Democrat Senators involved in potential loan scandal

**Xiahou** · 06-17-2008, 01:10

Here is a WJS editorial on the topic. Essentially, senator Chris Dodd, chairman of the Banking committee, and Kent Conrad, who sits on the Finance Committe both received discounted loans from Countrywide. Considering their positions, I think this stinks pretty bad of bribery and almost certainly runs afoul of rules on gifts.

So after calling the CEO of a company with various matters before the Senate, asking for a loan and then receiving at least two sweetheart deals, Mr. Conrad now says: "I did not think for one moment – and no one ever suggested to me – that I was getting preferential treatment." Lawyers will immediately wonder if this isn't a version of the "ostrich defense," which judges describe during jury instruction as willful blindness or deliberate ignorance. For what other reason, besides preferential treatment, would one call the CEO of the mortgage company? Does Mr. Conrad call August Busch IV when he wants to buy a six-pack?

Almost as breathtaking is Senator Conrad's attempt to use a charitable contribution for the estimated amount of any mortgage savings – $10,500 – to make the issue go away. So while the Senator says he did nothing wrong, now that his nonmistake has been discovered he'll nonetheless give away the nonspecial treatment cash. There is ample evidence here to warrant an investigation, including subpoenas for relevant documents.

The same goes for Senator Christopher Dodd (D., Conn.), who chairs the very Banking Committee responsible for drafting the laws that govern Countrywide's market. Mr. Dodd is still in denial mode, but so far no one has knocked down the Portfolio.com story that he received discounted loans as part of Countrywide's "Friends of Angelo" program.

**Devastatin Dave** · 06-17-2008, 01:27

You know this story is going to get burried.

**Tribesman** · 06-17-2008, 01:51

You know this story is going to get burried.

Since the scandal is a long running story that is widely reported and is involving lots of investigations at many levels and involves politicians from both parties how on earth do you come to that conclusion ?

**Xiahou** · 06-17-2008, 02:02

Here's the article on Portfolio, for those that want more background on the story.

Originally Posted by Devastatin Dave

You know this story is going to get burried.

It'll be interesting to see where this goes. I won't be surprised if it's nowhere though.

**Tribesman** · 06-17-2008, 10:37

It'll be interesting to see where this goes. I won't be surprised if it's nowhere though.

Why would it go nowhere ?

**CountArach** · 06-17-2008, 10:49

Originally Posted by Tribesman

Why would it go nowhere ?

That liberal spin machine known as the media

**Tribesman** · 06-17-2008, 10:56

That liberal spin machine known as the media

damn I hadn't thought of that .
I forgot that the senate and house are run by the liberal media , so is the FBI and the judiciary .

But hold on , if the liberal media are running things then this story is going to go all the way , after all they will be after the Bush appointed republicans involved , especially those whose job involved overseeing this banks activities .

**Odin** · 06-17-2008, 12:28

I swear I heard or read some where that Dodd was about to propose a major bi partisan piece of legislation on the housing mess. What a wonderful back drop this will provide for him. Timing is everything isnt it?

**ICantSpellDawg** · 06-17-2008, 14:47

This is a backdoor payment of around 10,000 each. Anybody can get preffered treatment for whatever reason, but they seemed to be on a list. I'd like to know how their names got on that list.

BTW I was listenig to NPR and they didn't mention that either Dodd or Conrad were dems. I guess they just figured we knew their party affiliation because their listening audience tends democrat?

Originally Posted by Odin

I swear I heard or read some where that Dodd was about to propose a major bi partisan piece of legislation on the housing mess. What a wonderful back drop this will provide for him. Timing is everything isnt it?

"they were about to solve everything and then the right-wing hate machine swung by and put 10k in their pockets" - good defense.

And Larry Craig just had to use a public restroom... if it wasn't for that liberal undercover and his lies!

**Xiahou** · 06-17-2008, 20:07

Originally Posted by Odin

I swear I heard or read some where that Dodd was about to propose a major bi partisan piece of legislation on the housing mess. What a wonderful back drop this will provide for him. Timing is everything isnt it?

I think he was about to announce that all Americans could refinance thru the "Friends of Angelo" program. He had been testing a pilot program himself for sometime and was just about to make an announcement.

**Odin** · 06-17-2008, 20:12

Im off a few months I guess. I think this is what I was I was thinking about: Click here if you want to see, oh the hypocrisy

**Lemur** · 06-18-2008, 17:19

Looks like it's getting some play. 133 articles as of 11 a.m. But does the scandal extend to the Republic Party as well?

**Xiahou** · 06-18-2008, 18:11

Originally Posted by Lemur

Looks like it's getting some play. 133 articles as of 11 a.m. But does the scandal extend to the Republic Party as well?

The only Republican I've seen named thus far is former HUD secretary, Alphonso Jackson. He would've been Deputy Secretary at the time he received the loans, according to my earlier link. If there was any impropriety, which there is certainly the appearance of imo, he should be nailed too. But, that's not as sexy as Senators currently in office.

One reason I heard that both parties are dragging their feet on investigating this is that members on both sides are afraid that they might find themselves implicated if the issue gets too much scrutiny- which is just sad.