The dirtbags that caused it, most of them are gone. For some reason or another we're not seeing anybody grabbing them. Nobody in the media, nobody in congress. They're busy talking to the executives, Liddy, who was their pick! They are busy talking to him who's also working for a dollar so they can accuse the other people they begged to stay on who were also working for a dollar. And all they said was could we please just get our pay in bonuses?
Now, people don't understand bonuses on Wall Street. Neither do I. I get it; fine. But most people, because of what congress did in the 1990s with Bill Clinton and said these salaries are too high, what they did was make everybody stop making big salaries. So they make small salaries and then they get paid in bonuses at the end of the year. I've never lived in a place where when I bought my house, I live because of New York and Connecticut, it's all banking. It's all financial. It's all of this stuff. And when I went to get my loan for my house, they said, how would you like your payments. And I said, as small as possible. And they said, no, how would you like them structured; when do you want to pay them. And I said, oh, I don't know, honey. On the 16th? When do you think? And I said, what are our options here? Because he looked at me like I was a foreign life form. And he said, well, a lot of people pay it once a year. I said, what? He said, yeah, a lot of people, because their pay structure, they make a very small salary during the week or during the year and then they make all of their money at the end of the year and so they get one lump sum payment at the end of the year. I said, you've got to be kidding me. He said, no. It's a different world.
So you may look at $160,000 and say that's an outrage. Well, $160,000 if you're making a dollar the rest of the year doesn't even qualify for being rich under Barack Obama! You're not even in the millionaire tax which starts at 300 grand, which isn't a millionaire. Just like to point that out! Drives me crazy the duplicity of these people.