Chris Dodd is likely not the most corrupt politician to ever grace our landscape, though he will give a lot of folks a good run for their corrupt practices money. What is truly stunning about Dodd's corruption is the combination of its brazen nature, his proximity to power and influence in the one industry most in need, and that no one seems to much care besides the voters of Connecticut hopefully in November of 2010.
I was first introduced to Dodd's corruption when it was revealed that he got multiple sweetheart loans from Countrywide. He repaid Countrywide with a bill known as Dodd/Frank. This bill would have allowed for hundreds of billions worth of "toxic loans" to be removed from the books of the newly formed Bank of America (which bought Countrywide at reduced prices because of these loans) and move them onto the books of the tax payer through FHA. Fortunately, this bill was very poorly written and so only a few hundred loans were done under the bill.
Yet, Dodd's revelations of corruption were only just beginning. We later found out that over the last twenty years it was Chris Dodd that is the single biggest beneficiary of campaign funds from both Fannie/Freddie. More than one eyebrow was raised when last July Dodd pronounced both to be "viable". It certainly appears to me as though that confidence was bought and paid for with twenty years of campaign contributions.
In the 1990's, Chris Dodd was tied to a questionable land deal in Europe with convicted insider trader Edward Downe of Bear Stearns. The latest revelation involves a massive amount of money coming from AIG into the campaign coffers of Dodd. Furthermore, yesterday it was revealed that upper management practiced pseudo extortion in "encouraging" lower level folks to contribute to Dodd's campaign.
What's truly amazing is how brazenly Dodd has moved from one corrupt deal to another. Even more amazing is that he continues to be head of the Senate Banking Committee. As such, Dodd is in a position to influence each and every player that he has been linked to corruption with.
As we endure a massive economic contraction centered in banking, we have the head of the Senate's Banking Committee linked to an endless stream of corruption involving the very banks he will be overseeing. Does anyone trust that his decisions won't be influenced by all of the corruption he is tied to?
Are we really to believe that a person this corrupt, in a position of this much power, will do what's right? Are we really to believe that such an explosive combination won't have explosive consequences? Dodd is now in a position to influence everything from future regulations, bailouts, TARP dollars, and the toxic asset buy out. Yet, it is undeniable that his decisions have been compromised. Yet, he not only continues to sit as head of the Banking Committee but there isn't one person in a position of power demanding that he be removed. Every entity from Bear Stearns to AIG has been tied to his corruption and they will all be deeply in bed with the government for the indefinite future. Yet, no one seems to think that Dodd's place as head of the Banking Committee will cause any problems whatsoever. I am here to tell everyone that a deeply corrupt person in a position of power is the worst combination and that's exactly the situation with Senator Chris Dodd.
Please check out my new books, "Prosecutors Gone Wild: The Inside Story of the Trial of Chuck Panici, John Gliottoni, and Louise Marshall" and also, "The Definitive Dossier of PTSD in Whistleblowers"