Saturday, June 21, 2008

the plot still thickens

A mere two posts ago, I was beside myself that Senator Dodd, who is Chairman of the Senate Banking Committee, plainly said he had received special treatment from Countrywide Financial and apparently saw nothing even hinting at impropriety therein.

That was enough cause for an investigation into his relationship with the cutting-edge subprime originator, which is directly under the oversight of his committee.

But now, NRO reports that it appears that Countrywide and Bank of America were the actual authors of a proposition for a taxpayer bailout of subprime lenders that the protocol-challenged Senator sponsored!
[You'll have to scroll on the linked page for "NRO Doc Drop: BofA-Scripted Bank Bailout Looks Awfully Similar to Dodd-Drafted Housing Bill"]

Here are the dots for you to connect: Government oversight + special treatment + taxpayer bailout of failing private business.

Karl Denninger at The Market Ticker raises the question of authorship and expounds zealously.

Do we really want banks writing our laws, and allocating our tax dollars to themselves? These guys make the likes of Jon Corzine and Goldman Sachs look like choir boys.


Blogger mike volpe said...

This scandal is obscene. The Washington Examiner calculated that Bank of America was contributing to Dodd's campaign at the tune of $1000/week for a year and a half prior to this bill being brought to the floor.

This document circulating from internal
conversations is rather damning

The whole thing is damning for everyone involved. No less damning is the corrupt MSM in not reporting this fiasco.

Here is how I summarized it.

1:37 AM  

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