Chris Dodd, last seen re-enacting Nixon's "limited modified hangout" over his funky mortgage deals, and taking time out of his arduous task of shovelling out trillions of dollars to the banking industry, has decided his true calling is to write what amounts to science fiction.
Crown senior editor Sean Desmond has acquired a history of the congressional bailout of the financial markets by Sen. Christopher J. Dodd with Lary Bloom. Titled Thirteen Days: How the Financial Crisis Changed the Politics of Washington, the book will provide an intimate look at how, over the course of 13 days last September, a financial crisis led to panic and meltdown. Dodd, the chair of the Senate banking committee, will also describe how he and others acted swiftly to try to save the American economy. Crown has world rights via Esther Newberg and will publish this June.
http://swampland.blogs.time.com:80/2009/02/12/chris-dodd-financial-savior/
Michael Scherer of Time points out that Dodd's saga will no doubt occur in some alternative universe, where I'm sure none of these things happened.
This is, of course, the same Chris Dodd who was Chairman of the Senate Banking Committee beginning in 2007, when the banks began their meltdown. He was the one who received the most campaign cash of any senator from Fannie Mae and Freddie Mac, two companies that he defended against increased regulation that might have actually tempered some of the disaster that has followed. He was the one who spent a huge chunk of 2007 not in the Senate, but on the campaign trail, carrying out a lackluster presidential effort funded largely by the banking and insurance industries. According to the Center for Responsive Politics, Dodd raised $8.3 million for his presidentical campaign; $4.3 million came from the securities and investments industry. His top contributor was Citibank. His fourth largest contributor was the now-collapsed firm, AIG, a major purveyor of the complex derivitives that helped cause the crisis. He was also the one who in 2007 went before the U.S. Chamber of Commerce to praise the "history of solid regulation" in the U.S. capital markets. "Win or lose, [people] invest with a high degree of confidence that American balance sheets are accurate, that investment products like securities and derivatives are properly valued, and that the markets are well-policed against those who would commit negligent, deceptive, or fraudulent acts," he said.
I will briefly add a few other minor points, likeDodd writing toothless regulations on executive compensation into his own TARP bill Ironically, while Dodd claims to be "infuriated" about private sector bonuses from the financial meltdown, he is happy to collect his own bonus (while a public official no less) writing about the debacle.
You know, maybe this book will be reminscent of Sybil. You know, the whole split personality business. First Dodd took credit for writing the bailout bill. Then he essentially claimed he "pulled a Plaxico" and wrote a bad bill. Now he's apparently back to saving the world, sans cape.
I dunno Chris, maybe if you had stayed in Washington in 2007 running the Senate Banking Committee instead of moving to Iowa to run for President , the financial world wouldn't have needed to be saved in the fall of 2008. Showing up for work; my, what a concept.
I'm sure all of Dodd's angry constituents who have watched the economy implode since their Senator took charge of the Banking Committee will rally to the Senator's side once his side of the story comes out.(Hey, some folks think this guy shouldn't be blamed for the Titanic). Really, this whole thing makes as much sense as Blago negotiating a senate vacancy over his own office phone.
It will be interesting to see if Dodd's book deal gets the same ethical scrutiny as these dubious ventures into publishing. Then again, maybe the proceeds can be appropriated for some socially rewarding endeavors than enriching a politician with three houses; I need to check to see if CT has one of these laws on the books.
Seriously, you think Amazon will list this in their fiction category? Why wouldn;t they?