Dodd: Administration pushed for language protecting bonuses

[editec]

Yeah.

I've heard Dodd explaining how he wasn't involved in that clause, and then how he was a few days later.

Its still unclear to me exactly what they're talking about, but it certainly seems like Dodd was cognizent of these bonuses, and worked to insure they stayed in place.

And if he did that, WHY did he do that?

I think we need a blow by blow explaination of this issue, one with a lot more information about this event that we've currently got.

Right now, the issue is still somewhat confusing since I suspect we do not really understand the entire issue.

 

[dilloduck]

Yeah.

I've heard Dodd explaining how he wasn't involved in that clause, and then how he was a few days later.

Its still unclear to me exactly what they're talking about, but it certainly seems like Dodd was cognizent of these bonuses, and worked to insure they stayed in place.

And if he did that, WHY did he do that?

I think we need a blow by blow explaination of this issue, one with a lot more information about this event that we've currently got.

Right now, the issue is still somewhat confusing since I suspect we do not really understand the entire issue.

The whole thing stinks and I think something is in danger of being exposed to the public. Like proof on how owned we really are.

 

[del]

i blame bush.

i mean, why not?

 

[Ravi]

i blame bush.

i mean, why not?

Thanks. I knew you could explain it.

 

[PoliticalChic]

Senate Banking committee Chairman Christopher Dodd told CNN Wednesday that he was responsible for language added to the federal stimulus bill to make sure that already-existing contracts for bonuses at companies receiving federal bailout money were honored.

Dodd acknowledged his role in the change after a Treasury Department official told CNN the administration pushed for the language.

Both Dodd and the official, who asked not to be named, said it was because administration officials were afraid the government would face numerous lawsuits without the new language.

Dodd, a Democrat, told CNN's Dana Bash and Wolf Blitzer that Obama administration officials pushed for the language to an amendment designed to limit bonuses and "golden parachutes" at those companies.

"The administration had expressed reservations," Dodd said. "They asked for modifications. The alternative was losing the amendment entirely."

On Tuesday, Dodd denied to CNN that he had anything to do with adding the language, which has been used by officials at bailed-out insurance giant AIG to justify paying millions of dollars in bonuses to executives after receiving federal money.

He said Wednesday that the "grandfather clause" language "seemed like innocent modifications" at the time. Watch Dodd's interview with CNN's Dana Bash »

Dodd: Administration pushed for language protecting bonuses - CNN.com

I don't understand all the salivating over this. Everyone knew it was Dodd's amendment to begin with...and all the cons seem to be of the opinion that the government can't break contractual agreements. So what exactly is the problem with Dodd?

So where's the apology to Fox News and Drudge, and the promise never to believe Media Matters again?

 

[DavidS]

Ech. This is a mess. Dodd should resign.

True, but Barney "Da Fag" Frank should also resign for his role in the mortgage meltdown and his protection of Fannie Mae Freddie Mac!

First of all, Barney Frank had no role in the mortgage meltdown. That's like blaming the current AIG CEO for all of the problems when he took over in September, just as the meltdown was about to happen.

The man all of you should REALLY be pointing your fingers at is Mike Oxley, who was chairman of the House Financial Services Committee from 2001-2007. Everything that needed to happen to the economy to start the recession happened under HIS watch.

Interestingly enough, he resigned. How convenient.

 

[PoliticalChic]

Ech. This is a mess. Dodd should resign.

True, but Barney "Da Fag" Frank should also resign for his role in the mortgage meltdown and his protection of Fannie Mae Freddie Mac!

First of all, Barney Frank had no role in the mortgage meltdown. That's like blaming the current AIG CEO for all of the problems when he took over in September, just as the meltdown was about to happen.

The man all of you should REALLY be pointing your fingers at is Mike Oxley, who was chairman of the House Financial Services Committee from 2001-2007. Everything that needed to happen to the economy to start the recession happened under HIS watch.

Interestingly enough, he resigned. How convenient.

Sorry, Hiroo, but it is becoming more and more clear that the mortgage meltdown is due to Democrat liberal principles, and that Fannie and Freddie are the prime reasons for the crisis.
Under Democrat congresses Fannie and Freddie were enacted. Neither would exist under the rules of the Free Market, only via a 'feel-good' Democrat philosophy.
Frank blocked regulation of housing policy.
Dodd took bribes from Countrywide for the same reason.
The Clinton HUD forced more banks to give unwarranted loans. The banking industry spun out of control trying to make money in this illegitimate atmosphere.

Not only is the IBD editorial about Barney Frank on target, but see this about the head of BB & T:
“Rescue” Plan from a Healthy Bank’s Perspective « South Carolina Conservative"
I challenge you to read this and dispute the truth
“Rescue” Plan from a Healthy Bank’s Perspective « South Carolina Conservative

 

[DavidS]

figures the partisans like you would like to ignore the facts

 

[DavidS]

Sorry, Hiroo, but it is becoming more and more clear that the mortgage meltdown is due to Democrat liberal principles, and that Fannie and Freddie are the prime reasons for the crisis.

Fannie and Freddie are not "reasons" for this mess. They are companies who gave out sub-prime variable rate loans, but the cause of this crisis was interest rate spikes during 2005-2007 (not caused by Barney Frank), and rising gas prices (again, not caused by Frank).

Let's look at a hypothetical scenario.

Politicalchic and Divecon are married and have two kids. Divecon brings home $504.39 a week after taxes and Political Chic brings home $689.31 after taxes.

They bring home $4474.80 a month.

They want a $350,000 house but can only afford $500 a month each. So they look at a smaller house. But because they're younger and have little history of credit, the mortgage lender gives them a sub-prime loan and they buy a $250,000 house with 20% down and mortgage out the rest. It's June 2003, so interest rates are really low and with 4% interest, their mortgage payment is $954.83. What they didn't know was that their loan was a variable rate loan, so every time interest rates changed, so did their monthly payments.

PC drives an SUV and Divecon bought a Ford Taurus. Their weekly gas is about $150. So their monthly mortgage and gas is $1104.83. So they have $3369.97 to spend on their kids, themselves and utilities per month.

Now, it's 2007 and gas prices have tripled at the gas pump. Oh and mortgage interest rates? They've nearly doubled. 7.75%

That $954.83 a month loan? It's now $1432.82. So now they're spending $450 a week on gas and $1432.82 on their mortgage or $1882.82, which is close to double what it used to be, Divecon can't get a raise at work because the economy is tightning a little and neither can Politicalchic. They've both maxed out their credit cards and they just can't make the monthly payment on their homes anymore. Instead of having $3400 to spend on their kids and other things each month, they have $2500. That $900 extra in expenses because of gas prices and mortgage rate increase is too much and their home is foreclosed on.

Now magnify that times hundreds of thousands if not millions of people and you have a housing crisis.

Now tell me how the fuck Frank could've fixed this. Did Frank control interest rates? Noooo. Did Frank control gas prices? Nooooo. Did Frank control the salaries for Divecon and PC? Nooooo.

So, maybe it's time to stop being partisan hacks and start focusing on facts.

Under Democrat congresses Fannie and Freddie were enacted.

huh?

Neither would exist under the rules of the Free Market, only via a 'feel-good' Democrat philosophy.

Again, huh? Fannie Mae was created in 1938. Freddie Mac 1970.

Frank blocked regulation of housing policy. Dodd took bribes from Countrywide for the same reason.

Which bill did they block? What was the name of it? When was it?

The Clinton HUD forced more banks to give unwarranted loans. The banking industry spun out of control trying to make money in this illegitimate atmosphere. Not only is the IBD editorial about Barney Frank on target, but see this about the head of BB & T: “Rescue” Plan from a Healthy Bank’s Perspective « South Carolina Conservative" I challenge you to read this and dispute the truth “Rescue” Plan from a Healthy Bank’s Perspective « South Carolina Conservative

I've already disputed it above.

 

[DiveCon]

figures the partisans like you would like to ignore the facts

yeah, i'm being SOOOOO [partisan when i blame mebers of BOTH fucxking parties

shut the fuck up ASSHOLE
go talk about killing more infant Gazans

 

[Sinatra]

When Fannie and Freddie were backing hundreds of billions in bad paper loans that started the mega-loan explosion that took off in 2003 and continued into 2007 - the foundation for this scenario actually began in earnest during the 1990's with the Clinton administration's pressure on lending institutions to increase loans to minority and low income applicants. Fannie Mae Eases Credit To Aid Mortgage Lending - The New York Times

Granted, once the investment firms and AIG got into the mix, things were really set up to go south, but without the initial support of government backed Fannie and Freddie, this would not have happened with nearly the size and scope it did. Fannie and Freddie provided the original trough from which all the pigs then came to feed and the resulting feeding frenzy created the bubble that inevitably had to burst.

If the increased regulatory oversight of Fannie and Freddie had occured several years ago, as some in Congress were calling for - as the Bush administration was calling for, the overall impact of this ultimate mess would have been minimized greatly and would have cost taxpayers far less.

Dodd, Frank, Waters, etc., consistently opposed any increased regulation of Fannie and Freddie, and in doing so, are clearly complicit in the economic downturn of the past two years. The historical record of this is quite clear:

[ame=http://www.youtube.com/watch?v=_MGT_cSi7Rs]YouTube - Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis[/ame]

 

[Truthmatters]

October 8, 2002

Gramm Joining UBS; LaFalce to SEC Panel?
Sen. Phil Gramm, R-Texas, a one-time chairman of the Senate Banking Committee, is joining UBS Warburg as its vice chairman. Sen. Gramm, who will retire early next year, co-authored the Gramm-Leach-Bliley Act, which eliminated legal barriers that separated banks from securities firms. A frequent critic of Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System, Sen. Gramm will be joining a firm that has made quite a bit of money the past two years off the mortgage market, especially in regard to subprime lending/securitization. Meanwhile, the ranking Democrat on the House Financial Services Committee, Rep. John LaFalce, D-N.Y., is being considered for a seat on a newly created federal board to oversee the accounting industry. Rep. LaFalce, who is retiring, was contacted by the Securities and Exchange Commission, which is putting the panel together.

http://www.nationalmortgagenews.com/premium/archive/?ts=1034092803

 

[Sinatra]

When Fannie and Freddie were backing hundreds of billions in bad paper loans that started the mega-loan explosion that took off in 2003 and continued into 2007 - the foundation for this scenario actually began in earnest during the 1990's with the Clinton administration's pressure on lending institutions to increase loans to minority and low income applicants. Fannie Mae Eases Credit To Aid Mortgage Lending - The New York Times

Granted, once the investment firms and AIG got into the mix, things were really set up to go south, but without the initial support of government backed Fannie and Freddie, this would not have happened with nearly the size and scope it did. Fannie and Freddie provided the original trough from which all the pigs then came to feed and the resulting feeding frenzy created the bubble that inevitably had to burst.

If the increased regulatory oversight of Fannie and Freddie had occured several years ago, as some in Congress were calling for - as the Bush administration was calling for, the overall impact of this ultimate mess would have been minimized greatly and would have cost taxpayers far less.

Dodd, Frank, Waters, etc., consistently opposed any increased regulation of Fannie and Freddie, and in doing so, are clearly complicit in the economic downturn of the past two years. The historical record of this is quite clear:

YouTube - Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis

...

 

[DiveCon]

October 8, 2002

Gramm Joining UBS; LaFalce to SEC Panel?
Sen. Phil Gramm, R-Texas, a one-time chairman of the Senate Banking Committee, is joining UBS Warburg as its vice chairman. Sen. Gramm, who will retire early next year, co-authored the Gramm-Leach-Bliley Act, which eliminated legal barriers that separated banks from securities firms. A frequent critic of Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System, Sen. Gramm will be joining a firm that has made quite a bit of money the past two years off the mortgage market, especially in regard to subprime lending/securitization. Meanwhile, the ranking Democrat on the House Financial Services Committee, Rep. John LaFalce, D-N.Y., is being considered for a seat on a newly created federal board to oversee the accounting industry. Rep. LaFalce, who is retiring, was contacted by the Securities and Exchange Commission, which is putting the panel together.

National Mortgage News - MortgageWire Archive

that doesnt prove shit
just because they had that bill doesnt mean it was the reason things got fucked up
it may have contributed to it, just like the CRA aand other things did


maybe you need to get your head out of your filthy ass and learn the truth for a change

 

[Truthmatters]

Then why dont you tell me what part of that post is lies?

 

[Truthmatters]

October 8, 2002

Gramm Joining UBS; LaFalce to SEC Panel?
Sen. Phil Gramm, R-Texas, a one-time chairman of the Senate Banking Committee, is joining UBS Warburg as its vice chairman. Sen. Gramm, who will retire early next year, co-authored the Gramm-Leach-Bliley Act, which eliminated legal barriers that separated banks from securities firms. A frequent critic of Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System, Sen. Gramm will be joining a firm that has made quite a bit of money the past two years off the mortgage market, especially in regard to subprime lending/securitization. Meanwhile, the ranking Democrat on the House Financial Services Committee, Rep. John LaFalce, D-N.Y., is being considered for a seat on a newly created federal board to oversee the accounting industry. Rep. LaFalce, who is retiring, was contacted by the Securities and Exchange Commission, which is putting the panel together.

National Mortgage News - MortgageWire Archive

the guy cashed in after doing their bidding huh?

 

[Alpha1]

October 8, 2002

Gramm Joining UBS; LaFalce to SEC Panel?
Sen. Phil Gramm, R-Texas, a one-time chairman of the Senate Banking Committee, is joining UBS Warburg as its vice chairman. Sen. Gramm, who will retire early next year, co-authored the Gramm-Leach-Bliley Act, which eliminated legal barriers that separated banks from securities firms. A frequent critic of Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System, Sen. Gramm will be joining a firm that has made quite a bit of money the past two years off the mortgage market, especially in regard to subprime lending/securitization. Meanwhile, the ranking Democrat on the House Financial Services Committee, Rep. John LaFalce, D-N.Y., is being considered for a seat on a newly created federal board to oversee the accounting industry. Rep. LaFalce, who is retiring, was contacted by the Securities and Exchange Commission, which is putting the panel together.

National Mortgage News - MortgageWire Archive

In response to criticism of his signing the bill when President, Bill Clinton said in 2008:
.

"I don't see that signing that bill had anything to do with the current crisis. Indeed, one of the things that has helped stabilize the current situation as much as it has is the purchase of Merrill Lynch by Bank of America, which was much smoother than it would have been if I hadn't signed that bill ... On the Glass-Steagall thing, like I said, if you could demonstrate to me that it was a mistake, I'd be glad to look at the evidence." [15]

In February 2009, one of the act's co-authors, former Senator Phil Gramm, wrote in its defense that:

"...if GLB was the problem, the crisis would have been expected to have originated in Europe where they never had Glass-Steagall requirements to begin with. Also, the financial firms that failed in this crisis, like Lehman, were the least diversified and the ones that survived, like J.P. Morgan, were the most diversified.
" Moreover, GLB didn't deregulate anything. It established the Federal Reserve as a superregulator, overseeing all Financial Services Holding Companies. All activities of financial institutions continued to be regulated on a functional basis by the regulators that had regulated those activities prior to GLB." [16]
Gramm-Leach-Bliley Act - Wikipedia, the free encyclopedia

Undeniable video....


[ame=http://www.youtube.com/watch?v=_MGT_cSi7Rs&feature=related]YouTube - Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis[/ame]
[ame=http://www.youtube.com/watch?v=cMnSp4qEXNM&feature=related]YouTube - Timeline shows Bush, McCain warning Dems of financial and housing crisis; meltdown[/ame]
Dems warned about Freddie and Fanny....
-------------------------------------------------------------------------------------------
[ame=http://www.youtube.com/watch?v=ivmL-lXNy64&feature=related]YouTube - EVIDENCE FOUND!!! Clinton administration's "BANK AFFIRMATIVE ACTION" They forced banks to make BAD LOANS and ACORN and Obama's tie to all of it!!![/ame]
Banking Affirmative action....by Democrats...1998

 

[DiveCon]

Then why dont you tell me what part of that post is lies?

because you are LYING when you claim THAT was the cause
it wasnt

 

[PoliticalChic]

Sorry, Hiroo, but it is becoming more and more clear that the mortgage meltdown is due to Democrat liberal principles, and that Fannie and Freddie are the prime reasons for the crisis.

Fannie and Freddie are not "reasons" for this mess. They are companies who gave out sub-prime variable rate loans, but the cause of this crisis was interest rate spikes during 2005-2007 (not caused by Barney Frank), and rising gas prices (again, not caused by Frank).

Let's look at a hypothetical scenario.

Now tell me how the fuck Frank could've fixed this. Did Frank control interest rates?

Under Democrat congresses Fannie and Freddie were enacted.

Fannie Mae was created in 1938. Freddie Mac 1970.

Frank blocked regulation of housing policy. Dodd took bribes from Countrywide for the same reason.
Which bill did they block? What was the name of it? When was it?

The Clinton HUD forced more banks to give unwarranted loans. The banking industry spun out of control trying to make money in this illegitimate atmosphere. Not only is the IBD editorial about Barney Frank on target, but see this about the head of BB & T: “Rescue” Plan from a Healthy Bank’s Perspective « South Carolina Conservative" I challenge you to read this and dispute the truth “Rescue” Plan from a Healthy Bank’s Perspective « South Carolina Conservative

I know from experience that you are simply a Democrat apologist, and that the "S" in DavidS stands for "stenographer," as you merely copy Democrat talking points, but
I'll approach this as though you will actully consider facts, in the manner that Ms. Clinton listened to General Petraeus: it will require my willing suspension of disbelief.

Democrats demonstrate that they are morally superior by giving away things to people. Conservatives know that we value that which we earn.

Politicians know that they can buy the votes of the weak and uninformed, by this giving away of the public's largesse. Still with me?

Both Freddie and Fannie were created by Democrat congresses, see above for the "why."

CRA claimed to be designed by Democrats to give home mortgages to poor who were unfairly deprived. See the Democrat fingerprints?

Under the Clinton Administration, this not only continued, but the avalanche picked up speed, with Clinton HUD Secretary Andrew Cuomo announcing how he had forced banks to give even more loans against their interests (no pun intended):
[ame=http://www.youtube.com/watch?v=ivmL-lXNy64]YouTube - EVIDENCE FOUND!!! Clinton administration's "BANK AFFIRMATIVE ACTION" They forced banks to make BAD LOANS and ACORN and Obama's tie to all of it!!![/ame]
Further, Freddie Mac and Fannie Mae increased making risky loans from 42% to 50% of their loans.
Democrat Senator Dodd fully backed the program, and concurrently received sweetheart mortgage-loans on property that he owns. Topic Galleries -- Courant.com He and Democrat Representative Barney Frank thwarted Bush Administration attempts to rein in the loans, (Frank's fingerprints are all over the financial fiasco - The Boston Globe) many of which fell under the slogan “NINJA” loans: no income, no job, no assets.
IBDeditorials.com: Editorials, Political Cartoons, and Polls from Investor's Business Daily -- Let The Inquisition Start With Frank

Democrat philosophy is not too bad, as long as you add the warning: "works well for a large segment of the population, until we have a very, very bad financial meltdown. Have a good day."

 

[elvis]

Sorry, Hiroo, but it is becoming more and more clear that the mortgage meltdown is due to Democrat liberal principles, and that Fannie and Freddie are the prime reasons for the crisis.

Fannie and Freddie are not "reasons" for this mess. They are companies who gave out sub-prime variable rate loans, but the cause of this crisis was interest rate spikes during 2005-2007 (not caused by Barney Frank), and rising gas prices (again, not caused by Frank).

Let's look at a hypothetical scenario.

Now tell me how the fuck Frank could've fixed this. Did Frank control interest rates?

Under Democrat congresses Fannie and Freddie were enacted.

Fannie Mae was created in 1938. Freddie Mac 1970.

Frank blocked regulation of housing policy. Dodd took bribes from Countrywide for the same reason.
Which bill did they block? What was the name of it? When was it?

The Clinton HUD forced more banks to give unwarranted loans. The banking industry spun out of control trying to make money in this illegitimate atmosphere. Not only is the IBD editorial about Barney Frank on target, but see this about the head of BB & T: “Rescue” Plan from a Healthy Bank’s Perspective « South Carolina Conservative" I challenge you to read this and dispute the truth “Rescue” Plan from a Healthy Bank’s Perspective « South Carolina Conservative

I know from experience that you are simply a Democrat apologist, and that the "S" in DavidS stands for "stenographer," as you merely copy Democrat talking points, but
I'll approach this as though you will actully consider facts, in the manner that Ms. Clinton listened to General Petraeus: it will require my willing suspension of disbelief.

Democrats demonstrate that they are morally superior by giving away things to people. Conservatives know that we value that which we earn.

Politicians know that they can buy the votes of the weak and uninformed, by this giving away of the public's largesse. Still with me?

Both Freddie and Fannie were created by Democrat congresses, see above for the "why."

CRA claimed to be designed by Democrats to give home mortgages to poor who were unfairly deprived. See the Democrat fingerprints?

Under the Clinton Administration, this not only continued, but the avalanche picked up speed, with Clinton HUD Secretary Andrew Cuomo announcing how he had forced banks to give even more loans against their interests (no pun intended):
[ame=http://www.youtube.com/watch?v=ivmL-lXNy64]YouTube - EVIDENCE FOUND!!! Clinton administration's "BANK AFFIRMATIVE ACTION" They forced banks to make BAD LOANS and ACORN and Obama's tie to all of it!!![/ame]
Further, Freddie Mac and Fannie Mae increased making risky loans from 42% to 50% of their loans.
Democrat Senator Dodd fully backed the program, and concurrently received sweetheart mortgage-loans on property that he owns. Topic Galleries -- Courant.com He and Democrat Representative Barney Frank thwarted Bush Administration attempts to rein in the loans, (Frank's fingerprints are all over the financial fiasco - The Boston Globe) many of which fell under the slogan “NINJA” loans: no income, no job, no assets.
IBDeditorials.com: Editorials, Political Cartoons, and Polls from Investor's Business Daily -- Let The Inquisition Start With Frank

Democrat philosophy is not too bad, as long as you add the warning: "works well for a large segment of the population, until we have a very, very bad financial meltdown. Have a good day."

stop the press. who's in your avatar?