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Alan Grayson Discloses That Dodd Bill Covertly Eliminates Already Passed Legislation Requiring Full Fed Audit

Tyler Durden's picture




 

Once again we get confirmation that Chris Dodd is nothing but a paid manservant for his Federal Reserve masters, in addition to being a lame duck, whose last days in office are meant to do everything to allow the old-school Wall Street ways of endless secrecy and Fed bailouts to continue in perpetuity. As Ryan Grim points out "Alan Grayson and co-author Rep. Ron Paul passed legislation through the House that would allow the Government Accountability Office (GAO) to audit the Federal Reserve and, after a delay, release the information to Congress. It was a remarkable victory, with a populist coalition beating back the combined lobbying efforts of the Treasury Department, the Fed and Wall Street banks.  The Senate has been more hostile territory for the Fed audit provision. Banking Committee Chairman Chris Dodd (D-Conn.) opposes the Grayson-Paul version, but allowed a much more restrictive audit proposal from Sen. Jeff Merkley (D-Oregon) into his bill." Why and how Dodd believes he can stand against this critical issue, that over 80% of America supports by demanding Fed transparency, is beyond any rational attempts at explanation. How he hopes to get away with it is even more mindboggling.

From the Huffington Post:

The Wall Street reform bill headed for a test vote on the Senate floor Monday night will allow the Federal Reserve to continue to pump trillions of dollars into major banks largely in secrecy, the co-author of House language that would open the central bank to an audit charged in a memo to the Senate.

"The Senate has a provision in its reform bill that purports to audit the Fed. But, it really doesn't do anything of the sort. I'm going to run down the details for you, and reprint the legislative language so you can read it yourself," writes Rep. Alan Grayson (D-Fla.).

Grayson's summary of the bill's shortcomings, presented below, indicate that the "Seante bill would allow an audit of the TALF program and slightly expands authority to audit emergency lending conducted under section 13(3) of the Federal Reserve Act, but restricts it to very specific purposes. Meanwhile, it would not allow the GAO to look into the Fed's massive purchase of toxic assets, its hundreds of billions in foreign currency swaps with other central banks or its open market operations, among other restrictions."

Jeff Merkley, whose language was used instead of the passed Grayson-Paul version, has this to say:

 "I appreciate Representative Grayson's concerns over accountability at the Federal Reserve. I have been a strong proponent of Fed reform and voted against the re-confirmation of Ben Bernanke because the Fed has been so lax in using its regulatory powers. Moreover, I felt strongly that we need to act now to empower the GAO to audit the extraordinary emergency programs created by the Fed and I succeeded in getting that power into the Senate bill. Rep. Grayson points out, fairly in my mind, that we need to go even further to audit the Fed's standing programs. I agree. While we need to protect the Fed's independence to implement monetary policy, I think the structure and use of their standard programs should be transparent."

There can be no compromise on this issue. Congress and America have spoken. If Dodd believes he can usurp the democratic process in this most critical of issues, which allows the entity in charge of money printing with practically the same liberties as it had when it bailed out in full secrecy every bank in the US and threw countless generations of working-class Americans in a debt-induced coma, it is one thing. If he manages to get away with, it either shows that the degree of apathy demonstrated by US citizens is indicative that nothing can save this country, or that any pretense of democracy in America has been trampled in our accelerating conversion to an autocratic state. 

Grayson's memo which confirms just how useless Dodd's "Fed audit" provisions are:

Memo to the Senate: Stop Secret Bailouts by the Fed

Sometimes, you just know that you've struck a nerve. I knew it early
last year, when a clip of my questioning the Inspector General of the
Federal Reserve over the Fed's balance sheet became the most viewed Congressional hearing
in YouTube history. The Fed had lent out around $1 trillion, and I
wanted to know what happened to the people's money. So did the people.

They were angry at the Fed, and they showed it. And because of that
righteous anger, the financial reform bill in the House contains a
provision to audit the Federal Reserve fully. If it passes the Senate,
we will finally know to whom the Fed lent our money, how much, and what
little we got in return.

So it's up to the Senate. The Senate has a provision in its reform
bill that purports to audit the Fed. But, it really doesn't do anything
of the sort. I'm going to run down the details for you, and reprint the
legislative language so you can read it yourself. But the story is
simple; if the House version of a Fed audit passes, we will finally
know to whom the Fed lent our money. If the Senate version passes, the
Fed can continue to make sweetheart loans to whomever it wants, without
telling Congress or the public.

The way Congress oversees complicated government agencies is through
the Congressional audit arm, the Government Accountability Office
(GAO). The GAO does the actual auditing, and gives that information to
Congress, which then holds hearings and makes policy. The House bill
grants the GAO the authority to audit the Fed, and then releases that
information to Congress with a six-month delay, to prevent traders from
gaming the system.

The Senate version only allows the GAO to audit a certain part of
the Federal Reserve, its emergency lending facilities. The GAO already
has some of that authority. Amazingly, the Senate version forces the
GAO to withhold this information from the public, and Congress, for as
long as the Federal Reserve chooses.

The details, and the specific legislative language, are below.

Limited Audit Authority

What the Senate bill allows:
- The Senate language slightly expands existing authority to the GAO to
audit only the emergency lending authority in section 13(3) of the
Federal Reserve Act, but only for specific purposes.
- The Senate language would grant the GAO authority to audit the TALF program.

What the bill does NOT allow:
- The Senate language does not allow audits of the mortgage backed
security purchase program, a $1.25 trillion program that at this point
comprises the bulk of the Fed's balance sheet. This program includes
Freddie and Fannie backed debt.
- The Senate language does not allow audits of possible losses on
foreign currency swap lines, of which there were more than $500 billion
at the height of the crisis. This includes unlimited credit lines
granted to central banks all over the world, solely through at the
discretion of Federal Reserve and without the input of any elected
official or the State Department.
- The Senate language does not allow audits of open market operations,
where there is ample room for errors, market manipulation, and insider
trading violations.
- The Senate language does not allow audits of possible losses on
securities acquired through non-section 13(3) facilities. This includes
looking for possible losses, seigniorage, political conflicts and costs
to the Treasury.

Federal Reserve Secrecy
- In the Senate version, all audits must remain redacted. The GAO can't
even tell Congress to whom the Fed is lending money, the amounts it is
lending, or any details about collateral or assets held in connection
with any credit facility.
- The GAO can never release a full version of any audit unless the
Federal Reserve first chooses to shut down the audited credit facility.

- Once the Federal Reserve shuts down the authority for the credit
facility, the GAO still has to wait a year before it can release
details about that facility. If the Fed simply chooses to stop making
loans, but does not eliminate the authority to make loans, the GAO has
to wait three years before it can release a full report. The Fed can at
any point during this period choose to restart the facility, and
thereby prevent the release of a full report.

See for yourself. The legislative language in the Senate draft is here.

Sec. 714. Audit of Financial Institutions Examination Council,

Federal Reserve Board, Federal Reserve banks, Federal Deposit Insurance Corporation, and Office of Comptroller of the Currency

(a) In this section, "agency" means the Financial Institutions
Examination Council, the Board of Governors of the Federal Reserve
System (in this section referred to as the `Board'), Federal Reserve
Banks, the Federal Deposit Insurance Corporation, the Office of the
Comptroller of the Currency, and the Office of Thrift Supervision.
(b) Under regulations of the Comptroller General, the Comptroller
General shall audit an agency, but may carry out an onsite examination
of an open insured bank or bank holding company only if the appropriate
agency has consented in writing. Audits of the Board and Federal
reserve banks may not include -
(1) transactions for or with a foreign central bank, government of a
foreign country, or non-private international financing organization;
(2) deliberations, decisions, or actions on monetary policy matters,
including discount window operations, reserves of member banks,
securities credit, interest on deposits, and open market operations;
(3) transactions made under the direction of the Federal Open Market Committee; or
(4) a part of a discussion or communication among or between members of
the Board and officers and employees of the Federal Reserve System
related to clauses (1)-(3) of this subsection.
(c)(1) Except as provided in this subsection, an officer or employee of
the Government Accountability Office may not disclose information
identifying an open bank, an open bank holding company, or a customer
of an open or closed bank or bank holding company. The Comptroller
General may disclose information related to the affairs of a closed
bank or closed bank holding company identifying a customer of the
closed bank or closed bank holding company only if the Comptroller
General believes the customer had a controlling influence in the
management of the closed bank or closed bank holding company or was
related to or affiliated with a person or group having a controlling
influence.
(2) An officer or employee of the Office may discuss a customer, bank,
or bank holding company with an official of an agency and may report an
apparent criminal violation to an appropriate law enforcement authority
of the United States Government or a State.
(3) Except as provided under paragraph (4), an officer or employee of
the Government Accountability Office may not disclose to any person
outside the Government Accountability Office information obtained in
audits or examinations conducted under subsection (e) and maintained as
confidential by the Board or the Federal Reserve banks.
(4) This subsection shall not--
(A) authorize an officer or employee of an agency to withhold
information from any committee or subcommittee of jurisdiction of
Congress, or any member of such committee or subcommittee; or
(B) limit any disclosure by the Government Accountability Office to any
committee or subcommittee of jurisdiction of Congress, or any member of
such committee or subcommittee.
(d)(1) To carry out this section, all records and property of or used
by an agency, including samples of reports of examinations of a bank or
bank holding company the Comptroller General considers statistically
meaningful and workpapers and correspondence related to the reports
shall be made available to the Comptroller General. The Comptroller
General shall have access to the officers, employees, contractors, and
other agents and representatives of an agency and any entity
established by an agency at any reasonable time as the Comptroller
General may request. The Comptroller General may make and retain copies
of such books, accounts, and other records as the Comptroller General
determines appropriate. The Comptroller General shall give an agency a
current list of officers and employees to whom, with proper
identification, records and property may be made available, and who may
make notes or copies necessary to carry out an audit.
(2) The Comptroller General shall prevent unauthorized access to
Records, copies of any Record, or property of or used by an agency that
the Comptroller General obtains during an audit.
(3)(A) For purposes of conducting audits and examinations under
subsection (e), the Comptroller General shall have access, upon
request, to any information, data, schedules, books, accounts,
financial records, reports, files, electronic communications, or other
papers, things or property belonging to or in use by--
"(i) any entity established by any action taken by the Board described under subsection (e);
"(ii) any entity receiving assistance from any action taken by the
Board described under subsection (e), to the extent that the access and
request relates to that assistance; and
(iii) the officers, directors, employees, independent public
accountants, financial advisors and any and all representatives of any
entity described under clause (i) or (ii); to the extent that the
access and request relates to that assistance;
(B) The Comptroller General shall have access as provided under
subparagraph (A) at such time as the Comptroller General may request.
(C) Each contract, term sheet, or other agreement between the Board or
any Federal reserve bank (or any entity established by the Board or any
Federal reserve bank) and an entity receiving assistance from any
action taken by the Board described under subsection (e) shall provide
for access by the Comptroller General in accordance with this paragraph.

(e) Notwithstanding subsection (b), the Comptroller General may
conduct audits, including onsite examinations when the Comptroller
General determines such audits and examinations are appropriate, of any
action taken by the Board under the third undesignated paragraph of
section 13 of the Federal Reserve Act (12 U.S.C. 343); with respect to
a single and specific partnership or corporation.'
(f) REVIEWS OF CREDIT FACILITIES OF THE FEDERAL RESERVE SYSTEM.--
(1) DEFINITION.--In this subsection, the term 'credit facility' means
any utility, facility, or program authorized by the Board of Governors
of the Federal Reserve System under the third undesignated paragraph of
section 13 of the Federal Reserve Act (12 U.S.C. 343), including any
special purpose vehicle or other entity established by or on behalf of
the Board of Governors or a Federal reserve bank, that is not subject
to audit under subsection (e), including--
(A) the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility;
(B) the Term Asset-Backed Securities Loan Facility;
(C) the Primary Dealer Credit Facility;
(D) the Commercial Paper Funding Facility; and
(E) the Term Securities Lending Facility.
(2) AUTHORITY FOR REVIEWS AND EXAMINATIONS.--Subject to paragraph (3),
and notwithstanding any limitation in subsection (b) on the auditing
and oversight of certain functions of the Board of Governors of the
Federal Reserve System or any Federal reserve bank, the Comptroller
General of the United States may conduct reviews, including onsite
examinations, of the Board of Governors, a Federal reserve bank, or a
credit facility, if the Comptroller General determines that such
reviews are appropriate, solely for the purposes of assessing, with
respect to a credit facility--
(A) the operational integrity, accounting, financial reporting, and internal controls of the credit facility;
(B) the effectiveness of the collateral policies established for the
facility in mitigating risk to the relevant Federal reserve bank and
taxpayers;
(C) whether the credit facility inappropriately favors one or more
specific participants over other institutions eligible to utilize the
facility; and
(D) the policies governing the use, selection, or payment of third-party contractors by or for any credit facility.
(3) REPORTS AND DELAYED DISCLOSURE.--
(A) REPORTS REQUIRED.--A report on each review conducted under
paragraph shall be submitted by the Comptroller General to the Congress
before the end of the 90-day period beginning on the date on which such
review is completed.
(B) CONTENTS.--The report under subparagraph (A) shall include a
detailed description of the findings and conclusions of the Comptroller
General with respect to the matters described in paragraph (2) that
were reviewed and are the subject of the report, together with such
recommendations for legislative or administrative action relating to
such matters as the Comptroller General may determine to be appropriate.
(C) DELAYED RELEASE OF CERTAIN INFORMATION.--
(i) IN GENERAL.--The Comptroller General shall not disclose to any
person or entity, including to Congress, the names or identifying
details of specific participants in any credit facility, the amounts
borrowed by specific participants in any credit facility, or
identifying details regarding assets or collateral held by, under, or
in connection with any credit facility, and any report provided under
subparagraph (A) shall be redacted to ensure that such names and
details are not disclosed.
(ii) DELAYED RELEASE.--The non-disclosure obligation under clause (i)
shall expire with respect to any participant on the date on which the
Board of Governors, directly or through a Federal reserve bank,
publicly discloses the identity of the subject participant or the
identifying details of the subject assets or collateral.
(iii) GENERAL RELEASE.--The Comptroller General shall release a non
redacted version of any report on a credit facility 1 year after the
effective date of the termination by the Board of Governors of the
authorization for the credit facility. For purposes of this clause, a
credit facility shall be deemed to have terminated 24 months after the
date on which the credit facility ceases to make extensions of credit
and loans, unless the credit facility is otherwise terminated by the
Board of Governors.
(iv) EXCEPTIONS.--The nondisclosure obligation under clause (i) shall
not apply to the credit facilities Maiden Lane, Maiden Lane II, and
Maiden Lane III.

 

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Fri, 04/23/2010 - 11:09 | 314478 bugs_
bugs_'s picture

Hey you CT peeps, could you PLEASE get rid of this Dodd guy?

Fri, 04/23/2010 - 11:31 | 314559 Rainman
Rainman's picture

Dood " voluntarily " retires to the waiting arms of his bankster pals in 6 short months. He needs a lobbying job like the one Gramm got when he departed the US Senate.

Reid on the other hand is an " involuntary " short timer who has no intention of returning to Searchlight.

So we have two Senate short timers on the make for post retirement gigs who are championing reform.

Yeah, that'll work.

Fri, 04/23/2010 - 12:07 | 314675 goldfreak
goldfreak's picture

Peter Schiff is running for Senate in Ct

Fri, 04/23/2010 - 13:25 | 314859 UGrev
UGrev's picture

+1000 Schiff is a very bright guy. If I was in CT, I'd vote for him in a heart-beat.  

...as for Dodd , I say " Dodd!! BLOOD SUCKER!!!"  , courtesy of James T. Kirk.

Fri, 04/23/2010 - 12:59 | 314811 baldski
baldski's picture

Rainman, I don't want to rain on your parade, but Reid might not be a short timer. Sue Lowden's bartering chickens for medical care has made Nevada the laughing stock of the country and the people do not like it. People were taking chickens and pet goats to her campaign offices here. It shows how out of touch the Republican party is if this blonde bimbo is the best they can field against the majority leader of the Senate.

Fri, 04/23/2010 - 17:06 | 315343 Voluntary Exchange
Voluntary Exchange's picture

I do not like it Uncle Sam, I do not like it Sam I am.

 I do not like these dirty crooks, neither how they cook the books.

 I do not like when Congress steals, I do not like their secret deals.

 I do not like the speaker Nan. I do not like this 'YES WE CAN'.

 I do not like this kind of 'hope', I do not like it, nope, nope...... nope!

Fri, 04/23/2010 - 12:13 | 314696 BlackBeard
BlackBeard's picture

He's not running again.  So, in the meantime, he's going to buttfuck American as much as he can before he accepts his plum useless advisor/consultancy position with Shitigroup.

Fri, 04/23/2010 - 12:16 | 314706 john_connor
john_connor's picture

People need to forward this link to everyone they know, share on facebook, whatever.  At least it will get some chatter going and put some heat on the admin., which more or less supports the Dodd bill.

Both sides are attempting to do as little as possible with respect to reform while blaming each other in the press, all in an effort to get a stripped down, meaningless bill passed.  Of course the Dems want to do it as quick as possible so they can pass another tax increase known as climate change legislation before they get slaughtered in November.

Fri, 04/23/2010 - 11:10 | 314488 SilverIsKing
SilverIsKing's picture

If we're lucky, he'll pull a 'Murtha'

Fri, 04/23/2010 - 11:12 | 314493 Cognitive Dissonance
Cognitive Dissonance's picture

"Once again we get confirmation that Chris Dodd is nothing but a paid manservant for his Federal Reserve masters....."

It was obvious when he "broke ranks" and introduced his own bill he was using the old magicans' trick of smile and distract to protect and serve his masters.

Fri, 04/23/2010 - 11:15 | 314499 aint no fortuna...
aint no fortunate son's picture

"How he hopes to get away with it is even more mindboggling."

How he hopes to get away with it? With ABA lobby money writing his bill is how... does anybody really think Dodd wrote the bill?

JUst business as usual here in the gulag.


Fri, 04/23/2010 - 11:19 | 314512 Franken Stein
Franken Stein's picture

Sad but true. It's digusting how pathetic, sleazy and corrupt politicans like Dodd can do things like this and yet we rationalize it because it's "buisness as usual".

I lost all faith in congress when they passed TARP the second time it went through. How much longer will Joe Sick Pack take this abuse.

Fri, 04/23/2010 - 12:53 | 314784 DaveyJones
DaveyJones's picture

"pathetic, sleazy & corrupt politicans"

four synonyms 

Fri, 04/23/2010 - 11:16 | 314504 Cheeky Bastard
Cheeky Bastard's picture

And why is this a surprise 

Dodd is a whore, but instead of getting fucked, he fucks you all.

Fri, 04/23/2010 - 11:24 | 314530 nope-1004
nope-1004's picture

And an ugly whore at that.  He and Geithner can spoon behind bars.

Speak up America!

Fri, 04/23/2010 - 12:23 | 314576 JW n FL
JW n FL's picture


Sen. Chris Dodd is retiring at the end of the 111th Congress

 

Career Fundraising 1989 - 2010

Total Receipts: $48,528,008

 

(or $2.3 million a year in Lobby Monies, and only $100k(ish) a year from the Tax Payers... so we the people pay him $100k(ish) and his master(s) pay him 23 times that amount ($2.3 Million), annually... but Lobbying is Legal, but bribery isn’t? Why can’t I lobby my way out of a speeding ticket? O yeah! I can by supporting the Judge (for re-election), but not the Police Officer... so the further up the ladder you go the more the Bribery is ok, just not for the common folks... its to, too difficult for us to get our head around, we ain’t that smart to be able to understand such complex issues.)

 

1989 - 2010

Total Spent:  $48,570,877

 

Debts: $335,361

Last Report: Wednesday, March 31, 2010

 

http://www.opensecrets.org/politicians/summary.php?cid=N00000581&cycle=Career

 

Top 5 Contributors, 1989 – 2010 Contributor *Total* “Individuals” (PACs)

 Citigroup Inc *$427,694*  “$381,694”  ($46,000)

 United Technologies *$387,900*  “$352,700”  ($35,200)

 Bear Stearns *$347,350*  “$337,350”  ($10,000)

 ActBlue *$303,150*  “$303,150”  ($0)

 American International Group *$285,238*  “$242,618”  ($42,620)

 

 &........

 

Top 5 Industries, 1989 – 2010 Industry *Total* “Individuals” (PACs)

Securities & Investment *$6,221,307*  “$5,455,317”  ($765,990)

Lawyers/Law Firms *$3,218,475*  “$2,761,631”  ($456,844)

Insurance *$2,431,646*  “$1,395,775”  ($1,035,871)

Real Estate *$2,041,073*  “$1,719,067”  ($322,006)

Commercial Banks *$1,333,463*  “$918,044”  ($415,419)

 

The lobby pays more than his pay check... it is the money used to buy ad time in his home state so that he can smile pretty and dance for the dumbass locals who don't know any better... This picture is repeated, over and over again in our Federal Government. These people are bought and paid for whores; they are willing to do whatever is needed to have the ability to raise Cash so that they can stay in office. No matter who gets Voted in, the Lobby will get to them because at some point the other guy running against them will use Lobby monies for Air Time and that means the other guy wins. Everyone is doing it, how can someone not...

 

Best question? How can a real person, not a Lobby Money Whore... win against a Money Machine? A real person cannot. Money equals the Air Time needed, it equals the Bought and Paid for Dirt on the other guy and it equals pay offs or whatever is needed to keep the scumbag in the race.

 

Until the lobby monies are stopped… nothing will change.

 

Your Vote, for whomever does not fund the campaign needs of your elected official.

 

An income 23 times larger than your pay check will affect how you think and act and dare I say vote.  

 

 

Fri, 04/23/2010 - 11:17 | 314508 svendthrift
svendthrift's picture

Bah. I don't care much anymore. Let the whole system crash and burn. Why try to salvage a cancer?

Fri, 04/23/2010 - 11:19 | 314516 Kina
Kina's picture

Dodd the coward putting mates before the people who elected him one more time.

Fri, 04/23/2010 - 11:22 | 314525 casino capitalism
casino capitalism's picture

go to maplight.org, look up Dodd and look where he gets his money from and his voting record vs. the position of his contributors.  One of the most obvious bought and paid for politicians there is.

Fri, 04/23/2010 - 11:28 | 314540 nope-1004
Fri, 04/23/2010 - 11:31 | 314555 hbjork1
hbjork1's picture

Thanks for the link.

Fri, 04/23/2010 - 11:31 | 314556 John McCloy
John McCloy's picture

This story tells you everything you need to know about Dodd.He should have resigned or been indicted instead he is writing our financial reform bill ghost written by the Big Four.

http://blogs.telegraph.co.uk/news/tobyharnden/8697297/How_politics_works...

Fri, 04/23/2010 - 12:56 | 314801 DaveyJones
DaveyJones's picture

Well said. So many guys writing and regulating should be indicted. It really is collapsing

Fri, 04/23/2010 - 11:28 | 314541 Rick64
Rick64's picture

If you read this and understand it then you will understand how our congress works. The appearance of passing legislation that everyone wants, but in reality does absolutely nothing and actually works against the original problem that is trying to be solved. This works almost everytime when the issue is unpopular among the elites.  Obfuscation at its best. Dodd should be put on trial immediately for treason against the U.S. citizen which he is supposed to be representing.

Fri, 04/23/2010 - 11:30 | 314542 John McCloy
John McCloy's picture

TARP Payments = accomplished in under 2 weeks

Change to market to market accounting= done in roughly a month

Toothless financial refor= going still nowhere after 2 years

Fed audit = no movement in 5 months

Yup..These guys are working for us no doubt about it. Quite an obvious pattern here. More Kool-aid and sodomy for me please.

November cannot come fast enough.

Fri, 04/23/2010 - 12:03 | 314662 Screwball
Screwball's picture

Bravo JMcC - no shit.  What a bunch of crap. These people need ran out of town, and run the next damn batch out too just for good measure.

Fri, 04/23/2010 - 11:32 | 314560 nevadan
nevadan's picture

It is make or break time in the US.  If the electorate doesn't send a large percentage of the sons of bitches in congress packing next November we are past the point of no return.

Fri, 04/23/2010 - 11:44 | 314594 fsudirectory
fsudirectory's picture

I wish Meek would drop out of the Senate race and let Grayson battle it out with Crist and Rubio, Meek doesnt have the balls or knowledge to stand up to these guys.

Grayson in the Senate would really shake some shit up, being in the house just gives him a playform, Senate, man, that would be a game changer.

Fri, 04/23/2010 - 11:55 | 314628 King_of_simpletons
King_of_simpletons's picture

This country is run by a cabal in secrecy. The only thing transparent to the public and debate is the bureaucratic paper work that has no bearing on the outcome. 

Fri, 04/23/2010 - 11:56 | 314631 jedwards
jedwards's picture

Even more mindboggling is that he probably will get away with it.  This sucks.

Fri, 04/23/2010 - 11:57 | 314636 geckoman
geckoman's picture

Hey has Dodd ever found his Countrywide VIP mortgage documents yet?  How come the ball was dropped on this one? 

Fri, 04/23/2010 - 12:10 | 314684 glenlloyd
glenlloyd's picture

Dodd wasn't the only one to have benefited from VIP mortgages at Countrywide. Seems to me I read that Pelosi's husband and son both received VIP mortgages at the now defunct lender.

Fri, 04/23/2010 - 18:13 | 315481 Problem Is
Problem Is's picture

"How come the ball was dropped on this one? "

The only balls that dropped were Dodd's puny, shriveled little
Geithner-nads...

Fri, 04/23/2010 - 12:01 | 314650 Screwball
Screwball's picture

Why does this surprise anyone?  Well, it probably doesn't.  All you have to do is listen to this piece of shit and it's pretty obvious  he's nothing but an bought and paid for whore.

Getting him out of office isn't enough.  He should be behind bars, along with a hell of a  bunch more of them.

Of course the MSM won't be telling the sheep about this either, they are nothing but a pathetic bunch of hacks as well.

This kind of shit really pisses me off.  Dirty fucking bastards!  (not you Cheeky)

Fri, 04/23/2010 - 12:03 | 314660 glenlloyd
glenlloyd's picture

just emailed my reps saying do not vote for this thing

Fri, 04/23/2010 - 12:04 | 314666 Screwball
Screwball's picture

Did you attach a check, cash, or money order?  That's the only thing that gets these SOBs attention.  Fucking whores!

Fri, 04/23/2010 - 12:10 | 314685 Al Huxley
Al Huxley's picture

I was going to say the same thing.  How much money you contribute to them (and it better be a number with a lot of zeros at the end) determines the level of attention you'll receive.

Fri, 04/23/2010 - 12:04 | 314665 pbmatthews
pbmatthews's picture

You all realize who Dodd is married to don't you?

The answer:  Jackie Clegg

Who is Jackie Clegg?  A director on the corporate board of CME Group, owners of the Chicago Mercantile Exchange, the Chicago Board of Trade, and the NY Mercantile Exchange.

I guarantee, whatever legislation Reid & Dodd finally allow to the Senate floor for a formal coronation will greatly benefit the CME and by default the shareholders of CME.

It will also do marvelous things for all those options Clegg and Dodd collectively own.  Maybe they can buy a second home in Ireland (on the cheap) from one of their friends that they have politically helped over the last 30+ years. 

Fri, 04/23/2010 - 12:10 | 314683 truont
truont's picture

This proves that the FED controls our government, not the other way around.

And who owns the FED?  The old Europe banks, JP Morgan, and Goldman Sachs.

JP Morgan says, "Who's your daddy, Amerika?  Who's your daddy?"

Fri, 04/23/2010 - 12:25 | 314730 SRV - ES339
SRV - ES339's picture

Any truth to the rumor the bill was written by Dodd and the Fed Board of Directors... at the Jekyll Island retreat?

Thank you Congressman Grayson and ZH for putting up a fight, but there is no way out of this without eliminating corporate money from the electoral process.

Mon, 04/26/2010 - 21:46 | 319032 JW n FL
JW n FL's picture

JP Morgan top Derivatives provider / manager in the World...

March 17 (Bloomberg) -- Deutsche Bank AG, JPMorgan Chase & Co., UBS AG and Hypo Real Estate Holding AG’s Depfa Bank Plc unit were charged with fraud linked to the sale of derivatives to the City of Milan.

http://www.bloomberg.com/apps/news?pid=20601087&sid=avhfZfkuB3T0

Or.....

To grasp how significant this five-fold bubble increase is, let's put that $516 trillion in the context of some other domestic and international monetary data:

  • U.S. annual gross domestic product is about $15 trillion

  • U.S. money supply is also about $15 trillion

  • Current proposed U.S. federal budget is $3 trillion

http://www.marketwatch.com/story/derivatives-are-the-new-ticking-time-bomb

how about... http://www.investinginbonds.com/assets/files/Intro_to_Credit_Derivatives.pdf

and of course... the hippies over at Stanford.. http://www.stanford.edu/~duffie/DuffieHu.pdf

 

Goldman is nothing... Lehman... was the sister (bastard sister) of Goldman... JP is the top of the food chain.

Fri, 04/23/2010 - 12:43 | 314758 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Congress at the Federal, State, County, and City levels are not going to get anything done.  They have proved incompetent; functioning not even marginally.  We will now have to march on them.

Fri, 04/23/2010 - 12:49 | 314769 Assetman
Assetman's picture

Well... I just found the answers to the question I posed.  I do agree that the Merkeley proposal is more watered down... but it also doesn't preclude new legislation from being introduced-- preferably when Bwarney and Dodd are booted off Capitol Hill.

Fri, 04/23/2010 - 13:07 | 314827 Henry Chinaski
Henry Chinaski's picture

Why did it have to be Grayson? He symbolizes everything that disgusts me.

Fri, 04/23/2010 - 15:42 | 314828 fallst
fallst's picture

Dodd is a A Friend of Angelo. Go to your Irish Cottage, financed by Countrywide with VIP rates. Why bother doing anything, if you are "retiring"? Just Leave, Please. And, he gets to keep all unspent political contributions? BRIBERY. FIX THIS NOW.

Fri, 04/23/2010 - 13:21 | 314833 goldfreak
goldfreak's picture

Does Schiff stand a chance in CT?

Fri, 04/23/2010 - 13:24 | 314856 goldfreak
goldfreak's picture

http://www.recordonline.com/apps/pbcs.dll/article?AID=/20100406/NEWS/100409869

 

CNBC commentator Larry Kudlow was viewed as a potential Republican challenger but hasn’t entered the race.

 

THE END

Fri, 04/23/2010 - 14:17 | 314964 Screwball
Screwball's picture

We don't want Kudblow either.  He proves everyday he's a damn liar.  Capt. Green Shoots himself.  Screw Kudblow.

Fri, 04/23/2010 - 19:18 | 315595 drwells
drwells's picture

Jesus, I'd put Palin in office before Krudlow. She's actually less stupid, less of a liar, and easier on the eyes.

Fri, 04/23/2010 - 13:33 | 314876 Rick64
Rick64's picture

 This happens all the time, and its not just Dodd. The appearance of legislation to appease the masses and you can be sure the mainstream media will play their part. Its like selling gold plated tungsten. It looks real but you have to go deeper to find out if it is real, unfortunately the citizens will accept what they are told.

Fri, 04/23/2010 - 14:54 | 315057 P-K4
P-K4's picture

You know the game is rigged when the best the GOP can do is go after SEC employees vewing porn. Somehow mainstream media and the GOP missed the fact the most of the porn consisted of the American taxpayer get screwed 56 ways to Sunday.  I can see how this is going to end, GS, JMP etc. will get penalties amounting to violations for jay walking...and the porn video evidence will become part of the Dodd Legacy Library.

 

Fri, 04/23/2010 - 14:56 | 315059 fallst
fallst's picture

See, the only way these guys react is when you put the pressure back on them.

So, let's lift another rock, the keeping of unspent campaign  "contributions".

http://abcnews.go.com/Business/campaign-finance-senators-house-members-campaign-funds-retire/story?id=10203316

Fri, 04/23/2010 - 17:22 | 315384 LeBalance
LeBalance's picture

Wow, this whole debate over an impossibility.

The Fed is a private bank and more over it is ex-US.

Remember the Greenspan conversation in the Adrian Douglas review of the FOMC meeting notes "the basement of the FED NY is not US territory..."

We have *chosen* to create it and give up our responsibility to it and let it govern us. They literally have the power to print and lend to whomever and we pay for it.

They are polite as hell in public because it makes good business sense to be polite to the junkies.

Fri, 04/23/2010 - 18:06 | 315464 Problem Is
Problem Is's picture

I Admire Chris Dodd

You know... It is extremely difficult to be the biggest Douche Bag Senator In a state that already contains Joe "Super Douche" Lieberman...

But you Chris "Dumber Than a Box of Rocks" Dodd have done it.

I here by nominate you for TIme's "Douche Bag of the Year" award.

<applause>

And your little derivatives clearing house wife, too.

Bloomberg:

Dodd Swaps Bill May Give Trading Edge to CME, ICE (Update1)

"Dodd’s wife, Jackie Clegg, is a CME Group board member and shareholder, with stock valued at $235,000, according to Bloomberg data."

Sat, 04/24/2010 - 12:19 | 316169 Jim B
Jim B's picture

+1000

You know it is pretty amusing that the American dream was to be work hard....

Now, the American dream is to be a politician, go to DC, and cash-in on your power and influence.

An interesting analysis would be the net worth of the DC politians prior to going to DC and when they leave.

  What a country!!!

Sat, 04/24/2010 - 09:51 | 316089 trichotil
trichotil's picture

ever wonder why ron paul hasn't caught a bullet? "the best way to control the opposition is to lead it."

http://www.youtube.com/watch?v=sP94ZW-Z5Kk&feature=response_watch

apologies for the annoying soundtrack.

Sat, 04/24/2010 - 12:05 | 316155 trichotil
trichotil's picture

holy crap get ready for the biggest butt fuck ever!!!

FIRA - The 800 LB Gorilla In
The Financial 'Reform' Bill

http://www.rense.com/general90/fira.htm

Sun, 04/25/2010 - 21:54 | 317463 Al Gorerhythm
Al Gorerhythm's picture

Americans,

You're Owned. 

Butt fucked and bitch slapped, that is.

Do NOT follow this link or you will be banned from the site!