If applicable of course.
WSJ: Put Dodd on the witness stand.
Dodd should get expelled first for his conflict of interest in accepting his sweetheart loans from Countrywide in the “Friends of Angelo” program. Dodd now claims he never knew that he saved thousands of dollars in lower interest rates and fees, but Countrywide’s loan officer, Robert Feinberg, scoffs at that notion. He personally discussed the loans with Dodd, as he did with other FOAs, to make sure he understood the bargain he was getting.
That was the entire point of the program, as Feinberg points out for the extraordinarily clueless. Why cut Dodd a break and lose extra profit if Dodd was unaware of the deal? It wasn’t intended to be a secret, but to butter up policymakers and watchdogs. Jim Johnson at Fannie Mae got millions in FOA loans while he was supposed to keep an eye on the quality of Countrywide loans he was buying. Jamie Gorelick served on the Fannie Mae board and also got an FOA loan.
If these scoundrels broke the law, the deterrent effect of jail time would be most constructive to all.
This entry was posted
on Saturday, October 11th, 2008 at 10:18 PM and is filed under 2008, Antique Media, Economics, Law, Public Square.
You can follow any responses to this entry through the RSS 2.0 feed.
Responses are currently closed, but you can trackback from your own site.