Chris Dodd’s got a problem or two … or three.

Former Connecticut Rep. Rob Simmons (R) and CNBC political and financial guru Larry Kudlow are drawing more and more attention as possible replacements for Sen. Dodd (D-Conn.). With the new confession from Dodd that he did, indeed, insert a provision in the stimulus bill that essentially enabled AIG execs to squirrel away huge bonuses from taxpayers — this on top of his problem of receiving special VIP treatment on a Countrywide mortgage — the former presidential candidate may well be put out to pasture by Connecticut voters in 2010.

The worst aspect of the executive bonus scandal is Dodd's initial denial of any role in the bill’s language that would exempt executives at companies receiving money from the caps in the legislation for bonuses. The backtracking, parsing and flimsy excuses are difficult to watch, even if one is not a fan of Sen. Dodd or his politics.

The entertaining aspect, however, is watching a desperate Dodd attempt to throw the Obama administration under the bus on the AIG executive bonus issue by claiming that it requested the protectionist language from Dodd in the bill. True or not, (probably is) and even with the obvious incompetence of the new administration, one thing Obama is very, very good at is throwing others under the bus (the Rev. Wright, Tom Daschle, soon — very soon — Tim Geithner). In fact, it seems to be the only thing Barack Obama does well, aside from reading from a teleprompter.

The Democratic Senatorial Campaign Committee is expending resources and time trying to protect Chris Dodd from Republican challengers in Connecticut. But the biggest threat to Dodd is President Obama. What can the party apparatus do about that?

Dodd had better — literally — watch his back.