I supported Dodd in the primaries, but this stinks

[2rth2pwr]

Countrywide's Many 'Friends'
by Daniel Golden Jun 12 2008
Senators Dodd and Conrad are among the government officials who scored V.I.P. loans from C.E.O. Angelo Mozilo. An exclusive Portfolio investigation.

http://www.portfolio.com/news-markets/top-5/2008/06/12/Countrywide-Loan-Scandal

Two U.S. senators, two former Cabinet members, and a former ambassador to the United Nations received loans from Countrywide Financial through a little-known program that waived points, lender fees, and company borrowing rules for prominent people.

Senators Christopher Dodd, Democrat from Connecticut and chairman of the Banking Committee, and Kent Conrad, Democrat from North Dakota, chairman of the Budget Committee and a member of the Finance Committee, refinanced properties through Countrywide’s “V.I.P.” program in 2003 and 2004, according to company documents and emails and a former employee familiar with the loans.

Other participants in the V.I.P. program included former Secretary of Housing and Urban Development Alphonso Jackson, former Secretary of Health and Human Services Donna Shalala, and former U.N. ambassador and assistant Secretary of State Richard Holbrooke. Jackson was deputy H.U.D. secretary in the Bush administration when he received the loans in 2003. Shalala, who received two loans in 2002, had by then left the Clinton administration for her current position as president of the University of Miami. She is scheduled to receive a Presidential Medal of Freedom on June 19.

Holbrooke, whose stint as U.N. ambassador ended in 2001, was also working in the private sector when he and his family received V.I.P. loans. He was an adviser to Hillary Clinton’s presidential campaign.

James Johnson, who had been advising presidential candidate Barack Obama on the selection of a running mate, resigned from the Obama campaign Wednesday after the Wall Street Journal reported that he received Countrywide loans at below-market rates.

[CC]

1. Don't most rich or powerful people

get fees waved and lower interest rates on mortgages from most financial institutions? The story given is they carry less risk therefore it is justified to give them lower interest rates even though we all know it is bs.

[nadinbrzezinski]

2. Outraged response, how dare them

cynic... and this is news exactly how? This is the way the world works

Yes... I tend to go to the latter, since Power Corrupts and absolute power... corrupts absolutely

[2rth2pwr]

5. Countrywide was in the lead in the predatory lending scam and Dodd

heads the Banking committee.

[nadinbrzezinski]

7. Again the cynic in me

I pat your pack, you pat mine

Anybody who believes that people are better or worst because they are a member of a team, are in for a rude awakening

That said, he is still a valuable member of the senate... and a defender of the constitution

But this falls... into I pat your back and I pat yours.

[DJ13]

3. Why do the well off always get the most breaks in life?

While the rest of us who cant afford it always pay the most?

[2rth2pwr]

9. Good question.

[jobycom]

4. No different than programs most wealthy people can get.

Still, no one in power should accept benefits like that. They aren't exactly special favors, but they come close enough for appearance's sake.

This is mostly an attempt by the other side to start bringing down the Democratic House, as they did in 96. They kept raising ethics questions until people stopped trusting the Democrats. Looks like that may be part of their strategy this time, too--to make the Dems look corrupt and greedy. That would hurt Obama indirectly by weakening party appeal, and could make an issue of the Rezko house deal, which also involves the appearance of special favors concerning property. Obama needs a plan for this, as does Dean.

Dodd was my first pick, too, but I lost interest even before he had fallen out. Dodd has had ethics "concerns" before. He was accused of being too close to the Arthur Anderson firm, and Enron, but I don't remember all the details, or never knew them. Same kind of stuff, though, where he got benefits that raised questions and did work that seemed connected.

[CountAllVotes]

6. this is not good

how about we don't bother to re-elect these pigs?

They are corrupt!

:grr: :argh: :mad:

:kick:

[Blue Belle]

8. Watch the movie "Maxed Out"...

This shit happens all the time for prominent politicians and entertainers.

[gateley]

10. I still believe in Dodd's integrity. nt

[opusprime]

11. This is bribery!

Both of them should resign from their committee leadership posts immediately. Dodd is the head of the friggn Banking Committee, which is currently writing new laws to deal with this disaster.

I hope they are all investigated. I have a feeling there are a lot more sweetheart deals to CONgressmen out there.