Dodd cleared from ethics probe on Countrywide loans

Market Watch ^ | 8/7/09

[FromLori]

n the middle of a difficult re-election campaign, Senate Banking Committee Chairman Christopher Dodd, D-Conn., on Friday was cleared by the Senate Ethics Committee from a year-long investigation about whether mortgages he obtained from Countrywide Financial Corp. violated the senate's rules on gifts.

The committee, however, did scold the senior lawmaker for not being more careful in his dealings.

"While the committee finds no substantial credible evidence as required by committee rules that your Countrywide mortgage violated Senate ethics rules, the committee does believe that you should have exercised more vigilance in your dealings with Countrywide in order to avoid the appearance that you were receiving preferential treatment based on your status as a senator," the report said.

At issue is whether Dodd and his wife knew they were receiving a high level of preferential treatment when they participated in a Countrywide Financial V.I.P. program run by the troubled mortgage lender, which is now owned by Bank of America (BAC 16.33, -0.34, -2.05%) .

Lawmakers have raised concerns about Dodd's participation in such a special program, in part, because he has a key role as chairman of the senate banking committee in overseeing regulations of mortgages, many of which were key contributors to the financial crisis. Dodd is also responsible for setting the Senate agenda for a major overhaul of bank regulation, a key component of which will be reform of the mortgage sector.

Countrywide ran an exclusive program for "Friends of Angelo," or F.O.A., named after the company's former chief executive, Angelo Mozilo, which provided "sweetheart" financial deals for special borrowers.

According to a letter to Dodd, the Connecticut senator told the ethics committee that he became aware that he had been placed in a V.I.P. program but said he was told that it offered heightened attention to service

[FromLori]

Friggin crooks is there any justice?

[Anti-Bubba182]

Rarely in this life.

[ZirconEncrustedTweezers]

The foxes determined that the henhouse was not infiltrated.

[Always Right]

Fox guarding the hen house.

[Abathar]

Just what we make for ourselves at the ballot box I guess, because there is no say they would turn on one of their own now.

[darkwing104]

Isn't that special....

[2 Kool 2 Be 4-Gotten]

Whew - glad that’s settled. Now we can move on. For a minute I had thought Dodd was unethical.

[musicalee]

Is anyone in america besides Criss Dodd buying this?

[SERE_DOC]

not until these idiots/criminals are held accountable

[poobear]

They investigated themselves and found they are innocent of any wrong doing.

Imagine if it were a Republican, I know, I know...

[Red_Devil 232]

This is Satire — Right?

[lowbridge]

bump

[Old Retired Army Guy]

If he was a republican, they would have thrown him out of the Senate and initiated a Justice probe.

[Abathar]

No, and I think most people see it for what it is too. All I can hope for is people have long enough memories to kick his butt out in the primaries.

[FromLori]

No not at all remember this is no bZERO world

[mfish13]

Crap

[indylindy]

Gee, I am tho thurpwised at this.

[a fool in paradise]

The committee, however, did scold the senior lawmaker for not being more careful in his dealings.

If he did nothing WRONG there was nothing to scold him over.

Just like there is no reason to work to make abortion (safe, legal, and) RARE if it is just a glob of tissue.

[Las Vegas Ron]

Friggin crooks is there any justice?

Only if you're the low man on the totem pole like Jefferson.

Bawney Fwank, Franklin Raines and Chuck You need to go down hard

[AliVeritas]

Oh well, there goes the last branch.

[a fool in paradise]

At issue is whether Dodd and his wife knew they were receiving a high level of preferential treatment

I know nuthink!

[MozarkDawg]

This is why Conrad got all over Issa for his investigation, because he knew the Senate (so called) Ethics Committee would allow him to violate any reasonable person's standard of honest, honorable behavior.

This is so typical, they all provide cover for each other. I don't care what this committee opines, Dodd got preferential treatment because of his position as senator, chairman of that committee, it's obvious to anyone with an uncorrupted brain.

[o_zarkman44]

the fox is guarding the chicken coop. Senate and ethics are oxy morons.

Did anyone expect DODD to actually be indicted for his crimes???

[Las Vegas Ron]

Just like there is no reason to work to make abortion (safe, legal, and) RARE if it is just a glob of tissue.

Great point!

[FTJM]

[Califreak]

Just in time for the dust to settle before the election.

[paul51]

And the band plays on. The level of corruption in our government is not only appalling, but self sustaining.

[a fool in paradise]

Meanwhile Tom DeLay’s “ethics” case STILL hasn’t been brought to trial by the prosecutors.

[Iron Munro]

The committee, however, did scold the senior lawmaker for not being more careful in his dealings.

Foolish statement.

He was very careful in his dealings with Countrywide Financial Corp.

He was careful to make sure he used his position, influence and power to sqeeze them for the best sweetheart deal possible.

[avacado]

Senate Ethics Committee Chairman: Barbara Boxer

Nuff Said!!!

[clintonh8r]

The United States Senate: The world’s most exclusive club (of crooks, thieves, perverts, mountebanks, charlatans).

[ripley]

From now on, he promises to be good.

IMHO

[TruthShallSetYouFree]

If the deals smells like sh!t
You must acquit

[beethovenfan]

What a surprise. But Dodd won’t get off so easily at the Judgement.

[kidd]

Is anyone in america besides Criss Dodd buying this?

Connecticut isn't. Dodd is wayyy behind in the polls to the lead GOP challenger, Simmons.

[Gay State Conservative]

Bawney Fwank, Franklin Raines and Chuck You need to go down hard.

Geeze...are you sure you don't want to rephrase that?

[Dinah Lord]

You have got to be freaking kidding me...what a farce.

[Heart of Georgia]

"The committee, however, did scold the senior lawmaker for not being more careful in his dealings."

Another fine example of equal justice under the law./sarc

[FromLori]

Yes you are referring to this right?

http://online.wsj.com/article/SB124960476129713019.html

[Gay State Conservative]

Connecticut isn't. Dodd is wayyy behind in the polls to the lead GOP challenger, Simmons.

Watch for Hussein to call Dodd into the Oval Office and make him an offer he can't refuse....kinda like with Torrisilly.And the RAT who takes his place on the ballot will get 60% of the vote.

[FromLori]

http://online.wsj.com/article/SB124960476129713019.html

[patriot preacher]

No! Really?!? He didn’t do a thing wrong! Well, there ya go. A paragon of virtue.

The British were saints compared to those in Washington...

[kennedy]

Here is Dodd's spokesman making the announcement.

[FTJM]

"lewd, lascivious, salacious, outrageous!"

[Las Vegas Ron]

LOL....wouldn’t want to get ‘ol Bwney all worked up

[Heart of Georgia]

“Watch for Hussein to call Dodd into the Oval Office and make him an offer he can’t refuse....kinda like with Torrisilly.And the RAT who takes his place on the ballot will get 60% of the vote.”

Yep. Or maybe Dodd will simply resign to tend to his medical issues.

[MozarkDawg]

No, that one is news to me, thank you. I refer to this thread I posted on yesterday:

Kent Conrad rips Darrell Issa investigation (whiny Democrat Alert)

Conrad has accused Issa of attempting to impugn his name in a GOP inquiry into the Countrywide mortgage scandal. Conrad said that the Senate Ethics Committee is the “appropriate forum to resolve this matter,” not Issa’s Republican staff on the House Oversight and Government Reform Committee.

This comment really chapped my hide, but now in view of this decision by the Senate Ethics (ho ho, ha ha) Committee, grrrr!!

[The Sons of Liberty]

WHITEWASH!

[eCSMaster]

I'll be good, I will, I will.

[jamese777]

Senate Select Committe on Ethics members:
Democrats
Barbara Boxer, Chairwoman, California
Mark Pryor, Arkansas
Sherrod Brown, Ohio
Republicans
Johnny Isakson, Vice Chairman, Georgia
Pat Roberts, Kansas
Jim Risch, Idaho