Skip to comments.Video: McMahon ties Blumenthal to Countrywide collapse
Posted on 10/23/2010 7:43:02 PM PDT by BAW
Dick Blumenthal has tried to cast himself as a white knight in the Countrywide Mortgage scandal that forced Chris Dodd into retirement after the exposure of his sweetheart mortgage deals under the Friends of Angelo program at Countrywide. Blumenthal points to his $8.6 billion settlement with Bank of America over the mortgage giants remaining loans, one that supposedly wont cost taxpayers a dime, as an example of his beneficial work for Connecticut voters and his ability to get tough with fraudsters. Linda McMahon takes aim at this argument with her new ad released yesterday titled Taking Care, which alleges that Blumenthal took more care of himself than the citizen of the Nutmeg State
The McMahon campaign found Blumenthals connection to Countrywide by sifting through the Securities and Exchange Commissions files, according to National Review, finding a $3 million Blumenthal investment in the Blue Ridge Limited Partnership. Blue Ridge took a significant interest in PennyMac, a fund formed by former Countrywide executives to purchase and restructure some distressed Countrywide loans to turn them towards profitability. Its not clear whether Blumenthal was aware of Blue Ridges stake in PennyMac Blue Ridge says its proprietary and doesnt even discuss them with clients, but the McMahon campaign found it through public sources easily enough.
Did the settlement actually do what Blumenthal claims? The cost of a good portion of the settlement wound up being paid by taxpayers after all. The campaign points to an article in The Nation that reports that Bank of America is allowed to use the Obama administrations HAMP program incentives to fund the restructuring of the Countrywide loans it assumed and that could amount to more than half of Blumenthals settlement . . .
(Excerpt) Read more at hotair.com ...
Video embedded in the article.
“Bank of America is allowed to use the Obama administrations HAMP program incentives to fund the restructuring of the Countrywide loans it assumed and that could amount to more than half of Blumenthals settlement.”
More of the same. Privatise the profit socialize the loses. That’s the NEW BUSINESS MODEL.
STOP CORPORATE WELFARE.
View the one-minute video here:
Wow!!! That is excellent. The McMahon Campaign needs to run that ad up until Election Day.
Wow. Blumenthal should be investigated. His ties to Countrywide and the deal he cut for them to let them off the hook is crooked as a dog’s hind leg.
I hope this resonates with CT voters & they ‘retire Blumie’.....
Dirty Dems Bawney Fwank just got outed too this time for his donations from the bailed out banks
Great ad! While at hot air, I found this sarcastic comment:
Wow!. I cant believe McMahon would do this to a Vietnam vet! LOL
I'm sure Linda will do just that... she's got the $$$.
Thanks for the ping.
Accurately tying Dick Blumenthal to the corrupt and discredited Chris Dodd via the mortgage scandal will resonate with Connecticut voters. It may be close but I believe Linda McMahon will win the election - and Dick Blumenthal will get a cozy berth in the Obama/Holder Justice Department, followed, in 2013, by a lucrative position as a 'visiting professor' or even a Dean in the UConn School of Law. After all, Connecticut is a 'Blue' state and Democrats take care of each other. At least Blumenthal will be out of citizen's lives - at last.
Sure! I really hope this ad gets voters' attention here in CT... something's got to get Linda's numbers surging upward.
Great post, Jim... hope you’re right!
Oh, my God! This is a killer ad. Bye, bye DICK!
Sweet. Too bad they’ve already done the damage. They can never repay us. How I despise corrupt career politicians.