Demand Congress Investigate Senator Chris Dodd

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The New York Times reports this morning that Senator Chris Dodd (D-CN) had suspicious dealings with Countrywide Financial, the mortgage lender Senator Dodd is attempting to bailout with taxpayer dollars.

According to Senator Dodd, he knew he was in a "V.I.P. program" at Countrywide Financial, but he denies that this meant he was getting special treatment from Countrywide Financial.

That's like being a member of the United States Senate and thinking you get treated just like everybody else.

Most damning, however, is that Senator Dodd is now trying to bailout Countrywide Financial with billions of taxpayer dollars.

Call your senator at 202-224-3121.

Tell your Senator there must be a full investigation to determine if Senator Dodd is operating in a quid pro quo relationship with Countrywide Financial.

Likewise, the Senate should not consider Senator Dodd's mortgage bailout proposal that benefits Countrywide Financial until we know if Senator Dodd is returning the favor of his very low interest mortgage rate.

Finally, tell your senator that Senator Dodd should step down from chairing the Banking Committee. If he is not smart enough to know being in Countrywide's "V.I.P. Program" gave him special treatment, he is not smart enough to preside over this important committee.


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Demand Congress Investigate Senator Chris Dodd 6 Comments (0 topical, 6 editorial, 0 hidden) Post a comment »

I have contacted both Warner and Webb on this subject.

...a long habit of not thinking a thing wrong, gives it a superficial appearance of being right...

---Thomas Paine---

I believe that these special favors would constitute a gift to the Senator. Aren't there very specific limits to the gifts that Senators can accept (less than $100, I think). So, even if there was no quid pro quo, there still appears to be a violation of the Senate ethic rules and Dodd needs to at least lose his chairmanship if not removed from the Senate entirely.

Back in May I wrote on my blog that it looked like there were forces at work in some areas of the investment banking community who are trying desperately to destroy the market value of your home in order to cover-up and justify questionable losses in hedge funds and other speculative strategies. (Full story at http://www.useconomycrisis.com )

The relatively small number of sub-prime delinquencies and foreclosures should not have collapsed the entire nationwide real estate market. There must have been some other reason, or reasons, and the two most probable areas were either the unregulated investment banking community dealing in mortgage backed securities, or the sub-prime lenders themselves with the smell of predatory and unethical lending practices surrounding them.
In looking at the investment banking community it became obvious that the origins of this current crisis were the collapse of two Bear Stearns hedge funds beginning in July 2007. But there have been massive hedge fund failures before and they didn’t lead to anything like this. Were these funds shorted before the July 2007 collapse? Did someone or some “investment bank” start a public campaign to create the appearance of a collapse in the alleged housing “bubble” with subprime defaults as the cause in order to justify the write down of these so-called investments? How come there has not been any indication of an upcoming investigation by the Federal Government? Not one word by any Federal official – now I think I know why.
Subsequently I realized that Treasury Secretary Henry Paulson’s public pronouncements were designed to help his pals on Wall Street and not the average American homeowner. Keep this in mind, before coming to Treasury, Paulson was Chairman and Chief Executive Officer of Goldman Sachs, a major Wall Street investment bank. In trying to determine if Wall Street investment banks and related hedge funds were responsible for the sudden collapse in real estate, the real question here then is do we have a conflicted Treasury Secretary? That may be the biggest question of all!

Or so I thought!

If the administration wasn’t going to look into Wall Street, than surely just as a matter of basic “politics” Congress should have looked at the lenders. And they did, and Senator Christopher Dodd’s Committee came up with a plan to bail out – NOT AMERICAN HOMEOWNERS – but Countrywide Financial, an alleged major predatory lender.

However, in now appears that “Senators Chris Dodd and Kent Conrad, among other high-profile individuals, received favorable rates on their home loans as friends of Countrywide Financial CEO Angelo Mozilo”, reports Conde Nast Portfolio.

However, the major liberal media has been almost completely silent on this corruption, breach of Senate Ethics rules and limits on accepting gifts. What else is new?

In retrospect, I think the colonists had it easy in dealing with the Intolerable Acts passed by Britain in 1774 compared to the media supported and endorsed political corruption in both the Administration and Congress now destroying the average American’s standard of living.

More on this at http://www.useconomycrisis.com

number of foreclosures is simple. There was a huge speculative bubble. Especially in places like California where real estate prices reached high into the stratosphere. You cannot sustain something like that indefinitely.

"Nothing works like freedom, Nothing succeeds like liberty"
Kyle

Hi Kyle8,
Couldn’t agree with you more about the unsustainable bubbles in some markets. But these markets, and others, had been in the normal process of correcting for a couple of years.

So what caused the entire national real estate market to collapse all of a sudden? And this question I’ve been asking for months: How do you make over $4 billion in commissions shorting the mortgage backed securities markets without destroying the underlying value of the assets involved?

Dig into this – you might be surprised by the duplicity between Wall Street, Congress, Administration and the lemmings in the media.

Countrywide is getting a 300 BILLION dollar bail out for a 1% drop on a mortgage.

Man you just can't get returns like that anywhere else.


"Those who expect to reap the blessings of freedom must, like men, undergo the fatigue of supporting it."
-Thomas Paine: The American Crisis, No. 4, 1777

 
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