The Value of Being on the List
Citizens Against Government Waste (CAGW) has named their June “Porker of the Month. He is none other than Senator Chris Dodd (D-CT) and Chairman of the Senate Banking Committee. Why?
“(F)or accepting a preferential mortgage deal from a company which stands to benefit from a mortgage bailout bill he is pushing through Congress.”
CAGW explains their selection of Sen. Dodd by writing:
“Sen. Dodd acknowledged receiving a “VIP” loan from Countrywide Financial Corporation, but denied that he knew the designation meant he would be receiving special privileges because of his position as the chairman of the Banking Committee. Sen. Dodd is one of several current and former high-ranking officials, including Senate Budget Committee Chairman Kent Conrad (D-N.D.) and former Fannie Mae CEO Jim Johnson, who was on a special “Friends of Angelo” list, named after Countrywide Financial Corporation Chairman and CEO Angelo Mozilo. According to published reports, Chairman Dodd’s special mortgage rate reduces his costs by $75,000 over the 30-year life of the mortgage.”
Perhaps just the latest reminder of the wisdom of Mark Twain, who said:
“There is no distinctly native American criminal class save Congress.”