Skip to comments.Dodd cleared from ethics probe on Countrywide loans
Posted on 08/07/2009 12:27:04 PM PDT by 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
(Excerpt) Read more at marketwatch.com ...
The foxes determined that the henhouse was not infiltrated.
Fox guarding the hen house.
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.
Whew - glad that’s settled. Now we can move on. For a minute I had thought Dodd was unethical.
Is anyone in america besides Criss Dodd buying this?
not until these idiots/criminals are held accountable
They investigated themselves and found they are innocent of any wrong doing.
Imagine if it were a Republican, I know, I know...
This is Satire — Right?
If he was a republican, they would have thrown him out of the Senate and initiated a Justice probe.
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.
No not at all remember this is no bZERO world
Gee, I am tho thurpwised at this.
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.
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
Oh well, there goes the last branch.