Senator Dodd Plays the Pot to GM’s Kettle
So while Dodd is busy preaching about how GM needs an “out with the old, in with the new” restructuring policy, he conveniently ignores his own questionable role in the problems that are plaguing the American economy today. He was one of a handful of government officials who received special sweetheart deals from Countrywide Financial, as a part of its “V.I.P. program” in 2003 and 2004. While Dodd was saving big bucks for being a Friend of Angelo — Angelo Mozilo, the CEO of Countrywide — he was regulating the industry that provided him those savings. And for more icing on this stale cake, note that since becoming the chairman of the banking panel, Dodd has received $20,000 from the Bank of America PAC, and Bank of America employees donated at least $50,400 to his campaign. What’s the connection? Bank of America bought Countrywide in January of this year.
Dodd was also the “biggest winner” as far as campaign donations from Freddie Mac and Fannie Mae PACs from 1989-2008 — to the tune of $133,900.
When the mortgage mess hit the fan, Dodd promised to release documentation to prove that nothing untoward went on and that he knew nothing about the preferential treatment he received from Countrywide. Six months later, we’re still waiting.
There’s no proof of wrongdoing on Dodd’s part. Yet as an elected representative, he should strive to avoid even the appearance of conflict of interest. When a liberal paper like the New York Times takes issue with your dillydallying, perhaps it’s time to come clean. If there’s nothing to hide, what’s stopping him from disclosing the documentation that will prove it?
Is Dodd’s suggestion that GM’s head honcho resign during the restructuring a good one? I wouldn’t presume to say yes or no, as I’m not any kind of business expert. Yet I find it ironic that a man who played a role in the subprime mortgage mess that spiked the current economic downturn is now making such pronouncements from on high. Is there something in the water in Washington that neutralizes any sense of embarrassment or shame from our political leaders?
Dodd is up for reelection in 2010. I heard or read somewhere that he wasn’t planning on running again. I don’t know how true that rumor is, but just as when I hear professional athletes announce that they plan on retiring, I am maintaining a healthy dose of skepticism. My money is also on him continuing to hem and haw when it comes to releasing those documents, and to continue to get a pass from his colleagues and much of the legacy media.
It’s the Washington way, doncha know.
Great!
Did Chris Dodd quit?
About frigging time!
Oh….
should have read the whole post before commenting.
/
Producing mortgage documents by these fellows is going to be difficut. Frank
Raines, former CEO of Fannie, stated yesterday during a hearing “I no longer
own the property and do not know if I still have the documents but I’ll look for them.” I think I’ll invest some money in companies that make paper shredders.
I am old enough to remember Christopher Dodd’s father, Senator Thomas Dodd. He was Censured by the Senate on June 23, 1967 for financial improprieties, having diverted some $116,000 in campaign and testimonial funds to his own use. This was probably the tip of the iceberg being all that was totally obvious at the time. The apple did not fall far from the tree.
Christopher Dodd amazes.
This chairman of the Senate Banking Committee didn’t know (uh huh) he was himself getting a sweetheart home loan from his buddy at Countrywide.
You’d think with Fannie, Freddie, Barney Frank, Dodd and the crowd (not to mention Charlie Rangel (aka The Wrangler), these people would bow their heads in shame.
But no, they go on to preach.
Unteachable, they are.
Just watching Frank remark on business ethics makes my stomach roil.
Yeah, good old Chris Dodd. Says something about the majority of Connecticut voters when they keep sending him back time after time. Maybe he truly represents their values. Oh, I forgot! He’s a Democrat. That excuses everything. At least the voters in Louisiana and Alaska had the good sense to get rid of their crooks this time. Bye, Bye William Jefferson and Ted Stevens.
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By the way, I hope all you rich liberals out there are going to pay a bunch of taxes because Joe Biden said it’s your patriotic duty to do so and I am waiting for my share of the free stuff Obama promised me.