Free Republic

WASHINGTON (Reuters) – The U.S. Senate's top banking legislator proposed ambitious financial regulation reforms on Tuesday, leaping beyond earlier proposals to tighten bank regulation, protect consumers and police systemic risk. In the 1,136-page bill, Senate Banking Committee Chairman Christopher Dodd called for creating three new government agencies, regulating over-the-counter derivatives, and cracking down on hedge funds, credit rating agencies and executive pay. Flanked by eight other Democratic senators at a news conference, Dodd said he is targeting the first week of December for his committee to work on the measure. It raises the stakes in a debate under way for...

The proven liar, Senator Chris Dodd, who is in a tough reelection race, has the gall to sick his Democrat's after his challenger about some kind of supposed help from the WWE: (h/t Doug Ross) Asserting that World Wrestling Entertainment has made illegal in-kind campaign contributions to the U.S. Senate campaign of its former CEO Linda McMahon, state Democratic party Chairwoman Nancy DiNardo filed a complaint with the Federal Election Commission. DiNardo says WWE staffers ordered YouTube to remove sexually-provocative WWE videos from its website after those videos became campaign fodder. ~~~ The videos, which depict simulated rape and necrophilia,...

Delaware beats Switzerland as most secretive financial center By: Reuters | 31 Oct 2009 | 07:59 PM ET Text Size By Kim Dixon WASHINGTON (Reuters) -- Move over Switzerland. The tiny state of Delaware beats the Alpine country in a contest for the most secretive financial jurisdiction, a tax justice rights group said on Saturday. The United States, led by the eastern seaboard state, took in $2.6 trillion in deposits from non-resident corporations and individuals in 2007, according to a survey of financial jurisdictions analyzed by the Tax Justice Network. The survey of laws, practices and size of inflows in...

A wide ranging congressional investigation into Countrywide Financial will dig into how the mortgage giant went about picking government officials to offer its VIP program, according to aides involved with the inquiry. Thanks to an agreement between Republicans and Democrats reached late Friday night, any name of a member of Congress involved in the VIP program will head straight to the ethics committee, while redacted copies of those documents will be given to the House Oversight and Government Reform. But the committee has cast a much wider net, looking into whether lobbyists or others in Washington helped identify mid-level Hill...

WASHINGTON (AFP) – A year ago, Barack Obama and Joe Biden were in the home stretch of a pulsating White House race, belting out speeches to pumped up crowds and days away from crushing Republican John McCain. The Democratic duo, now president and vice president, are back on the stump again, but the euphoric crowds have thinned and the electrifying crusade for change seems somewhat sullied by the inevitable compromises of governing. Taking time out from multiple crises, Obama has reeled off a string of appearances, polishing his own political skills in some of the few races scheduled a year...

Money talks. Wasn’t there, don’t know, didn’t have the grand to buy my way in. But that’s what is being reported today. At a $1000 a plate they were hoping to raise a cool mil from, ummm, uhhh, bankers and hedge fund managers. “We came very close to a Great Depression,” he said, adding that the United States must never again be so close to disaster because of the action of reckless investors. “Join us, don’t fight us,” said Obama, singling out the financial executives in the room. “Join us in passing what are necessary reforms. It is important for...

Republicans and Democrats on the House Oversight and Government Reform Committee agreed Friday night on language for a wide-reaching subpoena of Countrywide Financial’s VIP lending program as part of an investigation into allegations of influence peddling by the company at all levels of government, committee aides said. The subpoena, which was sent out Friday night, will ask the lender to fork over documents relating to its “Friends of Angelo” program – named for CEO Angelo Mozilo, who allegedly offered favorable mortgage rates to persons of influence.

Sen. Chris Dodd produced language that allowed Feinberg to cut salariesBy VICTORIA MCGRANE 10/23/09 4:37 PM EDT Remember all the heat Sen. Chris Dodd took earlier this year over writing the loophole in the stimulus that let AIG executives collect $165 million in bonuses? But that same provision had another key section – the authority for a White House pay czar to slash top executive pay at seven financial firms that still hold billions in taxpayer bailout funds. So what Dodd’s legislation gave away in the form of bonuses, it has taken back with special pay master Kenneth Feinberg’s power...

U.S. President Barack Obama (L) walks with U.S. Senator Chris Dodd (D-CT) to Marine One on the tarmac at New York's JFK Airport, October 23, 2009. Obama flew to Connecticut to attend a fundraiser on Friday for Dodd. U.S. President Barack Obama (R) and Senator Chris Dodd (L) meet with Bruce Moore, owner of Eastern Land Management in Stamford, Connecticut, October 23, 2009.

It's about damn time: Bank of America Corp Reportedly Congressman Towns issuing subpoena to Countrywide Financial in mortgage probe - Congressman Towns says he has requested information from Wells Fargo, JP Morgan, Citigroup, and GMAC; is prepared to issue subpoenas to other banks in mortgage probe if they don't comply (Source: Via Rebeltrader off wires) Remember that this is the same Congressman Towns: After GOP members of the House oversight committee shot footage for a "campaign style video" in the committee room, Democrats responded by changing the lock on a private door leading in from the Republican suite of offices....

BOSTON – President Barack Obama lent his popularity and cash-raising abilities to embattled fellow Democrats on Friday, defending White House allies whose losses would be an embarrassment for the president. Obama began a day of politicking with a quick "official" event at Cambridge's Massachusetts Institute of Technology to challenge the nation to lead the global economy in clean energy. But even as he stood in front of the seal of the presidency, Obama didn't forget politics. He praised Massachusetts Gov. Deval Patrick's "leadership and vision," saying he has endeavored to make his state "a clean energy leader" — remarks sure...

John Mckinnon at the WSJ reports: Home-Buyer Credit Is Focus of Inquiry The Internal Revenue Service is examining more than 100,000 suspicious claims for the first-time home-buyer tax break ... The tax credit is completely refundable, even if the homebuyer has no tax liability - and this makes it a target for fraud. From the IRS: "[The tax credit is] fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed." Also, the credit is separate from the closing, and the WSJ article suggests...

Under the "health care" heading on the White House Web site, a paragraph reads: "The President has vowed that the health reform process will be different in his Administration – an open, inclusive, and transparent process where all ideas are encouraged and all parties work together to find a solution to the health care crisis." But after dozens of televised hearings, round tables, markups and press conferences, top White House officials are now meeting in the Capitol with Senate Majority Leader Harry Reid and Sens. Chris Dodd of Connecticut and Max Baucus of Montana, away from Republicans and the press,...

Chris Dodd is one lucky old fart. The guy survives lots of heavy, HEAVY drinking throughout his life, the kind where you can't remember the crap you've done the night before and don't know how you got home, became the co-creator of the waitress sandwich with Dead Kennedy, and lots of sex with a number of different women without picking up herpes or AIDS, and the ol' boy comes down with prostate cancer this July. He's not lucky because he has prostate cancer. He's lucky because he's got an awesome private Senate healthcare plan, and a clinic to go to...

Dodd Rejects That Healthcare Bill Is Being Written Behind Closed Doors; Strongly Backs Public OptionBy Christopher Keating October 16, 2009 4:28 PM Sen. Christopher J. Dodd strongly rejected criticism that the highly important healthcare bill is being crafted only by Democrats behind closed doors. Former U.S. Rep. Rob Simmons, who is challenging Dodd in the 2010 race, and others have complained that the important aspects of the complicated bill are being written without public input. Dodd played a key role in a Senate health committee that passed an earlier version of the bill, which is now being merged with a...

If you think moderate Democrats are afraid of voting for ObamaCare, you should see how they react to a potential vote on the Countrywide Financial loan scandal. The House oversight committee was scheduled to meet on Thursday afternoon to mark up several minor pieces of legislation. Days before the meeting, California Republican Darrell Issa notified committee Chairman Edolphus Towns that Mr. Issa would call for a vote to subpoena Countrywide documents from Bank of America, which bought the failed subprime lender last year. Recall that, under the "Friends of Angelo" program, named for former Countrywide CEO Angelo Mozilo, Democratic Senators...

Health-care reform adds to troubles of Sens. Reid and DoddBy Gail Russell Chaddock Published Fri, Oct 16 2009 9:23 am WASHINGTON, D.C. — Two of the three Democrats charged with producing a Senate healthcare bill to take to the floor - Senate majority leader Harry Reid of Nevada and Sen. Christopher Dodd of Connecticut - face tough reelection bids in 2010. Senate leaders are used to being lightening rods. But the overhaul of the US healthcare system sets up a perfect storm of competing interests, especially for Democrats. As leader of a 60-member majority, Senator Reid has the votes to...

Dodd: Reform must have public optionUpdated: Friday, 16 Oct 2009, 6:27 PM EDT Mark Davis Hartford (WTNH) - There are two bills passed by two senate committees. Dodd is on the inside of the group that will blend the two versions into something that can pass the Senate with the 60 votes needed to avoid a filibuster by Republicans and that President Obama would sign. Senator Dodd rejected the criticism that the final Health Care Reform bill is being negotiated with the White House behind closed doors at the Capitol. Dodd is among the key players who is negotiating the...

Home rescue plan delaying, not solving crisisTue Oct 13, 2009 12:23pm EDT By Nick Carey and Al Yoon ALBANY, Ohio/WEST PALM BEACH, Florida (Reuters) - Within weeks of taking office, U.S. President Barack Obama rode to the rescue of homeowners resigned to financial ruin. Obama, grappling with the worst U.S. housing crisis since the Great Depression, pledged to help as many as 9 million families keep their homes by reworking their mortgages. Eight months later, the plan is plagued by delays, red tape and, some critics say, a reluctance by banks to do their part. Just 17 percent of eligible...

The latest Quinnipiac Poll is out and it’s more bad news for Sen. Chris Dodd. Despite a public relations blitz that had him returning to Connecticut for what seems like the first time in years, and a statewide email and choreographed “shout out” from President Obama in the Rose Garden, (Rob Simmons) is still leading Dodd 45%-39%.

During a Senate Banking hearing on "Minimizing Potential Threats From Iran" a code pink activist held a neon pink sign the size of a sheet of legal paper that read "DISARM ISRAEL". The person, clad in pink, arrived in the middle of the hearing (1:06:52 on the C-SPAN video) and sat behind James Steinberg, Deputy Secretary of State, for over an hour. Committee chairman Chris Dodd allowed this this silent protest.

Homeland Security: Provisions of the law that spared New York another 9/11 are set to expire Dec. 31. So why do Democrats want to gut this law and remove the immunity telecom companies have for helping protect America? To borrow a British expression from World War II, it was a very near thing. The capture, arrest and indictment of 24-year-old Afghan immigrant Najubullah Zazi before he could set off bombs made from store-bought chemicals prevented a tragedy of potentially devastating proportions. It wouldn't have happened if the critics of Patriot Act had their way. The capture of Zazi was made...

On Tuesday, Najibullah Zazi, a 24-year-old Afghan immigrant who was a teenager in Queens during the Sept. 11 attacks, pleaded not guilty to federal terrorism conspiracy charges in New York. This is a scary story. Police stopped and searched Zazi's rented car on the George Washington Bridge on Sept. 10, as the anniversary of the Sept. 11 attacks loomed and President Obama was about to join world leaders at a U.N. confab. According to the U.S. attorney's office, Zazi flew to Pakistan in August 2008 to receive bombmaking instructions, returned to use the Internet and nine pages of handwritten bombmaking...

From Ken Vogel's report on the filmmaker's wide-ranging press conference today: Moore also called out Sen. Chris Dodd (D-Conn.), who supports the public option, but whose role in financial regulation as chairman of the Senate banking committee comes in for criticism in “Capitalism.” Speaking to Public Citizen, Moore said, “we’re going to lose this seat unless we run another Democrat” and said he’d “already received a phone call from a well known Democrat to tell me to back off Sen. Dodd.”

It would be next to impossible to fact-check everything Democratic Sen. Christopher Dodd says. Lord knows the endeavor would be worthwhile; after all, politicians such as Sen. Dodd inspired the joke: "How do you know politicians are lying? Their lips are moving." Sen. Dodd's reason for staying on as chairman of the Senate Banking, Housing and Urban Development Committee, rather than taking over the late Ted Kennedy's Committee on Health, Education, Labor and Pensions, is one of his more recent statements that fails the smell test. "We have important work to do on the Banking Committee, and I intend to...

The revelation that Countrywide Financial recorded phone conversations as part of a specialized "VIP" mortgage loan program has added another twist to a Republican-led inquiry on Capitol Hill. Republican Rep. Darrell Issa, who has aggressively pursued the now-defunct Countrywide program for much of this year, said Monday that a call-recording system put in place as early as 2003 could contain evidence of wrongdoing by prominent public officials. He requested a raft of new information about the program and the taping system from Bank of America, which purchased Countrywide in July 2008 as it struggled with mounting losses amid the collapse...

Election '08: Democrats want to use profits from the bailout as a slush fund for liberal activist groups, even those involved in vote fraud to help elect Barack Obama.Prior financial bailouts, or "rescues," such as those involving savings and loan failures, and Chrysler, have over time actually made money for the government. It may be the case here as well, as assets bought by the government at bargain prices return to marketable values and are auctioned off. One of the sticking points in resolving the crisis was a poison pill in the Dodd/Paulson compromise that would move 20% of profits...

The Subprime home mortgage collapse...a Primer. It's ALL about the CRA of 1977 Community Reinvestment Act (CRA) of 1977 - This required banks to offer credit throughout their entire market area for “underserved” populations and small businesses. The CRA gave incentives to help low income borrowers become “home owners”. Liberals call this group “low income borrowers”. Conservatives call them a RISK!The CRA was passed by the Carter administration. In 1995 the Clinton administration authorized subprime loans under the CRA. Democrats added these provisions for the securitization of subprime loans and then ENFORCED the lending to high risk individuals. By 2000,...

Peter Schiff, a Waterbury money manager, author and financial pundit, today used "Morning Joe" as the platform from which to launch his much-anticipated bid to challenge Sen. Christopher Dodd. The announcement came as no great surprise. There have been multiple reports, it was teased on a twitter feed and a grassroots group of California liberatarians have been pushing for Schiff to run for months. "Smashed your TV? Fix it and tune into Morning Joe at 8:15 tomorrow morning!," Schiff tweeted yesterday afternoon. A Web site for Schiff's campaign is already up and running.

World Wrestling Entertainment (WWE) CEO Linda McMahon appears primed to run for Senate in Connecticut and should make an announcement very soon, according to sources with knowledge of her deliberations. “A decision is imminent, and she will likely make a decision over the next couple of days,” said a Republican strategist. “It will be made sooner rather than later.” One well-placed source said McMahon is “99 percent” in. Another said the announcement could come as early as Wednesday.

The H/T goes to Sound off Connecticut regular Jim Geraghty over at National Review, but the credit all goes to the Senior Senator. Rasmassusen reports he still trails Rob Simmons badly. Heck, he trails everyone badly. Quote of the day."Typically, when an incumbent polls below 50%, they are considered potentially vulnerable. Dodd certainly falls into that category."

Extreme, fringe, and tea-baggers … this is what your Senator thinks of all of you. And the very fact that he has had to resort to using fowl sexual language to describe his constituents gives you a good indication of the state of his campaign. Chris Dodd won’t improve his chances of re-election with talk like this. In one easy to read statement, Dodd’s campaign manager called hard working constituents Extreme, fringe, and tea-baggers. High School!

Sen. Chris Dodd is banking on Banking. And as its still-chairman, getting something done there could determine whether he will be a senator, much less a chairman, in 2011. Faced with the most difficult reelection bid in the Senate next year, the three-decade senator rolled the dice Wednesday and opted to stay where he is as chairman of the Senate Banking Committee. He had considered taking control of the Health, Education, Labor and Pensions (HELP) panel following Sen. Edward Kennedy’s (D-Mass.) death. Neither committee offered great political prospects, but both provided strong opportunities for Dodd (D-Conn.) to accomplish something big....

2010 Preview: The Hottest Races in the Senate for DemocratsHolly Bailey Election Day 2010 is still more than a year away—423 days to be exact. But it’s never too early to begin looking at what will be the hottest races to watch. Over the next two days, your Gagglers will look at a handful of must-watch Senate races, a list that will no doubt evolve over the next year as the battle for Congress begins. **SNIP** California: Is Barbara Boxer seriously in trouble? One of the more outspoken liberal members of the Senate, Boxer seemed like a shoo-in for a...

What is wrong with the following sentence? Congress wrote the Kennedy-Dodd health care bill while meeting in Washington on the backs of envelopes. Hint: there are at least two correct answers. I have written many posts about the Kennedy-Dodd health care bill. There is only one problem. I learned Saturday, courtesy of The Wall Street Journal, that what we all thought was the Kennedy-Dodd bill, isn’t the Kennedy-Dodd bill. It seems that after the bill was released to the public in June, on July 15, the Senate Health, Education, Labor and Pensions Committee, under the “leadership” of Sen. Dodd (D....

Do you want Peter Schiff to run for Senate in Connecticut? If so, Peter has set a fundraising goal... http://www.schiff4senate.com

Peter Schiff turns on his computer and checks his fundraising numbers with the studied nonchalance other guys might display while perusing last night's box scores. It's a Friday in early August and Schiff's fans have set off a "money bomb" — a 24-hour pledge blitz they hope will persuade him to run for the U.S. Senate seat held for almost 30 years by Christopher J. Dodd. Schiff, the Fairfield County stockbroker and author who has become YouTube's most popular prognosticator of financial doom, says he will make up his mind by Labor Day. But spurred on by a cadre of...

GOSH, what a surprise: A committee of their fellow senators has decided that Chris Dodd and Kent Conrad did nothing unethical when they took out loans from Countrywide Financial on the kind of favorable terms not available to mere mortals without their financial or political standing -- or a personal connection to the head of Countrywide. The very Select Committee on Ethics did recognize that the whole deal looked bad, and gave its colleagues a gentle pat on the wrist for creating "the appearance that you were receiving preferential treatment based on your status as a senator." But in the...

Several outlets including NBC are reporting that WWE CEO Linda McMahon is considering running for a Senate seat. If she goes through with it, she'd run as a Republican against Connecticut Senator Chris Dodd in 2010. McMahon has already had some political success this year as she was successfully appointed to the Connecticut State Board Of Education.

As the old Irish toast goes, may your sins be judged by the Senate ethics committee. Actually that's not an Irish toast but it must be the fervent hope of every politician who received a "Friend of Angelo" loan from former Countrywide Financial CEO Angelo Mozilo. Late last week the six Senators on the ethics panel dismissed complaints against Senators Kent Conrad and Chris Dodd with a mere admonishment about the appearance of impropriety. The three Republican and three Democratic Senators say they conducted an exhaustive probe and inspected 18,000 pages of documents. They say they found "no substantial credible...

... Americans in vast numbers are abandoning cable news networks because of stunts like this. Throughout the interview the host badgers and belittles Schiff who is barely able to open his mouth before the host interrupts him again.

WASHINGTON (MarketWatch) -- Two key Democrat senators were cleared by the Senate Ethics Committee on Friday from year-long investigations about whether mortgages they obtained from Countrywide Financial Corp. violated the senate's rules on gifts. The bipartisan committee, which supported the decision unanimously, did scold the senior lawmakers, Senate Banking Committee Chairman Christopher Dodd, D-Conn., and Senate Budget Committee Chairman Kent Conrad, D-N.D., for not being more careful in their 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...

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...

WASHINGTON – A committee that investigated VIP mortgage deals for Democratic Sens. Chris Dodd and Kent Conrad has cleared both of them of breaking Senate rules. The Select Committee on Ethics tells Dodd of Connecticut and Conrad of North Dakota in separate letters that it has found "no substantial credible evidence" that their Countrywide mortgages broke Senate gift rules.

Two Democratic Party senators, Chris Doss and Kent Conrad have been "caught" receiving Sub-Prime "VIP" Loans from lender Countrywide Inc. The Loans were at favorable interest rates. Despite the fact that the lender has testified that both men knew that they were getting a sweetheart deal, Senator Dodd claims he didn't know he was getting favorable rates..... California Republican Darrell Issa, has been trying for months to get Edolphus Towns, D-N.Y., chairman of the House Oversight and Government Reform Committee to subpoena Bank of America for Countrywide's records (BOA bought Countrywide). Issa wants to know the details of the two...

Nearly half of U.S. homeowners will owe more than their homes are worth in 2011, Deutsche Bank AG reports. The report estimates 48 percent of U.S. homeowners will be under water on their mortgage by the next two years, which nearly doubles the current 26 percent as of March 31. "We project the next phase of the housing decline will have a far greater impact on prime borrowers," Deutsche analysts Karen Weaver and Ying Shen said in the report. The drop in home prices is creating a cycle of foreclosures as it eliminates equity and gives borrowers motivations to walk...

Supporters of Peter Schiff's nascent bid for U.S. Senate plan to unleash another money bomb, or one-day donation blitz, tomorrow. The goal, according to the money bomb website, is to raise $1 million in a single day. Schiff has formed an exploratory committee as he contemplates a run for the Republican nomination to take on Democratic incumbent Chris Dodd. Known for his outspoken opposition to federal bailouts and stimulus efforts, Schiff has made frequent appearances on CNBC and other networks and is credited with having foreseen the current financial crisis. He served as economic adviser to Ron Paul, who sought...

Dan Clemens Marlboro, NJ *** Since Dodd is a big proponent of Obama's European-style health care, I feel that he should not be treated in this country. He should go to England, where he will wait to see a primary-care physician, then wait to be seen by a specialist and then, if the system feels that this senior citizen is not too old to use up precious resources, a date for an operation or treatment can be set for some time next year or the year after. What is deemed appropriate for citizens of the United States should be appropriate...

HARTFORD, Conn. (AP) -- U.S. Sen. Chris Dodd told small business owners Monday that he will spend the month of August pushing for national health care reform while dealing with his own health care issues. Dodd, who announced last week that he has prostate cancer, appeared at a round-table discussion at a warehouse in Hartford with Health and Human Services Secretary Kathleen Sebelius to speak to small businesses about the need for health insurance reform. A handful of protesters picketed across the street, holding hand-written signs with messages like, "Stimulate capitalism, not socialism."