Chris Dodd's wife and derivatives trading - "all in the family"

[Donnachaidh]

http://www.opednews.com/articles/Chris-Dodd-s-wife-and-deri-by-Michael-Collins-100320-418.html

It's all in the family! Senator Chris Dodd writes a financial reform bill but forgets to regulate derivatives, "financial weapons of mass destruction." Then we find out that his wife works for the owners of two exchanges that will very likely benefit from Dodd's "reform" legislation.

They make the rules. They take the money, all of it, and leave us with debt. And they tell us it's all legal.

Here's the story.

March 19, Los Angeles Times by Nathaniel Popper

In the middle of a blog item about credit default swaps, Felix Salmon of Reuters drops the following nugget about Sen. Chris Dodd and the CME Group, which owns the Chicago Mercantile Exchange and the New York Mercantile Exchange.

"Dodd's wife, Jackie Clegg, is a director of the CME, which paid her $153,219 in 2009; she also owns shares in the company worth about $235,000. (The CME makes no mention of her husband on its website or in its SEC filings, despite the fact that he's surely a big part of the reason why she has the position.)"

Why is this notable? (Full story)

Why? Because the Senator, who is supposed to represent the people, left out a big piece of necessary financial reform. He forgot the tight regulation or out right banning of derivatives - a form of gambling illegal in the stock market for nearly 100 years before Congress brought it back to life.

Look what Warren Buffet says about derivatives in the press in 2003 and his 2002 annual report.



MORE at the above link --

[aquart]

1. Yeah. I don't buy Dodd as "one of the good guys"

no matter how good a friend he was to Teddy.

[Donnachaidh]

2. he's not. But you cannot expect the Party to call him out on his crookedness

After all he's the one writing a reform bill which will probably amount to nothing more than a slap, tickle and a kiss to wall street and the banksters. Anything harsher than that and he won't get the lobbying job he expects.

[Liberal_in_LA]

3. Are the Dems going to lose Dodd's seat?

[Donnachaidh]

4. who knows

Considering how pro-bankster Dodd was, I don't see where there would be a sliver of difference. The man should have been booted from his seat months ago, by the Dems. Instead, they reward him with the gig to *reform* his BFF's.

sickening.

[RB TexLa]

5. he's surely a big part of the reason why she has the position?????

Or he's no part of the reason she has her job.