Time To Dump Dodd

Among many who need to resign from public office is Christopher Dood, D:CT, who is Charmian of the Senate Banking Committee and until recently a vice presidential candidate for Senator Barack Obama on the Democratic side.

The complete arrogance of this lightweight is astonishing and his recent actions at best border on unethical.

Dodd currently sponsors a bill with Richard Shelby, R:AL, designed to provide several options of relief for homeowners who face foreclosure and/or problems satisfying their mortgage requirements. I am opposed to such legislation and am hopeful that if it arrives on the desk of the President, it will be vetoed. However, as admirable as these intentions are, Dodd's involvement is extremely troubling given recent revelations about his activities.

Forget that Dodd had no earthly idea this housing crisis was coming, he reportedly participated in it by receiving a loan with preferred loans status from Countrywide Home Loans (CFC:NYSE), the poster child of non conforming loans who has been destroyed on Wall Street and is currently under litigation. For those who do not follow the goings on on Wall Street, a significant capital investor of Countrywide is Bank of America (BAC:NYSE). Please see the June 13, 2008 story on this in The Wall Street Journal at: http://online.wsj.com/public/article_print/SB121332396326070639.html

This revelation should knock him out right there, but there is more. Since many of the members of congress are not qualified to write complex bills which carry significant impact on financial markets, they get assistance from market players. Assisting Senator Dodd and Senator Shelby with the construction of this bailout reportedly is, you guessed it, Bank of America, along with UBS.

This should be cause for concern for all of us taxpayers, since we will foot the bill through our taxes to support those who incorrectly forecasted their mortgage obligations. The monetary discounts that Countrywide shaved off for their "friends" were not available to the rest of us. Given the participation of Dodd and Bank of America in this "special treatment", it seems obvious this should be grounds for Dodd and Bank of America to have zero involvement in crafting this type of massive financial legislation at a minimum.