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Keyword: chrisdodd

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  • Justice Dept. may seek $13B from Bank of America

    04/25/2014 9:53:13 AM PDT · by Oldeconomybuyer · 25 replies
    Market Watch ^ | April 25, 2014 | By Barbara Kollmeyer
    U.S. prosecutors could make Bank of America Corp. pay more than $13 billion to resolve probes into the lender's sale of bonds backed by home loans in the run-up to the 2008 financial crisis, Bloomberg reported on Friday. Last month, the bank agreed to pay $9.5 billion to resolve Federal Housing Finance Agency claims, and the new settlement would come on top of that, according to Bloomberg.
  • Bank of America to Pay $6.3 Billion to Settle Mortgage Securities Suit

    03/26/2014 4:30:49 PM PDT · by Oldeconomybuyer · 13 replies
    New York Times ^ | March 26, 2014 | By MATTHEW GOLDSTEIN
    Bank of America is paying $6.3 billion to settle a lawsuit arising out of troubled mortgage-backed securities it cobbled together and sold to Fannie Mae and Freddie Mac in the run-up to the financial crisis. Including this latest settlement, the housing finance agency has recouped $16 billion in cash payments from banks and financial firms that sold mortgage-backed securities. The regulator, which filed 18 lawsuits, still has claims pending against seven banks and financial institutions.
  • The Financial Crisis: Why Have No High-Level Executives Been Prosecuted?

    01/09/2014 8:35:15 PM PST · by Brad from Tennessee · 61 replies
    New York Review of Books ^ | January 9, 2013 | By Jed S. Rakoff
    Five years have passed since the onset of what is sometimes called the Great Recession. While the economy has slowly improved, there are still millions of Americans leading lives of quiet desperation: without jobs, without resources, without hope. Who was to blame? Was it simply a result of negligence, of the kind of inordinate risk-taking commonly called a “bubble,” of an imprudent but innocent failure to maintain adequate reserves for a rainy day? Or was it the result, at least in part, of fraudulent practices, of dubious mortgages portrayed as sound risks and packaged into ever more esoteric financial instruments,...
  • Exclusive: U.S. plans new bank fraud cases in early 2014 - attorney general

    12/04/2013 4:55:00 PM PST · by Oldeconomybuyer · 12 replies
    Reuters ^ | December 4, 2013 | by Karen Freifeld
    The U.S. Justice Department plans to bring mortgage fraud cases against several financial institutions early in 2014, using as a template the case that ended last month in JPMorgan Chase & Co's $13 billion settlement, U.S. Attorney General Eric Holder said on Wednesday. In an interview with Reuters, Holder would not say which companies or how many could face lawsuits but said the Justice Department was in contact with them and it was hard to say whether the talks would lead to settlements. "We have a number of investigations that are coming to a head at the same time," he...
  • Dodd-Frank: Making it Harder For You to Get a Mortgage

    11/18/2013 6:44:23 AM PST · by Kaslin · 16 replies
    Townhall.com ^ | November 18, 2013 | Rachel Alexander
    The Dodd–Frank Wall Street Reform and Consumer Protection Act, sarcastically known as Dodd-Frankery and Dodd-Frankenstein, was passed into law in response to the financial crisis and recession of 2008. It contains the most drastic changes to financial regulations since the regulatory reform after the Great Depression. Proposed by Obama in 2009 and signed into law in 2010, the Democratic bill was the handiwork of former Financial Services Committee Chairman Barney Frank (D-Mass.) in the House and former Banking Committee Chairman Chris Dodd (D-Conn.) in the Senate. It was supposedly going to stop banks from making loans to risky buyers who...
  • Your Dreams Not Included

    07/20/2013 3:50:13 AM PDT · by Kaslin · 3 replies
    Townhall.com ^ | July 20, 2013 | John Ransom
    Over the last several weeks we have heard Congress caterwauling, stonewalling, stalling and wailing about so called "bank reform". So, cover your eyes and get the kids of out the room because this is about to become bi-partisan.* Here it is: According to both parties- I know you'll find this hard to believe- banks apparently aren't reformed enough. Yes, the problem that Barney-Frank and Chris-Dodd supposedly fixed with huge Democrat majorities from 2000-Obama to 2000-O'Tea Party, apparently isn't fixed, both Democrats and Republicans agree. For example, the other day we heard Barney-Frank both defend and condemn the Dodd-Frank banking reform...
  • The Obama Hypocrisy: US sues S&P over pre-crisis mortgage ratings

    02/08/2013 6:33:10 AM PST · by Madhattan · 1 replies
    In charges filed late Monday in Los Angeles federal court, the Justice Department said S&P gave high marks to mortgage-backed securities that later went sour, even though it knew they were risky. The government said S&P misrepresented the risks because it wanted more business from the banks. The case is the government's first major action against one of the credit rating agencies that stamped their seals of approval on Wall Street's mortgage bundles. It marks a milestone for the Justice Department, which has been criticized for failing to make bigger cases against the companies involved in the crisis. "Put simply,...
  • new study confirms democrats crashed the economy DUH...

    12/21/2012 8:24:03 AM PST · by raygunfan · 20 replies
    The Examiner ^ | 12/21/2012 | ROBERT MOON
    A new study from the widely respected National Bureau of Economic Research released this week has confirmed beyond question that the left's race-baiting attacks on the housing market (the Community Reinvestment Act
  • Hacktivist's Mom Has a Few Questions for Anonymous

    03/15/2012 8:48:25 PM PDT · by Kaslin · 4 replies
    Townhall.com ^ | March 16, 2012 | John Ransom
    When hacktivist Jeremy Hammond was arrested last week in Chicago as a part of a wide government investigation in the online group Anonymous, his mother, Rose Collins, called him a genius without any wisdom. “Again?” she asked when informed by the Chicago Tribune that her son had been arrested for hacking. “I love my son, but he is a genius with no brain. He has a 168 IQ, but he has no wisdom.”  In an attempt to educate the world at-large about the dangers of Anonymous, Rose Collins reached out to Townhall Finance and spoke about Jeremy and Anonymous. She ended by asking a...
  • CBS, AP: Dem chair of House Oversight covered up ties to Countrywide for himself, colleagues,

    08/17/2012 7:14:11 AM PDT · by Hojczyk · 11 replies
    Hot Air ^ | August 17,2012 | ED MORRISSEY
    A Democratic committee chairman overrode his own subpoena three years ago in an investigation of former subprime mortgage lender Countrywide Financial Corp. to exclude records showing that he, other House members and congressional aides got VIP discounted loans from the company, documents show. The procedure to keep the names secret was devised by Rep. Edolphus Towns, D-N.Y. In 2003, the 15-term congressman had two loans processed by Countrywide’s VIP section, which was established to give discounts to favored borrowers. Issa exposed Towns’ coverup by issuing a second subpoena, which disgorged all of the records: The effort at secrecy was reversed...
  • Report: Countrywide won influence with [Dodd and Conrad] discounts

    07/05/2012 7:02:09 AM PDT · by Perdogg · 22 replies
    The former Countrywide Financial Corp., whose subprime loans helped start the nation's foreclosure crisis, made hundreds of discount loans to buy influence with members of Congress, congressional staff, top government officials and executives of troubled mortgage giant Fannie Mae, according to a House report.
  • ‘The Financial Crisis Was the Result of Government Housing Policy’

    05/18/2012 9:01:25 PM PDT · by neverdem · 43 replies
    Reason ^ | June 2012 | Anthony Randazzo
    The American Enterprise Institute’s Peter Wallison on how government, not greed, was the essential ingredient in the 2008 meltdown. In January 2011, a bipartisan, 10-member, government-created body called the Financial Crisis Inquiry Commission (FCIC) issued a comprehensive report assigning blame for the 2008 financial meltdown. The main culprits: “widespread failures in financial regulation and supervision,” “dramatic failures of corporate governance and risk management at many systemically important financial institutions,” “a combination of excessive borrowing, risky investments, and lack of transparency,” a government that “was ill prepared for the crisis,” and “a systemic breakdown in accountability and ethics.” The four Republicans...
  • Libya Taps Nicaraguan as Its Envoy at the U.N.

    03/30/2011 9:03:51 PM PDT · by Ooh-Ah · 8 replies
    NYT ^ | March 30, 2011 | Dan Bilefsky
    UNITED NATIONS — A former Nicaraguan foreign minister who once called President Ronald Reagan “the butcher of my people” has been appointed to represent Libya at the United Nations after its delegate was denied a visa, the Nicaraguan government said on Wednesday. Nicaragua said the former minister, Miguel D’Escoto Brockmann, 78, an outspoken critic of the United States and a Catholic priest, would replace the Libyan diplomat Ali Abdussalam Treki, who had been unable to obtain a visa to enter the United States. Libya’s ambassador to the United Nations, Abdurrahman Mohamed Shalgam, defected in late February after denouncing Col. Muammar...
  • MPAA boss: 'SOPA isn’t dead yet'

    04/09/2012 11:23:42 AM PDT · by ShadowAce · 10 replies
    The Register ^ | 6 April 2012 | Iain Thomson
    Former senator and current head of the Motion Picture Ass. of America Chris Dodd hopes to resurrect the reviled SOPA anti-piracy legislation in another form, but it appears the US House of Representatives is beating him to it a new bill that makes SOPA look sensible. Dodd, speaking in an interview with the Hollywood Reporter, said that he hopes to get a new version of the SOPA legislation ready for debate shortly, and that the MPAA was marshaling its forces for another attack on piracy. Dodd said he was confident that the new legislation would go through, and said there...
  • MPAA Directly & Publicly Threatens Politicians Who Aren't Corrupt Enough To Stay Bought

    01/20/2012 7:44:18 PM PST · by Kieri · 17 replies
    Techdirt ^ | 01/20/2012 | Mike Masnick
    from the sickening dept Reinforcing the fact that Chris Dodd really does not get what's happening, and showing just how disgustingly corrupt the MPAA relationship is with politicians, Chris Dodd went on Fox News to explicitly threaten politicians who accept MPAA campaign donations that they'd better pass Hollywood's favorite legislation... or else: "Those who count on quote 'Hollywood' for support need to understand that this industry is watching very carefully who's going to stand up for them when their job is at stake. Don't ask me to write a check for you when you think your job is at risk...
  • Left and Right Unite Against Hollywood's Failed SOPA Overreach

    01/19/2012 6:45:49 AM PST · by transducer · 12 replies
    Big Hollywood ^ | January 18, 2012 | Larry O'Connor
    The Google logo has been blacked out today. Wikipedia, reddit, Mozilla and Twitpic are all blocking access to content. Even Star Trek icon George Takei has blocked his site. The moves are displays of cyber-protest against the heavy-handed and ill-conceived Stop Online Piracy Act (SOPA). From a political and public relations standpoint, this has already been a complete and utter failure for Hollywood and their formerly formidable lobbying arm, the Motion Picture Association of America. Former Sen. Chris Dodd became the new CEO of the MPAA after he realized he would never be re-elected in his home state of Connecticut...
  • Five key senators abandon online piracy bills amid Web protests

    01/18/2012 3:08:55 PM PST · by abb · 34 replies
    The Hill ^ | January 18, 2012 | Brendan Sasso and Gautham Nagesh
    Congressional support for controversial online piracy legislation eroded dramatically on Wednesday in the face of an unprecedented online protest supported by tech titans such as Google, Wikipedia and Facebook. Several key senators withdrew their support from the Senate's Protect IP Act (PIPA), including Tea Party favorite Sen. Marco Rubio (R-Fla.) and Sen. Roy Blunt (R-Mo.), an elected member of his party's leadership. Sen. John Cornyn (R-Texas), who leads the Senate GOP's campaign team, said the legislation should be put on hold, while Sen. Orrin Hatch (R-Utah), a sponsor and the ranking member of the Senate Finance Committee, retreated from the...
  • Countrywide Probe is Chance for Ethics Committee to do 'Something Significant'

    12/21/2011 9:21:15 AM PST · by jazusamo · 6 replies
    National Legal & Policy Center ^ | December 21, 2011 | NLPC Staff
    It appears that four current members of the United States House of Representatives received loans via the VIP program of Countrywide Financial Corporation. Once again the motives of the former giant mortgage institution have been brought into question. Where they trying to peddle influence with these loans? Congressman Darrell Issa (R-CA) is the Chairman of the House Oversight and Government Reform Committee and he has been investigating the VIP program for a number years. Issa reportedly learned about the four loans after issuing a subpoena to Bank of America. Countrywide was purchased by Bank of America in 2008 and...
  • When Ted Kennedy and Chris Dodd Sexually Harassed Carrie Fisher

    11/11/2011 4:19:34 PM PST · by Kaslin · 28 replies
    Rush limbaugh.com ^ | November 11, 2011 | Rush Linbaugh
    BEGIN TRANSCRIPT RUSH: Carrie Fisher, speaking of sexual harassment charges, or rather the lack of them in this case. There's an amusing anecdote out there, Carrie Fisher's latest autobiography. She's the daughter, by the way, of the movie star Debbie Reynolds. I met Debbie Reynolds once at a House Clinic event. She was the entertainer. She's hilarious. I had forgotten. She is a hilarious comedienne, Debbie Reynolds. That's Carrie Fisher's mom, and Carrie Fisher played Princess Leia in the first Star Wars flick. That was before calling someone princess was sexist. Do you believe Cain had to apologize for calling...
  • ‘Star Wars’ Actress: Date with Sen. Dodd Brought Wild (sic Perverted) Questions from Sen. Kennedy

    11/10/2011 9:25:13 PM PST · by DogByte6RER · 50 replies
    The Hill ^ | November 10, 2011 | Judy Kurtz
    ‘Star Wars’ actress: Date with Sen. Dodd brought wild questions from Sen. Kennedy Holy Obi-Wan Kenobi! “Star Wars” actress Carrie Fisher claims the late Sen. Ted Kennedy (D-Mass.) asked her some pretty frank questions while dining out with the star and former Sen. Chris Dodd (D-Conn.). According to published excerpts from Fisher’s new book, “Shockaholic,” the entertainer, best known for her role as Princess Leia, was fresh out of her first stint in rehab and on a date with a then single Dodd back in 1985. Kennedy joined the pair at dinner in D.C.. Fisher writes, “Suddenly, Senator Kennedy, seated...
  • Freddie Mac Loses $4.4B in Third Quarter, Requests $6B More From Treasury

    11/03/2011 10:20:35 AM PDT · by ETL · 43 replies
    AP via Fox News ^ | November 03, 2011 | Associated Press
    Government-controlled mortgage giant Freddie Mac has requested $6 billion in additional aid after posting a wider loss in the third quarter. Freddie Mac said Thursday that it lost $4.4 billion, or $1.86 per share, in the July-September quarter. That compares with a loss of $4.1 billion, or $1.25 a share, in the same quarter of 2010. This quarter's $6 billion request from taxpayers is the largest since April 2010.
  • Five myths about Dodd-Frank (Chris Dodd defends the bill named after him)

    10/22/2011 8:20:02 PM PDT · by SeekAndFind · 7 replies
    Washington Post ^ | 10/22/2011 | Christopher J. Dodd
    fter a worldwide financial meltdown — and a $700 billion taxpayer-funded bailout — the need for common-sense financial reforms was clear. But now, even though the Wall Street Reform and Consumer Protection Act of 2010 (known as Dodd-Frank, after Rep. Barney Frank and me, its sponsors) is only beginning to take effect, critics are launching false attacks against the law in an effort to undermine it. Whether they are intentionally misleading or just misguided, they are wrong about the law’s purpose and impact. 1. Dodd-Frank is deepening the economic slowdown. Critics who charge that the law is aggravating the recession...
  • You Won't Believe Who Newt Gingrich Wants To Throw In Jail For The Financial Crisis

    10/12/2011 7:40:25 AM PDT · by SeekAndFind · 85 replies
    Business Insider ^ | 10/12/2011 | Zeke Miller
    Former Speaker of the House Newt Gingrich got worked up when asked about the Occupy Wall Street protests at last night's Bloomberg-Washington Post debate. Gingrich first sought to tie the protests to "left-wing agitators" before calling for the firing of Fed Chairman Ben Bernanke and Treasury Secretary Tim Geithner. He then doubled down, calling on former Sen. Chris Dodd and Rep. Barney Frank to be thrown in jail, not anyone on Wall Street. Asked if he actually meant for them to do prison time, Gingrich said he did, alluding to past ethical scandals. Watch the video below: CLICK ABOVE LINK...
  • Newt Slams Media For Not Demanding Transparency Of Federal Reserve

    10/11/2011 7:29:49 PM PDT · by Beave Meister · 15 replies
    RealClearPolitics ^ | 10/11/2011
    Newt Gingrich is asked about the Occupy Wall Street movement at the Bloomberg debate in New Hampshire: New Gingrich: "If they want to change things, the first thing to do is fire Bernanke, who is a disaster as chairman of the Federal Reserve. The second person to fire is Geithner. The fact is, in both the Bush and the Obama administrations the fix has been in. And I think it's perfectly reasonable to be angry. But let's be clear about who put the fix in. The fix was put in by the federal government. If you want to put people...
  • Soros faces Congress over hedge funds' role in meltdown

    11/13/2008 1:52:43 PM PST · by flattorney · 47 replies · 1,928+ views
    Telegraph (UK) ^ | November 13, 2008 | James Quinn/Louise Armitstead
    Abstract: Five of the world's richest hedge fund managers, including George Soros, the man who the broke the Bank of England, have been called to account by US politicians for their role in the collapse of the global financial system. The quintet – including John Paulson, who made $3.7bn (£2.49bn) last year betting against the US mortgage market – were grilled over their roles in buying unregulated derivatives products, which some politicians believe contributed to the financial markets' meltdown. The men, who each earned more than $1bn each last year, were called to account by Democratic Congressman Henry Waxman, who...
  • RUSH: Barack OBAMA Has DESTROYED the ECONOMY in Two-and-a-Half Years

    07/15/2011 1:21:29 AM PDT · by Yosemitest · 29 replies
    www.rushlimbaugh.com ^ | July 14, 2011 | Rush Limbaugh
    Barack Obama Has Destroyed the Economy in Two-and-a-Half Years July 14, 2011 BEGIN TRANSCRIPT RUSH: "Boehner: Dealing With the White House 'Has Been Like Dealing With Jell-O' -- In a meeting with a small group of reporters in his Capitol Hill office this morning [he] criticized President Obama and White House officials for their lack of resolve in negotiations. 'Dealing with them the last couple months has been like dealing with Jell-o,' Boehner said. 'Some days it's firmer than others. Sometimes it's like they've left it out over night.' Boehner explained that talks broke down over the weekend because,...
  • Don't Let Dodd-Frank Rip You Off Too

    07/04/2011 11:40:44 AM PDT · by Kaslin · 9 replies
    Townhall.com ^ | July 4, 2011 | Chris Poindexter
    In just a few days some fairly big changes in the commodities and currency trading markets are expected to land with a thud.  The changes stem from the Dodd-Frank Wall Street Reform and Consumer Protection Act aimed primarily at consumer lending, but is also having a wide ranging impact on securities trading.  Some of the changes are fairly straightforward and are intended to curb speculation that comes at the expense of consumers.  Others are aimed at curbing the excesses of the largely unregulated derivatives market.  Most of those changes will generally be good for consumers, all were well-intended but, like...
  • Americans' equity in their homes near a record low (worst since WWII)

    06/09/2011 10:12:16 AM PDT · by nhwingut · 12 replies
    AP ^ | 06/09/11 | Derek Kravitz
    WASHINGTON (AP) -- Falling home prices have shrunk equity so much that the proportion of their homes that Americans actually own is near its lowest point since World War II. The Federal Reserve says average home equity plunged from more than 61 percent at the start of 2001 to 38 percent in the January-March quarter this year. That drop comes as home prices in big metro areas have reached their lowest level since 2002.
  • Chris Dodd on front lines of movie copyright war (Wants stricter laws - friends in the Capital)

    04/11/2011 1:33:00 PM PDT · by bronxville · 20 replies
    muckety.com ^ | April 5, 2011 | Laurie Bennett
    Chris Dodd on front lines of movie copyright war Less than a month into his new job as head of the Motion Picture Association of America, former Sen. Chris Dodd finds himself in the midst of another high-pitched battle. This time the issue isn’t health care and financial reform. It’s copyright infringement, an ongoing tug-of-war since the advent of broadband internet access. Members of the Motion Picture Association filed suit in a federal court in Los Angeles Monday, accusing a movie-rental web site, Zediva, of illegally streaming films online. Zediva offers movies after they are available on DVD, but weeks...
  • Issa's First Subpoena: BofA/Countrywide

    02/16/2011 7:55:20 PM PST · by george76 · 17 replies
    FOX Business ^ | February 16, 2011 | Rich Edson
    Countrywide’s VIP program is the first subpoena target for House Oversight and Government Reform Committee Chairman Darrell Issa (R-Calif.), said a committee aide. The “Friends of Angelo” program, named for former Countrywide CEO Angelo Mozilo, has been under committee investigation since 2008 for allegedly granting generous mortgage deals to influential government officials, lawmakers and employees at Fannie Mae. “Countrywide orchestrated a deliberate and calculated effort to use relationships with people in high places in order to manipulate public policy and further their bottom line to the detriment of the American taxpayers even at the expense of its own lending standards,”...
  • Issa demands details on Countrywide's VIP loan program (Friends of Angelo)

    02/16/2011 6:46:41 PM PST · by Libloather · 21 replies
    The Hill ^ | 2/16/11 | Peter Schroeder
    Issa demands details on Countrywide's VIP loan programBy Peter Schroeder - 02/16/11 06:31 PM ET Bank of America will have to turn over all documents and records tied to Countrywide Financial's VIP lending program after House Oversight Committee Chairman Darrell Issa (R-Calif.) issued a subpoena for them Wednesday. Issa announced the far-reaching subpoena, his first as chairman of the panel, and made clear that he wanted to know specifically what public employees or elected officials may have benefited from the program. Issa is looking for all documents about the program, and is particularly interested in what "covered borrowers" were involved...
  • How We Got Here (and where we are headed) (Happy New Year)

    01/10/2011 2:57:51 AM PST · by Candor7 · 13 replies
    Ft. Hard Knox (Blog) ^ | April 27th, 2010 | TXPoet
    Let me see if I can summarize what has happened over the last few years. Democrats in Congress specifically Chris Dodd, Barney Frank and Ted Kennedy changed some laws forcing banks to extend loans to people with bad credit (the CRA). They also changed some laws allowing other companies to “bundle mortgages” and sell them with little to no regulations. Then Al Sharpton, La Raza and ACORN legally extorted financial institutions into loaning large sums to people who couldn’t afford the interest payments much less the loans. All these “loans” were traded back and forth between hedge funds in order...
  • No great loss for state, nation

    01/06/2011 8:44:06 AM PST · by Graybeard58 · 13 replies
    Waterbury Republican-American ^ | January 6, 2011 | Editorial
    As the final days of his long congressional career were falling from the calendar, corrupt Democratic Sen. Christopher Dodd was uplifted as one special interest after another heaped praise upon him. They were the beneficiaries of his years of generosity with other people's money and his advocacy of federal mandates that enriched them. And for all those years, they completed the quid pro quos by delivering copious sums and manpower for his re-election campaigns. In another context, prosecutors would call this extortion or racketeering; in this context, however, it's just called government. The news media, new and old, also kissed...
  • Dodd, Chase CEO Heckled Over Foreclosures At Senate Hearing (video)

    11/16/2010 2:21:59 PM PST · by i88schwartz · 2 replies · 1+ views
    RealClearPolitics ^ | November 16, 2010 | RealClearPolitics
    "He is lying, he did it last April in front of the House Financial Services Committee," a man yelled at David Lowman, the CEO of Chase Home Lending. Man to Sen. Chris Dodd (D-CT): "Chairman, let the homeowners speak! Let them speak. Homeowners, tell your story!" He was quickly escorted from the hearing on foreclosure practices.
  • Remember the LONG-TERM Causes of the Financial Sector Meltdown (an email pre-formatted for sending)

    10/23/2010 12:49:32 PM PDT · by FreeKeys · 38 replies
    FreedomKeys.com ^ | 20101010 | various
    Would the Last Honest Reporter Please Turn On the Lights?by novelist Orson Scott Card, a Democrat_________..      This [financial crisis] was completely foreseeable and in fact many people did foresee it.  One political party, in Congress and in the executive branch, tried repeatedly to tighten up the rules.  The other party blocked every such attempt and tried to loosen them...Furthermore, Freddie Mac and Fannie Mae were making political contributions to the very members of Congress who were allowing them to make irresponsible loans.  (Though why quasi-federal agencies were allowed to do so baffles me.  It's as if the Pentagon were...
  • President Obama is at it again

    Last night, President Obama again tried to revise history by blaming our current financial crisis on the war in Iraq stating “We have spent over a trillion dollars at war, often financed by borrowing from overseas. This, in turn, has short-changed investments in our own people, and contributed to record deficits.” Of course he and his brethren on the left continue to ignore Fannie Mae and Freddie Mac’s contribution to the current crisis. Between the two institutions they have secured nearly sixty percent of the $12 Trillion in mortgages in the United States, a large portion of which were subprime...
  • The Dodd-Frank Bailout is Already Here

    08/12/2010 6:58:34 AM PDT · by ToddThurman · 4 replies
    The Heritage Foundation ^ | 08/12/10 | Conn Carroll
    On July 21, when President Barack Obama signed the Dodd-Frank financial regulation bill, he promised: “There will be no more taxpayer-funded bailouts. Period.” How long will this Obama promise last? Well, The New York Times reports today that “the Obama administration on Wednesday pumped $3 billion into programs intended to stop the unemployed from losing their homes,” including a program announced by the Department of Housing and Urban Development that “will draw on $1 billion authorized by the new financial overhaul law.” That’s right. The Dodd-Frank “no more taxpayer-funded bailouts forever” bill is not even a month old, and already...
  • Frank-Dodd fails first test

    08/04/2010 10:53:06 AM PDT · by Graybeard58 · 9 replies
    Waterbury Republican-American ^ | August 4, 2010 | Editorial
    "And speaking of Countrywide, how can a bill written by Chris Dodd and Barney Frank possibly solve anything, when they were right in there ... right there with the collapse at every level in the first place? Isn't this a little like asking Mel Gibson to write your company's rules on anger management and racial tolerance?" — commentator Glenn Beck, July 22 Corrupt Democratic Sen. Christopher Dodd and Rep. Barney Frank, D-Mass., indeed wrote the financial-industry-overhaul bill that President Obama has signed into law. Among the bill's most grievous errors, it rewarded the worst and most asleep-at-the-switch actors in the...
  • When Government Invites Corruption

    07/22/2010 5:59:50 PM PDT · by Kaslin · 15 replies · 2+ views
    IBD Editorials ^ | July 22, 2010 | Investors Business Daily staff
    Ethics: A probe by Rep. Darrell Issa has now uncovered 173 sweetheart loans made by Countrywide Financial Corp. to 42 Fannie Mae and Freddie Mac executives. As is too often the case, it's a regulatory problem. Of the 173 loans, 150 were made to borrowers who identified themselves as employees of Fannie Mae. Loan recipients from the institution include Jamie Gorelick, a former vice chair of Fannie Mae; James Johnson, former chairman and CEO of Fannie Mae; Daniel Mudd, a former Fannie Mae president and CEO; and Franklin Raines, former Fannie Mae chairman and CEO. Issa, ranking member of the...
  • Obama's Financial 'Reform' Doesn't Fix Anything

    07/15/2010 9:38:38 PM PDT · by JohnRLott · 16 replies
    Fox News ^ | July 15, 2010 | John R. Lott Jr.
    The 2,319 page financial regulation bill that just passed Congress is filled with vague, complicated language. Some language will weaken our financial system and make it less efficient. Other language appears to mandate racial and gender employment quotas in dozens of Federal agencies. In the name of making sure that there is not another financial crisis, the bill does nothing to address what caused the mortgage problems created by government regulations that forced banks to make risky loans that they didn't want to make. It does nothing to rein in the $400 billion in losses created by government entities Fannie...
  • Bank Bill That Rewards Unions Headed to Obama's Desk

    07/15/2010 3:25:44 PM PDT · by NY Hockey Mom · 17 replies
    The Lonely Conservative ^ | 7/15/10 | The Lonely Conservative
    The Dodd/Frank Wall Street bill (oh, the irony) just passed the Senate and is headed to President Obama’s desk. Obama will be signing into law what Bob Belvedere calls the Fascist Take Over of the Free Market bill. To recap, it does nothing to address the Fannie Mae and Freddie Mac problem that was at the center of the financial crisis. Nor does it do anything about “too big to fail” which, if I recall correctly, was the original intent of financial reform. What the Fascist Take Over of the Free Market bill does do is reward more of the...
  • WHAT? Dodd: It Will Take Another Economic Crisis To Determine If Financial Reform Worked

    07/15/2010 12:10:12 PM PDT · by i88schwartz · 17 replies
    RealClearPolitics ^ | July 15, 2010 | RealClearPolitics
    "It is not a perfect bill, I will be the first to admit that. We don't know ultimately how well the ideas we've incorporated here will achieve the results we desire. It will take the next economic crisis, as certainly it will come, to determine whether or not the provisions of this bill will actually provide this generation or the next generation of regulators with the tools necessary to minimize the effects of that crisis when it happens," Sen. Chris Dodd said Thursday.
  • Gender Quotas In the Financial Sector?

    07/08/2010 11:41:56 AM PDT · by Bigtigermike · 20 replies
    Real Clear Markets ^ | Thursday July 08, 2010 | Diana Furchtgott-Roth
    What one finds when reading congressional legislation is invariably surprising. Take the Dodd-Frank financial regulation bill, for instance, which was created by merging Senate and House bills. When the Senate returns from recess one of its first actions will be to vote on the bill, which passed the House on June 30. I was searching the bill for a provision about derivatives. What did I find but Section 342, which declares that race and gender employment ratios, if not quotas, must be observed by private financial institutions that do business with the government. In a major power grab, the new...
  • Who Would Finance Mortgages If Fannie, Freddie Disbanded?

    07/02/2010 5:20:22 PM PDT · by CutePuppy · 38 replies · 3+ views
    CNBC ^ | July 02, 2010 | CNBC
    Big changes are in store for the banking system should Fannie Mae and Freddie Mac be revamped or eliminated—both of which are being discussed by housing experts and government officials to deal with the distressed real estate market. As the system works now with the two entities, Fannie and Freddie , banks write the mortgages, but they rarely hold them. The mortgages are sold off into pools, known as mortgage-backed securities (MBS). Fannie and Freddie guarantee the mortgage payments, so that the MBS buyer, be it the Chinese government or an American pension plan, has the security of the US...
  • Wall Street bill back to conference as Democrats don't have the votes

    06/29/2010 2:36:12 PM PDT · by BradtotheBone · 6 replies
    The Hill ^ | 06/29/10 02:06 PM ET | Silla Brush
    Senate and House conferees on Wall Street reform are reconvening Tuesday because of Republican objections to $19 billion in fees that would be placed on big financial firms. The meeting follows Sen. Scott Brown's (R-Mass.) letter to the chairmen of the conference committee on Tuesday, in which he said he would oppose the Wall Street overhaul bill as it stands. In a letter to Rep. Barney Frank (D-Mass.) and Sen. Chris Dodd (D-Conn.), Brown expressed "strong opposition" to the fees that were added in the conference process between House and Senate lawmakers last week. "If the final version of the...
  • Wall Street Reform: A Summary of What's In the Bill

    06/25/2010 3:30:05 PM PDT · by La Enchiladita · 12 replies · 1+ views
    CBS News ^ | June 25, 2010 | Jill Jackson
    Here is a summary of the The Wall Street Reform and Consumer Protection Act, the long-awaited financial reform overhaul that passed out of conference committee at 5:39 a.m this morning. Both the House and Senate are expected to pass the conference report next week so that it is on President Obama's desk by the July 4th recess. The provisions below are broken into two groups -- those that mainly affect consumers and those that mainly affect financial institutions.
  • Caption Chris Dodd & Barney Franks!

    06/25/2010 6:35:08 AM PDT · by reagan_fanatic · 39 replies
    Money grabber caption time!
  • Slick, Real Slick

    05/27/2010 5:40:40 PM PDT · by Kaslin · 18 replies · 1,345+ views
    IBD Editorials ^ | May 27, 2010 | Investors Business Daily staff
    Accountability: Democrats have finally gotten around to blaming the Bush administration for the Gulf oil disaster. We wonder when this administration will take responsibility for anything. Asked on the "Imus in the Morning" program Tuesday on Fox Business Network if the Obama administration is to blame for the damaging fallout of the spill, Sen. Chris Dodd, D-Conn., actually said, "Well, you know, they come into office a year ago with all of this. And so, after the last eight years ... " before being interrupted by a perplexed Imus. We too are perplexed. George W. Bush was blamed for the...
  • Sen. Chris Dodd Blames Bush For Oil Spill

    05/25/2010 10:52:45 AM PDT · by i88schwartz · 73 replies · 3,243+ views
    RealClearPolitics ^ | May 25, 2010 | RealClearPolitics
    When asked by Don Imus on his morning program if the Obama was to blame for lack of response to the oil spill, Sen. Chris Dodd (D-CT) blamed the Bush administration. "Well, you know, they come into office a year ago with all of this. And so, after the last eight years," he said. At that point, Imus interrupted and asked if he has "lost" his mind for blaming Bush. "The President has been in office for a year and a half and they've been dragging their feet and even people like James Carville said that his behavior 'has been...
  • The Sheer Pointlessness of the Dodd Plan (Why this stock market is pricing in gov't intervention)

    05/25/2010 10:12:29 AM PDT · by SeekAndFind · 1 replies · 191+ views
    Real Clear Markets ^ | 05/25/2010 | John Tamny
    Last week's passage of the Dodd finance reform plan dredged up bad symbolism, none of it good. Indeed, the Wall Street Journal front page headline touted legislation that would be the "Biggest Regulatory Overhaul of Wall Street Since Depression". Though most of us didn't suffer the federal government's persecution of the productive back in the ‘30s, basic history tells us that reforms back then did nothing to revive an economy on its back thanks to too much government. In that sense, we perhaps shouldn't pin all of the stock market's recent ill health on problems in a country as economically...