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Wednesday, June 18, 2008

Conrad Needs More Criticism on Countrywide Controversy

Posted by: Amanda Carpenter at 1:01 PM

I've got a new story up. Here's the lede:

The role that Senate Budget Committee Chairman Kent Conrad (D.-N.D.) played in greasing the skids for Sen. Chris Dodd’s multibillion mortgage bailout is being overlooked.

Both Democratic senators are being fiercely criticized after Portfolio magazine published a story stating they had received “VIP” discounts from Countrywide CEO Angelo Mozilo on their home loans-- which has not been refuted by either Dodd or Conrad. Although Dodd is bearing the brunt of those criticisms, both senators had major roles in crafting legislation to benefit Countrywide to the tune of billions of taxpayer dollars.

Despite the obvious conflict of interest, the legislation could come up for a Senate vote as early as today.

FULL STORY HERE.

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SAM writes:	Wednesday, June, 18, 2008 8:38 PM
Reason--You're Joking, Right?
Dodd's reported to have saved between $70K and $80K in interest savings and points reduction. http://michellemalkin.com/2008/06/16/how-stupid-do-unscrupu lous-borrowers-chris-dodd-and-kent-conrad-think-you-are/ At the same time, Dodd is spearheading a $300 billion bailout for large mortgage lending outfits, the largest of which is countrywide. He's also head of a Senate banking committee that also investigating Countrywide itself. Talk about influence for sale. At an absolute minimum, there's a concept of "appearance of impropriety" that applies. Dodd should have been paying full freight all along. Having accepted a discount, he should have been a million miles away from both the bail-out legislation and the Countrywide investigation. If his conduct squares with your idea of ethical conduct, have at it. It doesn't square with me. He's a public servant who shouldn't be for sale.
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Tazzmax writes:	Wednesday, June, 18, 2008 7:00 PM
Oh No!
Stop th presses, it can't be so! Senator "high and mighty" Dodd is pure as the driven snow! "Rats" are never "ethically challenged", and are above the law!
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Reason writes:	Wednesday, June, 18, 2008 6:51 PM
SAM
"These people are public servants and shouldn't be engaging in this kind of conduct." What conduct? Getting a mortgage that is in line with the market? If I was told that I was in a "VIP Program," I would assume it was due to the fact that I had excellent credit and that I was a repeat customer - both of which describe the situation with Dodd. Hey I'm all for sticking it to those on the right, the left, and the center when it comes to corruption, but I expect there to be something a bit more substantive behind the charges.
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SAM writes:	Wednesday, June, 18, 2008 3:44 PM
Please Revise
Kimberly: The Obama camp officials who are paying you will be disappointed with your writing. This is nonsensical: "It should be noted that Dodd's interest rate through Countrywide was NOT indicative of a bribe - it was no less than others who had as good credit rating and there was no indication of doing favors for Countrywide or Mozilo. None. The most you can him for is that his credit was impeccable and that he reflects the same courtesy that is afforded all mortgage customers of good standing." You are missing some words because it's incoherent. That aside, this is a major deal. Regardless of party, this is nonsense. These people are public servants and shouldn't be engaging in this kind of conduct. I realize that as a resident of Connecticut, you want to defend that lowlife Dodd to the hilt, but no sale. Residents of Connecticut and North Dakota should vote these tools out of office immediately. Please revise and reissue to get your point across.
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