Another “factoid” – Getting a .5% interest rate reduction on a 30-yr fixed loan of about 400,000, comes out to about $30,000 over the lifetime of the loan, which sounds like a bribe offered and taken to me.

A lack of sensitivity?

Democrat senators Chris Dodd and Kent Conrad are not only an embarrassment to the Democrat party, but to the U.S. Senate. There are NO legitimate excuses for the positions of trust that both supposedly held. Clearly, both should just resign from the senate.

the Senate Ethics Committee isn’t likely to take any significant action against Conrad or Dodd, the latter of whom has the more egregious fault in this case. Neither will Dodd’s constituents in Connecticut.

True, because the people of this state are irredeemably stupid.

The details of this episode tend to explain why Dodd, Chairman of the Banking Committee, “ignored” the burgeoning subprime crisis.

Keemo on June 22, 2008 at 11:24 AM

Cindy Munford on June 22, 2008 at 11:34 AM

What really sucks is that the DC culture really only hurts Republicans and conservatives. When politicians get to DC, they start “maturing” and “growing in office” until they’re full-blown liberals.

Republicans need to impose term limits on themselves. Somehow.

Imagine you were in a large corporation and you were caught doing something like this. What do you think would happen?

If you answered “Summarily Fired” give yourself three points!

Boxer is on the senate ethics committee (see the funny thing I did, I said ‘ethics’ and ’senate’ in the same sentence). I saw her mentioned as one of the ones who got a special deal from Countrywide. And I bet she won’t recuse herself. Probably some other ethics committee members will be angry they didn’t get their taste but how likely are they to side against a senator from their party?

snaggletoothie on June 22, 2008 at 12:59 PM

You’re funnier than you know! You also said ‘ethics’ and ‘Boxer’ in the same sentence!

and looks a lot like corruption

Walks like a duck, talks like a duck….I’m thinkin’ duck.

Countrywide Financial, still the dominant mortgage lender through 4Q, 2007, despite widespread news of impending bankruptcy, staved off by a huge investment from Bank of America.

That’s not the really troubling part of the story, and the Times knows it. Dodd chairs the Senate Banking Committee, and Conrad sits on the Finance Committee. Both have oversight in banking and credit issues, especially Dodd. Accepting gifts from actors in their fields of regulation isn’t just insensitivity, it’s a clear conflict of interest — and looks a lot like corruption.

Ed

Not to pick at nits, Ed, but you too are understating this. Countrywide Financial is the 800 pound Gorilla of mortgage lending. They are so far-and-away the largest lender in the country that Number 2 looks small by comparison. Recent stats might be distorted by the radical disruption of this market, but a few years ago Countrywide produced 2 1/2 times as much mortgage debt by dollar volume as the second largest lender, Wells Fargo.

They are now largely owned by Bank of America, and regulators have essentially forced B of A to complete a purchase of Countrywide. This will create a banking and finance company of staggering size and influence.

That’s the company that Dodd and Conrad have been co-opted by.

Keep chipping away at the Dems until there are none left.

I’m stuck with a Countrywide loan. How do I meet this Angelo dude?

jgapinoy on June 22, 2008 at 10:54 AM

Quite simple, really. First, you get elected to the Senate…

the two senators are principals in trying to pass emergency legislation to address the damage from the mortgage crisis.

IMHO, this is the biggest crime they are ‘guilty’ of. This goes for all senators and representatives and for just about every crisis they address.

Because they had favors someone else wanted.

If these slimeballs had no ability to grant favors, would the bankers given them sweet deals? Nope.

The ability to regulate is the ability to grant favors. You want to get “money” out of politics?

Cut back the regulatory power of government.
It takes stronger men than Dodd or Conrad not to use their position for a little personal enrichment here and there. Very few stronger men are going to run for office…they usually have other things that interest them and provide more satisfying opportunities to make a good life.

So one should figure that with exceptions, Dodd is an average. And is untrustworthy.

Less power needs to be vested in government, not more. Starting with healthcare and energy policy….