The best Senate Banking Chairman money can buy

Front Page from CT largest's paper, the Hartford Courant

 Crumbling Financial Giants Gave Generously To Dodd

When a Democratic takeover of Congress put Christopher Dodd in charge of the powerful Senate Banking Committee, Connecticut's senior senator eagerly met with reporters, outlining his generally pro-industry positions, but pledging to put consumers — and the long-term health of the economy — first.

"At the end of my tenure on this committee," Dodd said in early 2007, "I want it to be said that the safety and soundness of our financial institutions was not weakened on my watch."

A year and a half later, Dodd acknowledges that the nation's finances are in an "economic maelstrom." And while Washington engages in an urgent search for after-the-fact fixes, there is also plenty of finger-pointing, and there are enduring questions about whether campaign cash — millions and millions in campaign cash — blinded Dodd and other overseers to the excesses of industry........
 

But now, some of Dodd's heartiest patrons have become the poster companies for the Wall Street implosion: AIG Insurance, Lehman Brothers, Merrill Lynch and Bear Stearns. And although Dodd has emerged in recent weeks as a key player in efforts to stabilize the economy, the five-term senator is also facing criticism that he and others in Washington did too little, too late to rein in those generous companies before the crash...........

I'm proud of my chairmanship," Dodd said in an interview Friday. He said he considered himself a pro-consumer lawmaker and said campaign cash plays no role in his thinking.

"It's an ugly system, and I hate it," Dodd said of the campaign-finance game. But he added, "I never have — nor would I ever — let a campaign contribution affect what I care about, what I champion, how I vote, how I hold hearings. Ever."

But although supporters see that as leadership, opponents call it opportunism.

They note, for example, that although Dodd amassed a strong rhetorical record on the housing crisis, it was not until 10 months ago that he introduced legislation aimed squarely at the industry, ....

But by then, the fatal damage was done. Bear Stearns had collapsed six months earlier, and in a matter of weeks after the bill became law, Lehman Brothers limped into bankruptcy court, and the federal government was compelled to bail out insurance firm AIG International and seize mortgage giants Fannie Mae and Freddie Mac.

All of those companies had put substantial money behind Dodd: more than $200,000 from PACs and employees of AIG in the past six years. Another $200,000 from Bear Stearns. And six-figure donations from Lehman and other companies now struggling under bad mortgage debt.

Of course, Dodd defends this record as consistent with his general philosophy

I'm not allergic to business. I'm not hostile at all," Dodd said at a December 2006 press conference as he took control of the Banking Committee.

http://www.courant.com/news/politics/hc-dodd0929.artsep29,0,3321771.story?page=1

Depends what business, Senator. You certaintly were very hostile to the telecommunications industry. Even shutting down the U.S. Senate to filibuster a bill to provide them immunity from lawsuits http://www.thenextright.com/ironman/chutzpahs-reward. Connect the dots , my friends. The Telecoms only donated $22,000 to Dodd last cycle.http://www.opensecrets.org/industries/recips.php?ind=B08&cycle=2004&recipdetail=S&mem=Y&sortorder=U   If you don't ante up, powerful Senators can be very  allergic to your business; especially if plantiff's trial lawyers have put a better bid on the table.

Take a good look at Senator Dodd. These are the people likely to be given carte blanche over our nation's economy in the immediate future---career politicians who are corporate socialists.

 I can only hope then we will be left with a few coins of change after they are done.