Chris Dodd Needs To Go

[Conan71]

Chris Dodd released the following statement today:

http://banking.senate.gov/public/index.cfm?Fuseaction=Articles.Detail&Article_id=cb173f1c-bc5e-4b35-b849-cccc5f3876c3

"DODD STATEMENT ON AIG


Sep 17, 2008 - -
"I appreciate Chairman Bernanke and Secretary Paulson informing me of their decision regarding AIG.  This decision is a clear sign that the financial crisis – which is a direct consequence of this Administration's neglect and wayward economic policies – continues to deepen.  Actions that were inconceivable just days ago are now occurring in a manner and at a pace that is certainly cause for concern.  The Banking Committee will continue to play a constructive role in resolving this crisis.  In order to do so, we must ask some crucial questions on behalf of the American people: how will this action affect taxpayers – who have already been asked to commit hundreds of billions of dollars to help stabilize large financial institutions?  To what extent will it calm the markets – or just add to the uncertainty?  And does this Administration have a coherent strategy to put our economy on stronger, steadier footing?  I look forward to hearing the Administration's response to these questions at hearings I will hold in the coming days.  

"Above all, I continue to believe that the Administration needs to become much more aggressive about addressing the root cause of this entire economic crisis – namely, the foreclosure crisis.  Only when foreclosure rates start to drop significantly will we see home prices begin to level out and our markets regain much-needed stability."
 
Does anyone see any sort of accountability being taken here by the Chairman of our Senate Banking, Housing, and Urban Affairs Committee?

None, zero, zip, zilch.

He's been greased by well over $200,000 in contributions by Fannie, Freddie, and AIG.

I'd say the same thing if Dodd were Republican.  This is corruption at it's very worst and we are getting stuck with the tab.

[iplaw]

In addition to dear Dodd, you also have Barney "Hairlip" Frank who has staunchly opposed any reform of the oversight of Fannie and Freddie for well over 8 years.

But the biggest payoff for Mr. Frank is the "affordable housing" trust fund he managed to push through as one political price for the recent Fannie reform bill. This fund siphons off a portion of Fannie and Freddie profits -- as much as $500 million a year each -- to a fund that politicians can then disburse to their favorite special interests.

http://online.wsj.com/article/SB122091796187012529.html?mod=article-outset-box

[Conan71]

More Dodd slime:

2003 to 2008 largest contributors:

Citigroup Inc $310,294
SAC Capital Partners $282,000
United Technologies $263,400
American International Group $224,678
Bear Stearns $205,600

Top five industries contributing:

Securities & Investment $4,245,796
Lawyers/Law Firms $1,976,063
Insurance $1,416,972
Real Estate $1,262,791
Commercial Banks $850,544

Watch out, I bet Citigroup is next.

[Friendly Bear]

quote:Originally posted by Conan71

Chris Dodd released the following statement today:

http://banking.senate.gov/public/index.cfm?Fuseaction=Articles.Detail&Article_id=cb173f1c-bc5e-4b35-b849-cccc5f3876c3

"DODD STATEMENT ON AIG


Sep 17, 2008 - -
"I appreciate Chairman Bernanke and Secretary Paulson informing me of their decision regarding AIG.  This decision is a clear sign that the financial crisis – which is a direct consequence of this Administration's neglect and wayward economic policies – continues to deepen.  Actions that were inconceivable just days ago are now occurring in a manner and at a pace that is certainly cause for concern.  The Banking Committee will continue to play a constructive role in resolving this crisis.  In order to do so, we must ask some crucial questions on behalf of the American people: how will this action affect taxpayers – who have already been asked to commit hundreds of billions of dollars to help stabilize large financial institutions?  To what extent will it calm the markets – or just add to the uncertainty?  And does this Administration have a coherent strategy to put our economy on stronger, steadier footing?  I look forward to hearing the Administration's response to these questions at hearings I will hold in the coming days.  

"Above all, I continue to believe that the Administration needs to become much more aggressive about addressing the root cause of this entire economic crisis – namely, the foreclosure crisis.  Only when foreclosure rates start to drop significantly will we see home prices begin to level out and our markets regain much-needed stability."
 
Does anyone see any sort of accountability being taken here by the Chairman of our Senate Banking, Housing, and Urban Affairs Committee?

None, zero, zip, zilch.

He's been greased by well over $200,000 in contributions by Fannie, Freddie, and AIG.

I'd say the same thing if Dodd were Republican.  This is corruption at it's very worst and we are getting stuck with the tab.

Don't expect Sinator Chris Dodd to resign in disgrace.

A conscience is a necessary pre-requisite for an honorable action to rectify a wrong.

He's a professional politician, who JUST COINCIDENTALLY was Fannie Mae's FAVORITE political tool to allow them to escape tough regulatory scrutiny.

Wall Street loved him, too, to the tune of $4 million in campaign contributions over the past four years.

WHY?  PROTECTION money to make sure there was LAX regulation of Wall Street.

Would it help calm Wall Street if someone airmailed him from the top of the Lehman Building?

A human sacrifice to the God of Money?

[Conan71]

Dodd has had nearly two years to do something about this impending disaster and did nothing except offer a weak post-mortem that the Bush admin caused all this misery.

He needs to go.

Inaction is not an acceptible action.

[Gaspar]

Be vewey vewey carful.  

You don't want to bring up who the #2 favored politician by Freddie, Fannie, and AIG was.


[]

[iplaw]

I wonder where pmcalk is on this one?

[waterboy]

I am secure in the belief that your responses would be quite different if this were a Democratic administration and congress for the last 8 years. "Who's in charge? Who's term is this? It happened on your watch did it not?"

Stop the hypocrisy and take responsibility. Every committee, every budget, every responsible person in the White House and the Congress (through 2006) has been a republican. Even after 2006 the congress has been hamstrung and vetoed. You guys won't let the Clinton administration take credit for the balanced budgets and healthy economy of that decade and now you won't take the responsibility of the failures of this decade. Its always some one elses fault isn't it? This time its Dodd. That's an addicts behavior if I ever saw it. Addicted to power and its continuation in this case.

Good grief Charlie Brown!