Monday, January 26, 2009

The View From Across The Pond

The Guardian has put together a list of twenty-five people at the heart of the economic meltdown, and guess who made the list?
Christopher Dodd, chairman, Senate banking committee (Democrat)
Consistently resisted efforts to tighten regulation on the mortgage finance firms Fannie Mae and Freddie Mac. He pushed to broaden their role to dodgier mortgages in an effort to help home ownership for the poor. Received $165,000 in donations from Fannie and Freddie from 1989 to 2008, more than anyone else in Congress.
His good buddy, Angelo Mozzillo, was not left out, either.
Known as "the orange one" for his luminous tan, Mozilo was the chairman and chief executive of the biggest American sub-prime mortgage lender, which was saved from bankruptcy by Bank of America. BoA recently paid billions to settle investigations by various attorney generals for Countrywide's mis-selling of risky loans to thousands who could not afford them. The company ran a "VIP programme" that provided loans on favourable terms to influential figures including Christopher Dodd, chairman of the Senate banking committee, the heads of the federal-backed mortgage lenders Fannie Mae and Freddie Mac, and former assistant secretary of state Richard Holbrooke.
Hopefully Connecticut voters get their news from England, and not the US media. There is not enough attention being paid to Dodd's role, and I am not holding my breath for the Courant to put it on the front page.

H/T Instapundit

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