Sen. Dodd throws gasoline on fire
As a member and later chairman of the Senate Banking Committee, Sen. Christopher J. Dodd shoulders a good deal of the blame for the collapse of the national housing market, the subprime-mortgage-market meltdown and the latest convulsions on Wall Street.
For his efforts, Sen. Dodd has been rewarded in the 2008 election cycle with $7.65 million in campaign contributions — he took in $11.7 million in all — from the securities, insurance, real-estate and commercial-banking industries, according to his latest Federal Election Commission filing posted at opensecrets.org.
Sen. Dodd's list of donors reads like a who's who of who's in the stew: Citigroup, $310,294; SAC Capital Partners, $282,000; United Technologies, $263,400; AIG, $224,678; Bear Stearns, $205,600; St. Paul Travelers, $205,400; Royal Bank of Scotland, $203,750; Goldman Sachs, $175,600; Morgan Stanley, $155,000; Credit Suisse, $154,550; Merrill Lynch, $134,950; JPMorgan Chase, $129,150; Lehman Brothers, $128,400; KPMG, $113,100; General Electric, $108,250; Deloitte Touche, $108,000; USB, $101,900; Hartford Finance Services, $101,500; The Hartford, $94,350; Bank of America, $91,300.
With $165,400, Sen. Dodd also tops the list of members of Congress who took campaign cash from Fannie Mae and Freddie Mac since 1989.
Sen. Barack Obama, the self-styled agent of change, is a distant second at $126,000 and Sen.
John Kerry is third at $111,000.
In the top 20 are Senate Majority Leader Harry Reid, House Speaker Nancy Pelosi and Sen. Hillary Rodham Clinton.
Obviously, Sen. Dodd had plenty of buyers for the influence he was peddling. And without so much as a thought to the potential devastating economic consequences of his actions, he sold his soul, and sold out his constituents and country.
In return, he saved $75,000 on two VIP mortgages from Countrywide Financial.
Long after the horses had left the barn, Sen. Dodd now pledges to "continue to work on solutions to help Americans weather this storm, including strengthening the housing sector, developing a second stimulus package and restructuring the regulation of the financial sector."
To which we say: Haven't you done enough damage?