Sunday, December 7, 2008

Chutzpah, thy name is Dodd

I wasn't sure if I was reading The Onion, or a serious news site. Senator Chris Dodd (D, Fannie Mae) has demanded the resignation of General Motors CEO Rick Wagoner before Congress bestows any loans on the automaker. This is Chris Dodd! The man who:

  • Obtained a below-market sweetheart mortgage from troubled lender Countrywide Mortgage just before it went belly-up
  • Scooped up more campaign contributions from Freddie Mac than any other Senator (Barack Obama was #2 on that list, by the way)
  • Told other Senators that soon-to-be-disgraced Fannie Mae head Franklin Raines was doing a great job running the taxpayer-guaranteed mortgage giant.
  • Ridiculed those--like George W. Bush and John McCain--who said Congress needed to rein in Fannie and Freddie before their lax lending practices blew up in the taxpayers' collective face
Apparently it is Dodd's contention that a person with responsibility for a failing enterprise should not benefit from, nor be in charge of, the bailout of that enterprise.

I'll sit back now and wait for Dodd to resign from the Senate Banking Committee.

Better pack a lunch.

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