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View Diary: CT-Sen: Dodd In Large Trouble (140 comments)

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  •  One would hope, but.... (2+ / 0-)
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    DocGonzo, bren

    We've seen no evidence of leadership by Dodd in the past year, despite his prestigious position.

    What we have seen are allegations that

    "staffers from Bank of America had drafted Dodd's housing bailout bill (FHA Housing Stabilization and Homeownership Retention Act of 2008) in March 2008, before it was introduced in the Senate."

    and of Fannie Mae and Freddie Mac:

    As part of Dodd's overall mortgage bill the Housing and Economic Recovery Act of 2008 before Congress in the summer of 2008, Treasury Secretary Hank Paulson sought provisions enabling the Treasury to add additional capital and regulatory oversight over these government sponsored enterprises. These provisions were part of the bill signed by President George W. Bush. At the time, it was estimated that the federal government would need to spend $25 billion on a bailout of the firms.[47]

    During this period, Dodd denied rumors these firms were in financial crisis. He called the firms "fundamentally strong",[48] said they were in "sound situation" and "in good shape" and to "suggest they are in major trouble is not accurate".[

    Not exactly confidence-inspiring moments.

    Just recently Dodd intimated that nationalization may be necessary for some of the failed/ing banks, only to back away from those comments a few days later.

    Here we are now Entertain us I feel stupid and contagious

    by Scarce on Tue Mar 10, 2009 at 03:33:46 PM PDT

    [ Parent ]

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