The Wall Street Journal Reports in their article Dodd and Countrywide that Senator Dodd not only took a sweat heart deal from Countrywide. He knew he was receiving preferential treatment, and then he lied about that knowlege.
The Connecticut Senator has been out front denouncing the “companies that form the foundation of our financial markets,” for “their insatiable appetite for risk.” He has also decried “reckless, careless and sometimes unscrupulous actors in the mortgage lending industry” and he has proclaimed that “American taxpayers deserve to know how we arrived at this moment.” To that end, we propose he take the stand — under oath.
Former Countrywide Financial loan officer Robert Feinberg says Mr. Dodd knowingly saved thousands of dollars on his refinancing of two properties in 2003 as part of a special program the California mortgage company had for the influential. He also says he has internal company documents that prove Mr. Dodd knew he was getting preferential treatment as a friend of Angelo Mozilo, Countrywide’s then-CEO.
That a “Friends of Angelo” program existed is not in dispute. It was crucial to the boom that Countrywide enjoyed before its fortunes turned. While most of the company was aggressively lending to risky borrowers and off-loading those mortgages in bulk to Fannie Mae and Freddie Mac, Mr. Feinberg’s department was charged with making sure those who could influence Fannie and Freddie’s appetite for risk were sufficiently buttered up. As a Banking Committee bigshot, Mr. Dodd was perfectly placed to be buttered.
In response to the charge that he knew he was getting favors, Mr. Dodd at first issued a strong denial: “This suggestion is outrageous and contrary to my entire career in public service. When my wife and I refinanced our loans in 2003, we did not seek or expect any favorable treatment. Just like millions of other Americans, we shopped around and received competitive rates.” Less than a week later he acknowledged he was part of Countrywide’s VIP program but claimed he thought it was “more of a courtesy.”
Mr. Feinberg, who oversaw “Friends of Angelo” from 2000 to 2004, begs to differ. He told us that as the loan officer in charge he was supposed to make sure that the “VIP” clients knew at every step of the process that they were getting a special deal because they were “Friends of Angelo.”
With Chris Dodd and Barney Frank up to their eyeballs in this mortgage mess, and Harry Reid and Nancy Pelosi having temper tantrums and ramping up partisanship during the debate over a rescue deal; it is hard to see why the American people want Barack Obama, Nancy Pelosi, and Harry Reid running the US government. There’s not a moderate amongst them, and their own party has presided over one of the most ineffective Congresses in history. While Senator McCain warned of the problems with Fannie and Freddie in the Federal Housing Enterprise Regulatory Reform Act of 2005, congress did nothing. Conversely, Senator Obama and Senator Dodd took huge sums of money from Fannie and Freddie, more than any other two people in Congress.
Filed under: Economy, Obama | Tagged: chris dodd, countrywide obama, dodd countrywide, dodd frank, pelosi reid partisanship
I just don’t get it with these polls. I just don’t get it with the American people. They are blaming McCain for what the Democrats did. Reminds me of children when they are in trouble, it is never their fault. I am being driven to drink.
Throw them OUT. What a complete sham my former Democratic party has become! Barney and friends are a complete disgrace. Wake up America and smell the coffee before they foreclose on your pot as well.
[...] Democratic Sen. Chris Dodd Benefacor of Countrywide, Fannie and Freddie [...]
Why isn’t the national liberal media reporting the hundreds of thousands of dollars the democrats took from these companies?
They choose, because of their liberal bias reporting, to try to pin blame on the Republicans, who have not been in charge of Congress for the past two years, and it was the responsibility of Congress to take action!
The actions, they did take, was to pad their pockets and throw our entire country into a tail spin.
Why doesn’t Hussein Obama return the $267,000 he received from Fannie Mae back to the US Treasury? Why?
Because, he is just another snake in the grass Democrat.
Two years, ago, the Democrats ran on “Change”, doesn’t it seem odd, that is the same venue, they are pursuing now, and wouldn’t that mean, throw these Democratic thieves out on their tails?
Everyone should go read http://www.obamacrimes.com and find out how the person who goes by the alias Barrack Hussein Obama had turned a simple Freedom of Information Act for a copy of his birth certificate into a Federal lawsuit filed in Philadelphia, because, he doesn’t have one. He was born in Kenya, IAW his Kenya grandmother and relatives!
Who is this person, who associates with radicals, who bomb US facilities, goes to a church that spews hatred of the White race and the US? Who is this person, who was adopted by his step-father and became Barry Mohamed Soetoro, but all of a sudden, he becomes Barrack Hussein Obama, without any petition made to the courts for a legal name change!
No writ! No petition! Nothing is found in the judicial archives of Hawaii and Illinois. In other words, he is a potential illegal alien whose hidden agenda is to destroy the US because of the stupidity of many Americans in not realizing any nominee for President, must be an American by birth. He gave up that right via many methods, one is that he was born in Kenya, later adopted legally in Indonesia by his step father and had his name legally changed as annotated in their judicial system and the Islamic Muslim schools he attended. In addition, his failure to given an allegiance, while living overseas, per the laws of our nation, American, to the US.
Any person, who is going to throw away a vote, because, they are too lazy to look into the actual politics of this person will be surprised. We hear about how ACORN is defrauding the votes. This person who goes by the alias Barrack Hussein Obama was a trainer and leader of the ACORN movement, and the multiplication and falsification of register voters is a tactic well known in Chicago, and whom is running for the office of President from Chicago? Who gave the ACORN people the marching orders? Why did this person in direct conflict with our government attempt to circumvent the current President’s affairs with Iraq, as reported in the Washington Times? WE HAVE A FLIM FLAM/CON ARTIST PREPARING TO DESTROY OUR COUNTRY AND CONSTITUTION!
And who does this financial crisis benefit? So far, the liberals who got us into this mess look to come out on top. How can this be? How can intelligent people in this country support a party that has brought the entire planet to a financial crisis? Is there noone out there who can cause these people to wake up and demand the resignations of Dodd, Frank, Pelosi, Reid, and Obama. These people need to be prosecuted along with ACORN and the CEOs involved in this crime!
Hey guys … the link that you posted that leads to McCain’s speech on Fanni and Freddie reform clearly says that Sen. McCain got involved in this on May 25, 2006. This legislation was first brought to the US Senate in 2005 and was sposored by Chuck Hagel, John Sununuu and Elizabeth Dole. The senate, GOP-controlled at the time sent the bill back to Rick Santorum’s commitee for amendment and died when that session of congress ended. I’m sympathetic with what you’re trying to do but please get the fatcts right lest you lose credibility.
For those who really care about this issue, only Bob Barr, the Libertarian Party candidate is moral enough and conservative enough to deal with this issue and the rest of the current mess.
Here’s a recent press release from Bob (who has the backing of Rep. Ron Paul):
Press Releases › Wall Street Benefits Twice from Bailouts
October 11, 2008 11:36 am EST
Senator John McCain attempted to disguise reality by calling the $700 billion Wall Street bailout a “rescue,” but it’s obvious that the only people he and his colleagues were rescuing were the executives who had made bad investment decisions, as well as the politicians who had pushed increased mortgage lending, irrespective of cost, triggering today’s crisis. Now it turns out that the companies getting bailed out will benefit twice.
Most everyone has seen the story of how executives at AIG partied at a resort after the taxpayers were stuck with the bill for an $85 billion bailout—now being supplemented with another Federal Reserve loan of $37.8 billion. But what’s $440,000, including more than $23,380 for spa services, among friends when the taxpayers are paying?
Normally politicians wouldn’t have any business complaining about the cost of a corporate retreat, but what might be unexceptional for high-flying companies in a booming economy becomes outrageous when taxpayers are getting stuck with the bill. In this case they are paying twice, with the company collecting a new loan because its bottom line is even worse than originally thought.
Loan-two to AIG is small change compared to the extra benefits that Wall Street will receive. Many of the largest firms will be going to the spa, figuratively, at least. You see, someone has to manage all of the securities and other assets that the government plans on buying with taxpayer funds. And who better to manage them than the very companies that bought the bad paper in the first place!
The Treasury Department has requested proposals for asset managers, and according to the Wall Street Journal, the government “wants large, established firms with significant assets to work for the government’s program.” That means managing at least $25 billion, and in some cases at least $100 billion, in private assets. There will be a lot of money in fees—typically 1 percent of the assets managed, which could come to as much as $7 billion a year or more if government purchases go past $700 billion, as is widely expected.
Wall Street is looking forward to milking this latest cash cow. Since government jumped into the investment business, the Journal tells us that “a range of firms—from large investment banks to boutique real-estate companies—have been angling to grab some of the advisory business.” Representatives of some companies showed up in Washington to lobby even before Congress approved the bailout. And who can blame them? The Journal reports that “sales, financing and other traditional forms of real estate business have dried up with the credit crisis.”
Of course, most of these firms helped cause that very crisis. Most of the companies bidding for government business are suffering big losses and preparing to unload lots of bad paper on the government. Bad paper that other big companies with big losses and lots of bad paper will manage.
And so the circle will go on endlessly, at taxpayer expense.
The only problem is potential conflicts of interest, since companies will, notes the Washington Post, “be managing the assets while also selling their own troubled securities to the government.” But officials say they will attempt to “minimize” any conflict. No doubt, Washington won’t let a little thing like ethics stand in the way of letting everyone on Wall Street profit.
Indeed, politics are starting even before the president’s signature on the bill is dry. One analyst predicts that the Treasury Department will focus bailout funds on regional banks and thrifts, thereby providing “critical political support for Treasury’s efforts.” After all, “Congressmen who had to swallow hard to vote for this think will feel a lot better about it if they see the impact in their local communities.” Which is just another name for pork, like the spending programs and tax preferences loaded into the $700 billion bailout bill to win votes for passage.
All of this is politics as usual in Washington, and it won’t change whether Sen. Barack Obama or Sen. John McCain is elected president. Both of them supported the $700 billion Wall Street bailout, as well as the many other bailouts that preceded it. Both of them are part of the political establishment that helped create today’s economic problems. Neither of them will take the steps necessary to ensure that this sort of economic crisis doesn’t hit again. Only Bob Barr and the Libertarian Party are offering the sort of fundamental change that the American people need and deserve.
And here’s an article about the upsurge of interest in Bob Barr from the Atlanta Constitution:
The Wall Street debacle and the Barr effect
Friday, October 10, 2008, 04:20 PM
The Atlanta Journal-Constitution
Just checked in with Russ Verney, the campaign manager for Libertarian presidential candidate Bob Barr.
Verney said the Wall Street crash and bailout has revived Barr’s standing as a factor in the 2008 presidential race.
“We’re seeing an enormous amount of activity coming in from the web site, from people opposed to the bailout,” Verney said.
Many are die hard Republicans, he said. “They’ve had it, they’re coming over and they’re bringing their friends.”
This low-key but effective criticism of the $700 billion Wall Street rescue, videotaped in Barr’s Smyrna headquarters and posted on YouTube, is driving much of the traffic.
Verney said Barr’s new standing in the presidential campaign remains hard to measure. “Most of the polling eliminates us,” he said — under the label of “other.”
Here’s Bob’s Web site: http://www.bobbarr2008.com/
It’s amazing to me that so called conservatives can be so blind. There is no difference between the two parties on this issue. Both parties will end up bankrupting this country and robbing the citizens of their rights.
Kevin - take a good hard look at both candidates - who has the most controversial issues surrounding him.
Voter Fraud
Terrorist Support
Campaign money from Middle East
HIs first Muslim liason was tied to Hamas and forced to resign. His replacement just resigned - why? Tied to Hamas of course.
was in a church for 20 years surrounded by White, Jews and United States haters
Won’t produce his birth certificate
Tied in with Fannie and Freddie Mac failure
Ran a “dirty” campaign against HIllary, pushed her out and stole her votes.
Vote present over 130 times
the list goes on….
@Sparky- Do you not know that McCain also have ties to terrorist?
“In the 1980s, McCain personally funded a guerrilla group (the Contras) that engaged in terrorist acts. Just last year, McCain expressed how “proud” he was of an ex-felon who urged shooting law enforcement agents in the head (G. Gordon Liddy). And earlier this year, the McCain campaign trumpeted the endorsement of a man who illegally provided weapons and money to terrorists; when a reporter questioned this, the McCain campaign refused to even criticize this criminal (Oliver North).”
Read more here http://www.huffingtonpost.com/john-k-wilson/john-mccains-terrorist-co_b_133326.html
@Sparky- Also do you not know that the man (William Timmons) that McCain named as his presidential transition team was a lobbyist for Iraqi dictator SADDAM HUSSEIN?
http://www.huffingtonpost.com/2008/10/14/mccain-transition-chief-a_n_134595.html
Maybe you need to do some more vetting of your own candidate before trying to throw others’ candidate under the bus.
McCain even got some ties to Iran through a guy named Oliver North.
Snipped from “John McCain terrorist connection” link in previous post.
“In addition to his personal support for the Contras, McCain has a supporter who is far more of a terrorist supporter than Bill Ayers. His name is Oliver North. Ayers was never convicted for any crime, and there’s no evidence he ever killed anyone. North, by Contrast, was convicted (he got away with it because his testimony to Congress provided him with immunity).
There can be no doubt about North’s connection to terrorism. Under the direction of North, the US covertly sold $48 million in battlefield missiles and other weapons to Iran, even though Iran was classified by the US government as a sponsor of international terrorism. North then illegally used some of this money to help finance the Contras.”
Very good information. Thanks for letting me know about this to help me in my foreclosure problems.