Sen. Christopher Dodd As a bachelor in 1992, Dodd reported less than $30,000 in assets in two bank accounts. And he earned $400 for a cameo appearance in the movie, Dave. Dodd donated his fee to charity.
Now married, Dodd has a cottage in Ireland worth between $100,000 and $250,000, and a Senate credit union account worth between $15,000 and $50,000. Dodd owes between $115,000 and $300,000 on mortgages on the Irish cottage.
His wife, Jackie Clegg , operates her own consulting firm and serves as a director of a Bermuda-based reinsurance company, IPC Holdings , Ltd.
Clegg owns property in Utah and a condominium in Washington, D.C., that together are valued between $30,000 and $100,000. She also has a Senate credit union account worth between $50,000 and $100,000.
Shes got her own career here, said Ryan McGinn, a spokeswoman for Dodd.
A Utah native, Clegg came to the nations capital fresh out of college to work for former Sen. Jacob Garn, R-Utah, and then as a staff member for the Senate Committee on Banking. After a decade working on Capitol Hill, Clegg was appointed to the Export-Import Bank in 1993.
President Clinton appointed her first vice president and vice chairman of the Export-Import Bank in 1997, where she served until his term expired. Clegg opened her own consulting firm after leaving the bank. She was also asked to become a director of IPC Holdings .
Dodd, a member of the Senate Committee on Banking, spearheaded legislation that offers insurance companies some protection from massive losses due to terrorist attacks. McGinn said Dodds work on that legislation was largely at the behest of Hartford-based insurance companies and had absolutely no connection with Clegg .
(UPDATE 2009)
No wonder Senator Christopher Dodd (D-Conn) went wobbly 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 companys favorite recipients of campaign contributions. But it turns out that Senator Dodds 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.
