Thursday, September 16, 2010

Chris Dodd and His Three Residences, on a Senator's Income

A friend suggests that any investigation of the sweetheart mortgage rate Senator Chris Dodd received from Countrywide is a misdirected investigation.

The real investigation should be on how Dodd was able to qualify for mortgages on three residences on just a Senator’s income. Dodd owns a condo in Washington D.C., a house in Connecticut and a part of a third property in Ireland. The cottage in Ireland was purchased in a strange deal with two partners, one of whom was convicted of tax and securities fraud but was later pardoned by President Clinton at the request of Senator Dodd.

The Dodd affair was ignored in Washington but it was big news in Connecticut. It’s a fair guess to say that Chris Dodd decided not to seek reelection to avoid the scrutiny in Connecticut, says our source. The Harford (CT) Courant was hounding him.

Our source ponders:
The impacts on federal banking policy however will survive his terms in office. Did Chris Dodd decide to steer his part of the Dodd-Frank FinReg bill so far to the left as a form of strange “Act of Contrition” in light of his own (alleged) financial manipulations of the mortgage credit business?


  1. Wenzel,

    Your friend is confused about the left-right paradigm. He seems to be conflating "leftism" with anti-business or anti-Wall St or something.

    Dodd was obviously on a leash, like every other politician. The dog doesn't get fed if he doesn't do what the master wants. I'm guessing the dog didn't bite the man on this one. Rather, the dog was likely sic'ed on another man.

    Time will tell...

  2. Sen. Dodd received bribes in the form of good mortgage deals. Perhaps they were worth a few hundred thousand dollars, a million at most. In return, he pushed or blocked legislation worth billions to its supporters or opponents. The bribes were EXCELLENT investments for whoever made them. Ordinary citizens could match these bribes. There ought to be a way for "We the people" to throw our congress-critters some money in return for thinking of us. We can't expect many of them to do it free of charge! For each piece of legislation, each legislator should have a bank account for and against. The money would be for the legislator's personal use. Citizens could contribute legally before the vote to buy influence and afterward as a reward. Everything would be posted on the internet: who gave how much to whom.

  3. Dodd's wife, Jackie Clegg Dodd, is a rainmaker, similar to Evan Bayh's wife Susan.

    Retired Senators Dodd & Bayh will get lots of opportunities, likely landing a cush job with a private equity underwriter. What retired politician doesn't have a PEU slot?

  4. @Anonymous

    "There ought to be a way for "We the people" to throw our congress-critters some money in return for thinking of us."


    We throw them money all the time. It's called taxation. Beyond that, even if we don't pay them beyond taxation, those who vote for a specific politician elect that public parasite...err represent them; not to be bought by lobbies. Representative government my foot. Government by consent my ass.

  5. This is why direct elections of Senators is a sham. Time for them to be once again selected by the States themselves as a means of controlling the run away rats.

  6. Albert Einstein once said "doing the same thing over and over, expecting different results, is insanity."
    How much longer are you Amerikans going to continue to attempt to fix your federal government?
    At what point will you FINALLY realize secession is the ONLY cure?