Posted on 11/12/2009 5:20:09 PM PST by Kaslin
Financial 'Reform': Sen. Chris Dodd's proposed overhaul would replace the Federal Reserve with a "super regulator" to oversee the banking and financial industries. Will it work? Consider the source.
Along with fellow Democrat Barney Frank, now chairman of the House Financial Services Committee, Dodd, who heads the Senate Banking Committee, has done as much to damage this nation's financial system as anyone — and that includes all the CEOs and subprime scoundrels as well as former Fed chief Alan Greenspan, whom many blame for lax oversight and too-loose credit in the run-up to the meltdown.
What did Dodd do? In recent decades, he and his fellow Democrats created a system of perverse incentives by unleashing the Community Reinvestment Act to force banks to make bad loans, then encouraging Fannie Mae and Freddie Mac to finance the scheme with taxpayer-guaranteed borrowing.
It led to Fannie and Freddie virtually taking over the mortgage industry. It also led to the financial meltdown that began in 2007, from which we're still trying to escape. Now Dodd wants to "fix" what he and his pals broke.
In particular, Dodd's bill would shrink the duties of the Fed. As the Washington Post put it, his plan "would impose the most fundamental change in the Fed's mission since the Great Depression, leaving it responsible for little besides setting monetary policy."
(Excerpt) Read more at investors.com ...
Moving from a Waitress Sandwich to an Excrement Sandwich.
I wanna read the audit report on the Federal Reserve .... Tell me why anyone would oppose a straight-up audit?
Super Manipulators.
I don’t like Dodd, but it’s time to strip the Fed of its powers. It’s been hiding and manipulating the market way too long with no significant oversight.
They right the rules dont they?
Ad they right them to their benefit
write them *edit*
To jail.
But will CT let him go?
MOMENTS TO REMEMBER COURTESY OF DODD
> Dodd's sweet deals from Countrywide Morgtage;
> a castle in Ireland payoff for arranging a presidential pardon;
> Dodd in Iowa to raise million dollar contributions (bribes) from Wall Street suckups;
> lying about his role in the AIG bonuses;
> his parasitic wife making big bucks as board member for Pharma and Health Care Corporations;
> Dodd's (gag) leadership as Chairman of Senate Banking Committee, as the economy did a Great Depression melt down.
He wants to transfer control to the govt. It doesn't specify to whom the agency would answer but my guess would be the Senate giving the Senate complete control of the money. At least with the Fed we have SOME independence from the thieves in the Senate.
The proverbial $64 question.
Once answered we'll all have a pretty good feel for what, if anything, is left of the Republic.
Wealthy Wall Street executives funding Dodd campaign
img234.jpg
Same problem with McCain.....an entrenched”bought and paid for” whore. How do you get rid of him? Only way is to get him on criminal or ethics charges, as Liz outlines in post 12.
What is the money trail or story-line leading up to the ownership of the Irish castle. I know it is on an island.
This Dodd fellow has modest means. Did the funding come from his lobbyist-spouse?
Obama’s economy is so bad Exxon-Mobil laid off 25 Congressmen.
Heh——good one.
HOW DODD'S DEAL MIGHT HAVE GONE DOWN Since the Dodd story broke, the five-term senator has offered contradictory fragments of explanations and intentions. Dodd gallops the gamut from calling the allegations of special treatment "outrageous" to pledging repeatedly and specifically to release documents related to the $800,000 in sweetheart deals he got from Countrywide.
Claiming "there's nothing there," Dodd refuses to say whether his Senate campaign committee's payments of $60,000 summer 2008 to a Washington law firm, which has a history of representing Democratic senators in trouble, were for his defense in the Senate ethics investigation of his dealings with Countrywide. He suggested, before he fled to his third home in Ireland in August, that Countrywide was not cooperating in providing information.
Dodd still claims there was nothing unusual about the $800,000 in mortgages he got from Countrywide in 2003, but records refute that. Documents indicate that Dodd was getting a mortgage of $276,150 on his second home in Connecticut on July 3, 2003. The amount was reduced to $275,042 and the mortgage he was refinancing was paid off. Dodd and his wife also got a home equity loan on their Connecticut property in East Haddam from Countrywide that day.
But the course those loans took was very strange. The standard routine is for the homeowner to sign the loan documents, the borrowed money is sent to the lender being paid off and the new mortgage is recorded on local land records within a few days.
Dodd, however, signed some but not all of his loan documents himself. Agents of Countrywide signed his $275,042 Connecticut mortgage. His previous mortgage with Countrywide was paid off but the new mortgage did not appear on the local land records for an astonishing 16 months.
For nearly a year and a half, Countrywide failed (or declined) to secure its interest in Dodd's home by taking the ordinary and essential step of presenting the documents to the local town clerk and recording them in the land records. This is exceedingly rare in the mortgage business.
Too bad for Doddsy mortgages leave detailed paper trails. Dodd's making the same mistake as his ousted crooked father----thinking he's dealing with a bunch of amateurs----well, maybe Conn liberals (snicker).
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Now, it's likely that Dodd is on his hands and knees pleading with Obama to call off the Feds. That's why we need to take other routes to see that justice is done. For example----Dodd (and his wife and family) are probably enrolled in high-roller comp programs at Conn casinos (and/or in other gambling venues). These programs show every nickel high rollers bet---including wins on which high rollers may not have paid taxes.
Casinos are very tightly regulated. They are more than happy to cooperate with authorities---to protect their licenses. Casinos would also have records on the amount of untraceable casino chips Dodd (his wife and his family) received-----maybe gifts from his pal Angelo. Authorities should also inquire if Dodd wire-transferred--- or if Angelo wire-transferred---monies into Dodd's casino account........and if taxes were paid on these monies.
Connecticut Division of Special Revenue (Gaming Control Board)
WEB SITE http://74.125.95.104/search?q=cache:EPdMRVRy8g8J:www.ct.gov/dosr/
Mailing Addresses:
Division of Special Revenue (controls casinos)
555 Russell Rd.
Newington CT 06111-1523
Division of Special Revenue
P.O. Box 310424
Newington CT 06131-0424
Another possibility: Dodd, his family, and Angelo, may have used NETeller Plc to illegally convert monies that were then transferred offhore---to overseas gambling companies, for their personal use later.
NETeller is an Isle of Man-based payment processor for gambling Web sites (suspected of having operations in the US Virgin Islands---a notorious money-laundering bank haven).
Countrywide Chris
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