posted on Jun, 13 2008 @ 04:04 PM
Senators Dodd and Conrad are among the government officials who scored V.I.P. loans from C.E.O. Angelo Mozilo.
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 in 2003 and 2004,
according to company documents and emails and a former employee familiar with the loans.
Lest I be considered partisan let me first point out that the article also implicates a couple of Republicans as well.
I don't see any way that this could not be considered a bribe
. The fact that Sen. Dodd is chairman of the Banking Committee and Sen. Conrad is
a member of the finance committee should immediately set off the corruption alarms in regards to this. Further into the article it indicates that
these officials recieved favorable rates and waived charges. Before you ask "what are a couple of hundred dollars worth of processing fees and half
or a whole point of intrest rate amongst freinds?", I'd say that over the life of a 15 or 30 yr loan its quite alot especially on a Georgetown
townhouse. As a matter of fact it is probably the same as making a several grand yearly bribe to the recipient of that loan.
The sleaziness that was Countrywide amazes even a cynical person like myself. Bank of America is in the process of jumping on the hand grenade
that was Countryslime. I personally believe that they (BoA) will be heading hat in hand to Congress at somepoint in the next 18months due to the
toxicity of what Countryslime has on their books. Guess which committees they will be heading to? The one headed by Sen. Dodd and the one Sen. Conrad
is a member of course. I personally believe that if the BoA takeover of Countryslime goes through as currently conceived they will in short order be
in the same shape as WaMu and Citigroup.
I have no doubts that other lenders have similar V.I.P programs and don't for a minute think that Republican lawmakers aren't participating in such
[edit on 13-6-2008 by jefwane]