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Getbig Main Boards => Politics and Political Issues Board => Topic started by: James on March 23, 2009, 10:39:13 AM
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Dodd's Wife a Former Director of Bermuda-Based IPC Holdings, an AIG Controlled Company
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 recipient 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 "independent" 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.
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 $1,000 per month 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.
http://www.freerepublic.com/%5Ehttp://www.realclearpolitics.com/articles/2009/03/dodds_wife_a_former_director_o.html