
SEN. DODD'S CAVALCADE OF SCANDAL
IT'S been a rotten year for Chris Dodd. Time and again, the Connecticut senator has been caught both doing favors for heavy hitters and receiving them -- and then lying about it.
Sometimes the mess involves a firm like AIG or Countrywide, enmeshed in the abuses that have so damaged the US economy. Sometimes Dodd's pal is just a felon in need of a presidential pardon. But the cavalcade of scandal clearly puts the five-term senator in danger of losing his next re-election bid.
Dodd's collapse began last June, when Conde Nast Portfolio revealed that he had gotten two cut-rate mortgages of nearly $800,000 from subprime giant Countrywide Financial in 2003. As the magazine reported, Dodd was a "Friend of Angelo" -- one of several notables marked for special treatment by Countrywide co-founder Angelo Mozilo.
That triggered a dizzying carnival of misleading Dodd statements. First, he issued an angry written statement denying any favorable treatment.
A few days later, he told some reporters that he knew he'd been treated as a VIP by Countrywide, while the same day assuring other reporters that he hadn't.
He also promised he would release documents related to his mortgages. It took more than seven months for him to produce anything, and he still hasn't disclosed all the paperwork. On Feb. 2, he let some Connecticut reporters look at some papers -- but allowed no copies to be made and refused to list the documents provided.
Dodd has promised to refinance the Countrywide deals, which would save him at least $70,000 over the life of the mortgages. But this is plainly damage control, not remorse. There's no question why Countrywide wanted Dodd's friendship. Dodd has long been a senior member of the Senate Banking Committee, which oversees the industry. In 2003, at the time of the first sweetheart loan, he was close to becoming chairman -- and a big catch for a company that depended on government policies that encouraged lending over prudence. Nor is this the only sweetheart deal to surface
IT'S been a rotten year for Chris Dodd. Time and again, the Connecticut senator has been caught both doing favors for heavy hitters and receiving them -- and then lying about it.
Sometimes the mess involves a firm like AIG or Countrywide, enmeshed in the abuses that have so damaged the US economy. Sometimes Dodd's pal is just a felon in need of a presidential pardon. But the cavalcade of scandal clearly puts the five-term senator in danger of losing his next re-election bid.
Dodd's collapse began last June, when Conde Nast Portfolio revealed that he had gotten two cut-rate mortgages of nearly $800,000 from subprime giant Countrywide Financial in 2003. As the magazine reported, Dodd was a "Friend of Angelo" -- one of several notables marked for special treatment by Countrywide co-founder Angelo Mozilo.
That triggered a dizzying carnival of misleading Dodd statements. First, he issued an angry written statement denying any favorable treatment.
A few days later, he told some reporters that he knew he'd been treated as a VIP by Countrywide, while the same day assuring other reporters that he hadn't.
He also promised he would release documents related to his mortgages. It took more than seven months for him to produce anything, and he still hasn't disclosed all the paperwork. On Feb. 2, he let some Connecticut reporters look at some papers -- but allowed no copies to be made and refused to list the documents provided.
Dodd has promised to refinance the Countrywide deals, which would save him at least $70,000 over the life of the mortgages. But this is plainly damage control, not remorse. There's no question why Countrywide wanted Dodd's friendship. Dodd has long been a senior member of the Senate Banking Committee, which oversees the industry. In 2003, at the time of the first sweetheart loan, he was close to becoming chairman -- and a big catch for a company that depended on government policies that encouraged lending over prudence. Nor is this the only sweetheart deal to surface