March 8, 2009

CHRIS DODD UPDATE: A Pardon For A Friend, A Good Deal For Dodd.

It takes considerable political skill for a U.S. senator to win a presidential pardon for a friend without the traditional review by the Justice Department. Sen. Christopher Dodd moved the furtive levers of power in 2001 for Edward R. Downe, convicted of tax and securities fraud eight years before. A man will do a lot for a former real estate partner. . . . A presidential pardon is a rare possession, especially when the man pardoned, Downe, still owed millions to the Securities and Exchange Commission for his violations.

Rarer still, however, is the real estate developer, like Kessinger, who appears to have left hundreds of thousands of dollars in appreciated value on the table for his minority-share partner. Dodd appears to have latched onto one — and, on paper, has turned a profit like the Wall Street pirates he once loved but now disdains.

Read the whole thing.

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