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 ...
I know nuthink!
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.
the fox is guarding the chicken coop. Senate and ethics are oxy morons.
Did anyone expect DODD to actually be indicted for his crimes???
Great point!
Just in time for the dust to settle before the election.
Meanwhile Tom DeLay’s “ethics” case STILL hasn’t been brought to trial by the prosecutors.
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.
Senate Ethics Committee Chairman: Barbara Boxer
Nuff Said!!!
The United States Senate: The world’s most exclusive club (of crooks, thieves, perverts, mountebanks, charlatans).
From now on, he promises to be good.
IMHO
If the deals smells like sh!t
You must acquit
What a surprise. But Dodd won’t get off so easily at the Judgement.
Connecticut isn't. Dodd is wayyy behind in the polls to the lead GOP challenger, Simmons.
Geeze...are you sure you don't want to rephrase that?
You have got to be freaking kidding me...what a farce.
Another fine example of equal justice under the law./sarc
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.
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