Corruption, Whether Small Or Great, Is Still Corruption
by Joel Hendon(564)
I’ve read a couple of interesting articles recently, some with such pathetic excuses that it would be amusing if they were not indicative of the real character of those who are our nations leaders and legislators.
One of those is Senator Kent Conrad of North Dakota, who is chairman of the powerful Senate Budget Committee and the other is Senator Chris Dodd of Connecticut, chairman of the Senate Committee on Banking, Housing and Urban Affairs. He is also a Senior Member of the Senate Committee on Health, Education, Labor and Pensions and also the Committee on Foreign Relations, plus other committees.
Both of these men are considered powerful leaders in the Senate and both serve on multiple committees and/or subcommittees. Senator Dodd, you will recall, made the headlines during the implementing of the first banking bailout passage. Someone, it was discovered, had added language into the bailout bill after it had been passed by the Senate minus that wording. After rigorously denying having anything to do with that or even knowing of it, he finally admitted having added it after he was instructed to do so. The episode faded from the news. Such an act, which allowed the banks to pay out exorbitant bonuses to their executives, should have been a criminal offense and should have been justly punished. Plus the one, whoever it was who instructed him to do it should also have been charged with a criminal offense.
Dodd is also known to have been complicit in the urging of the financial institutions to make under secured loans and mortgages to individuals who were unqualified for the loans, along with Congressman Barney Frank, during the Clinton administration. Which developed into the primary cause of our present economic crisis.
Now, it has been discovered that both Dodd and Conrad received preferential treatment in securing loans from Countrywide Financial Corporation. Both deny they had any idea they were receiving preferential treatment. Below is a short blurb describing their excuses and also the explanation from officials at Countrywide Financial. See who you think is telling the truth.
"I thought this was like a frequent-flier program," Sen. Kent Conrad, chairman of the Senate Budget Committee, said of the special benefits. "I thought nothing of it."
Sen. Christopher J. Dodd, chairman of the Banking, Housing and Urban Affairs Committee, said an account executive at Countrywide Financial Corp. told him that the VIP status was "nothing more than ... courtesy stuff."
A Countrywide official who handled the loans had said that both senators knew they got preferential treatment in the form of waived fees and points that likely saved them tens of thousands of dollars.
Robert Feinberg, who formerly worked in the mortgage giant's VIP section, said in testimony to congressional investigators last month that the senators were made aware of their status as VIPs or "Friends of Angelo," referring to Countrywide Chief Executive Officer Angelo Mozilo. The CEO played a central role in the subprime-mortgage meltdown, which included the downfall of Countrywide last year. (Washington Times July 29, 2009-S.A. Miller) http://www.washingtontimes.com/news/2009/jul/29/senators-see-countrywide-discounts-as-common-court/
There are considerably more details in the above article which I encourage all to read to help you to be the judge in this situation.
Webgazine Columnist.
Article submitted Wednesday, July 29, 2009 & read 149 times.
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