Chairman of the Senate Banking Committee, Christopher Dodd and Senator Kent Conrad - Bribed by Countrywide!
http://www.portfolio.com/news-markets/top-5/2008/06/12/Count...
http://www.bloomberg.com/apps/news?pid=20601087&sid=aG8uEA1V...
Senators Christopher Dodd, Democrat from Connecticut and chairman of the Banking Committee, and Kent Conrad, Democrat from North Dakota, chairman of the Budget Committee and a member of the Finance Committee, refinanced properties through Countrywide’s “V.I.P.” program"
Those who oversee the U.S. mortgage industry as chairman of the Senate Banking Committee, and prominent members of the Senate have recieved 10's of thousands of dollars in preferential Loan treatment from CountryWide financial.
THIS IS A BRIBE - IT CAN NOT BE ANYTHING ELSE! THIS WAS ILLEGAL.
1: It's nice to know that our Senators are also underwater on there home/investment property loans (but at a much larger scale then most).
2: It sucks that they are going to use there elected power to bail themselves out - by using Billions of taxpayer money, and our future.
Next quote by Karl Denninger of Market Ticker
The bills coming out of Dodd .et.al. are allegedly intended to provide "relief" for American homeowners, never mind that the 80% of Americans got nothing out of the bubble years, did not refinance, and did not participate in the speculation but will get screwed by the debt bomb that is and will go onto the nation's balance sheet as a consequence of these "bailout" proposals!
$165 billion so far in "stimulus" has been blown on this endeavor and another $300 billion or more in Chris Dodd's bill is under consideration - for a total larding up of the public debt by nearly half a trillion dollars - to "work to fix the housing mess", at least in part.
(Karl Denninger)
Here's what I don't get ...
They got special VIP treatment on their loans by getting reduced rates, and other freebies that would normally be charged to anyone else. Kent Conrad got $10,500 shaved off his loan courtesy of his VIP treatment by Countrywide and decides now that he'll donate that amount to charity. Something is really wrong with this picture, why does'nt he give it to Countrywide? Is Countrywide so corrupt that they can't fix their books to equate that number into the loan rate that should have been in the first place. Something is messed up with Countrywide's practices and should be investigated.
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(yes Countrywide was that
(yes Countrywide was that corrupt)
Countrywide is beyond being investigated - The Fed orchastrated the deal that allowed Bank of America to buy Countrywide for pennies on the dollar.
Just imagine if Countrywide was allowed to fail naturally? (events would have played out fast and hard, but not as bad as they will end now).
Either way - our top elected officials overseeing the Mortgage industry and housing, have been bought and paid for - This is now a fact that is hard to arugue.
Moral hazard (by wikipedia) is the prospect that a party insulated from risk may behave differently than it would if it were fully exposed to the risk.