Archive for the ‘Chris Dodd’ tag
Sweet deals
It was obvious from the beginning that the massive banks bailout, with the deceiving name American Housing Rescue and Foreclosure Prevention Act, has very little to do with protecting the interests of the American taxpayers. Trying to hide the true purpose of the bill, bailing out banks that lost billions of dollars in idiotic investments, as trying to prevent poor people from loosing homes they should could not afford buying - all with tax money of those who otherwise might have been able to get better mortgage.
But even I didn’t realize the level of Chutzpa of “public servants” that lost all shame:
Senators Christopher Dodd, Democrat from Connecticut and chairman of the Banking Committee, and Kent Conrad, Democrat from North Dakota, chairman of the Budget Committee and a member of the Finance Committee, refinanced properties through Countrywide’s “V.I.P.” program in 2003 and 2004, according to company documents and emails and a former employee familiar with the loans.
Or in other words: Senator Dodd, the chairman of the banking committee that pushing the bailout act received preferred loans from one of the banks that will be most benefited from the proposed bailout. Sweet loans indeed - It is a simple investment for the bank (with very promising return on investment), and the Senators will return the favor with my money.
Simply disgusting!