BofA-Scripted Bank Bailout Looks Awfully Similar to Dodd-Drafted Housing Bill

BofA-Scripted Bank Bailout Looks Awfully Similar to Dodd-Drafted Housing Bill

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This discussion document (dated March 11, 2008) would appear to support the contention that BofA essentially wrote the bailout section of the bill. Almost all of BofA's preferences are mirrored in the Dodd-Shelby legislation. The BofA document even offers PR tips, such as "We believe that any intervention by the federal government will be acceptable only if it is not perceived as a bail-out of the bond market."

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Dodd and Shelby at it again. I'm almost numb to the corruption of these two. Dodd is the Chairman of the Senate Banking Committee and Shelby is the ranking Republican. Dodd is currently under scrutiny because he recieved special treatment from Countrywide on his mortgage amounting to thousands of dollars worth of contributions. I've known both of these were either stupid or corrupt since the Bear Sterns hearing. The actual leaked pdf can be viewed from a link in the source article or the first additional news link below.

Bailouts may sound good and sane, but they only reward those who either lent or borrowed recklessly.

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