Chris Dodd Crackdown: Darrell Issa Issues Subpoena Demanding Intimate Secrets Of All "Friends Of Angelo"

Tyler Durden's picture

Chris Dodd's political corpse may just come out of the grave for one last dance. The reason - the even more worthless half of Frankendodd is about to see all of his preferential Countrywide records exposed in the open. Darrell Issa has just announced that he has issued a wide-ranging
subpoena to Bank of America for all documents and records related to
Countrywide’s VIP program. Yes, this means all of Dodd's dirty laundry is about to be made public. Not like it matters: at this point everyone in America knows too well that the biggest criminals in the country are those in charge of it (and those regulating them, just happen to be the biggest porn-addicted idiots: see Matt Taibbi on the SEC). And it is not like Wall Street's favorite pet Dodd even has a remote chance of getting within miles of a courtroom...

From a just released statement by the Committee on Oversight and Government Reform

In December of 2008, House Committee on Oversight and Government
Reform Chairman Darrell Issa (R-CA), then the Committee’s Ranking
Member, launched an investigation into
Countrywide Financial Corporation’s infamous VIP and Friends of Angelo
Program that exposed the inner workings of Countrywide’s efforts to buy
friends in critical government and industry positions affecting the
company’s business interests. Today, Chairman Issa issued a wide-ranging
subpoena to Bank of America for all documents and records related to
Countrywide’s VIP program.

“Countrywide orchestrated a deliberate and calculated effort to use
relationships with people in high places in order to manipulate public
policy and further their bottom line to the detriment of the American
taxpayers even at the expense of its own lending standards,” said Issa.
“This subpoena will allow us to obtain the information needed to answer
the outstanding public interest questions regarding the full size and
scope of the VIP program. The American people have a right to know the
totality of who participated in the Countrywide’s VIP program and what
they did in return for access to it. Our role is to get all of the facts
so that the American people can judge for themselves who should be held
responsible and accountable.”

The subpoena compels Bank of America to produce the following by noon on March 7, 2011:

  • All documents, including emails, related to covered borrowers
    serviced by Countrywide Financial through the Branch 850 and/or VIP
    and/or Friends of Angelo program.
  • All documents, including e-mails, transmitted by Countrywide
    officials notifying a covered borrower of membership in the VIP and/or
    Friends of Angelo program.
  • All documents, including e-mails, transmitted between and among
    Countrywide officials discussing the purposes and goals of the VIP
    and/or Friends of Angelo program.
  • Documents sufficient to show the number of persons enrolled in the
    VIP and/or Friends of Angelo program for each of calendar years
    1996-2008, and the city and state of residence of such persons who were
    covered borrowers.

The term "covered borrowers" means at the time of the loan the borrower, or their spouse, was:

  • A current or former officer or employee of a federal agency
  • A current or former Member, officer, or employee of the U.S. Congress
  • A current or former officer or employee of a government-sponsored enterprise
  • A current or former officer or employee of a state or local government