Will Senator Dodd Go Down Over Sweetheart Countrywide Loans?
The victory of the Democrats in the Senate races this past week has been good news for the party, but the lingering trouble over past loans to Senators who were friends of Angelo linger on. Senators Dodd and Conrad are in the cross-hairs of a Federal investigation after taking sweetheart loans personally approved by Angelo Mozilo, then head of Countrywide Home Loans.
Senator Conrad did something wrong, but the real fallout is with Senator Dodd who is the head of the Senate Banking Committee which oversees lending institutions. When you have control over regulation of the banking industry one of the questions incumbent upon you is the ask when borrowing money is “Is everything with this loan above board?”
Obviously in this situation it was not.
Since the Dodd story broke in June, the five-term senator has offered contradictory fragments of explanations and intentions. Scheherazade after a six-pack of Red Bull would not have told more desperate tales. Dodd gallops the gamut from calling the allegations of special treatment “outrageous” to pledging repeatedly and specifically to release documents related to the $800,000 in sweetheart deals he got from Countrywide.
Still claiming “there’s nothing there,” Dodd refuses to say whether his Senate campaign committee’s payments of $60,000 last summer to a Washington law firm, which has a history of representing Democratic senators in trouble, were for his defense in the Senate ethics investigation of his dealings with Countrywide. via Courant.com.
Great points Tom - the flavor of the day solution is only adding to the instability and volatility.
When Washington ...
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cont from above post.....
please contact me via e-mail if interested in the home listed
above.
jonieckstrom@yahoo.com 
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Comment by Shawn on 9 November 2008:
I’m new to investing but this is the type of info that I think is going to be key for everyone to pay attention too. Countrywide is a bank that definitely has my attention.