Green Room

Senate Ethics Panel High-Fives Dodd, Conrad For Savvy Mortgage Deals

posted at 7:48 pm on August 11, 2009 by

The Senate Select Committee on Ethics found “no substantial credible evidence” that Senators Chris Dodd (D-CT) or Kent Conrad (D-SD) violated Senate ethics rules in accepting sweetheart mortgage deals from Countrywide Financial, the company at the very heart of the current financial crisis.

By the way, about that phrase “Senate ethics rules”: ouch, my tummy hurts from laughing.

The committee went on to congratulate the Senators for their astute financial judgment in accepting the “Friends of Angelo” bonuses while exercising regulatory oversight of the very financial institutions that were about to implode.

Conrad, for instance, received a discount of $10,5000 in fees and a unique mortgage deal in financing a little over $1.1 million.

Dodd, the powerful Chairman of the Senate Banking Committee, threatened filibuster after filibuster over additional regulation of the mortgage market while accepting funds and sweetheart mortgages from the very organizations he was supposed to be regulating.

Dodd is also the subject of a Judicial Watch ethics complaint on an unrelated matter: how the Senator came to own an Irish seaside mansion while understating the property’s true value on his disclosure forms.

“Disguising [the] gift [of the mansion] would provide a motive for Senator Dodd to fail to report the property’s true value on his [disclosure] since 2002… By all appearances, …Dodd used his position and influence… to intervene of behalf of his friend and convicted felon, Edward Downe Jr., and in received in turn a significant discount in the purchase of property in 2002…

…Further, it appears… Dodd failed to report this gift on his annual [disclosure], as required by law, and may have falsified his reports in the years following the full acquisition…”

In addition, it was reported in April that Dodd raised hundreds of thousands of dollars from financial services companies like Citi, Fidelity, Vanguard, and the like. Since some of these firms accepted TARP funds, it may be fair to say that when Dodd voted for TARP, he voted to put money in his own pockets.

Don’t hold your breath waiting for an ethics investigation into any of these areas.

So the lesson, you tax-paying rubes, is this: Congress is above the law. And don’t you forget it, peons.

Related Reading:
Above the Law: A Handy Guide to Democrat Corruption
The Secret Garden (and Mansion) of Christopher Dodd

Recently in the Green Room:



Trackback URL


The campaign ads almost write themselves….

Come on, there has to be some young turk Dem on the eastern seaboard who wants to take down a dinosaur….


(who is not holding out much hope for Dodd being replaced by someone with an R after his or her name….although miracles do happen….)

acat on August 12, 2009 at 11:57 AM

HotAir — Politics, Culture, Media, 2017, Breaking News from a conservative viewpoint
Top Pick


“Felix was out on bond after threatening another public servant and has a history of making threats.”

Chaffetz: House needs housing allowances?

Ed Morrissey Jun 27, 2017 8:41 PM

“There are dozens upon dozens of members living in their offices, and I don’t know how healthy that is long term.”

“This isn’t going to get a lot cheaper, it can’t, it won’t.”

“…what we failed to achieve with votes, we would do with weapons.”

“[S]o dumb it’s amazing we even have to have the conversation.”

“It was not necessary.”

“You’re inflaming everyone right here right now with those words!”

“Trump’s people said, ‘We’ll be writing the speech that the President’s Audio-Animatronic figure will be saying.'”

Excuses, excuses.

Not really a “kill all the lawyers” scenario

4 pm ET!

“it has not taken serious steps to end its own complicity in trafficking, including forced laborers from North Korea.”

Currently doing a search for “good international trade lawyers”

Ransomware attack spreads through Europe

John Sexton Jun 27, 2017 1:01 PM

“A massive ransomware campaign is currently unfolding worldwide.”

At least their address rarely changes

It just keeps on happening

“Trump is good for business right now.”

Start spreading the news…

“Now it’s time for the next step.”

A “cryptic” warning to Bashar al-Assad?

Jazz Shaw Jun 27, 2017 8:01 AM

The three strikes rule may be in effect

CNN reporters resign over retracted story

John Sexton Jun 26, 2017 9:21 PM

“The individuals all stated that they accepted responsibility and wanted to resign.”

Federalism’s greatest champion is now …

Ed Morrissey Jun 26, 2017 8:41 PM

“In the end, we’re a democracy.”

“Almost all controversial speech harms people, upsets or offends them…”

Obama: Back home again in Indonesia

Andrew Malcolm Jun 26, 2017 7:21 PM

The call to prayer and eating dog.

Testing the waters.

“primarily because the penalty for not having insurance would be eliminated.”

“If I were a Seattle lawmaker, I would be thinking hard about the $15 an hour phase-in.”

Days of future past

“Not only are taxpayers footing the bill, but people are dying unnecessarily because of this.”

Israel settles who can stand where at the Western Wall

Andrew Malcolm Jun 26, 2017 3:21 PM

Women to the right, men to the left.

Look on the bright side. There’s less snow in the summer

Big win … but for how long?

“Several Russian cities have unveiled monuments to Stalin in recent months.”

Massive disappointment