Chris Dodd Pal Mozilo Settles With SEC

This would make big headlines if he were connected with Republicans. But since he's pals with sleazy Democrats consider it part of the Friday news dump. Can't have bad news haunting Democrats 18 days out of a crucial election.

Former Countrywide Financial Corp Chief Executive Angelo Mozilo has agreed to settle a lawsuit with securities regulators, ending one of the highest profile enforcement actions to come from the financial collapse.

Mozilo, along with former Countrywide President David Sambol and former Chief Financial Officer Eric Sieracki, did not appear in the Los Angeles federal court on Friday morning where the settlement between the U.S. Securities and Exchange Commission and all three executives was announced.

Mozilo will pay a $22.5 million civil penalty, plus $45 million in disgorgement, according to U.S. District Court Judge John Walter.

Good luck finding any mention of the the word "Democrat" or his cozy dealings with Dodd.

I guess the Friends of Angelo extend to the media.

Angelo picked his friends well. Dodd chairs the Banking Committee, and the $58,000 Countrywide saved him by giving him a below-market interest rate probably served the lender well in keeping their misdeeds below the radar screen. It went well with the $21,000 in campaign contributions Dodd received from Countrywide.

Conrad saved over $10,000 under the Friends of Angelo program with the deduction of a point on one loan. He got a second loan through Countrywide when Mozilo intervened to approve the loan against company policy, on the basis of his position as a Senator. Conrad can’t recall ever meeting Angelo, but the evidence of “friendship” looks pretty clear.

More on Angelo's friends here.

Maybe Darrell Issa can look into this come January.

Aww, Poor Chris Dodd Is Offended

No discounts for snakes

You would think a guy up to his eyebrows in ethical problems would know better than to whine about alleged unfair treatment. Then again, we're talking about Chris Dodd, the man who keeps snakes supplied in oil. Knowing Dodd, it's a good bet the snakes pay above-market rate.

Sen. Chris Dodd, the dubious Democrat from the Nutmeg State, told a recent interviewer that it was "offensive" that the media would suggest that his wife, Jackie Clegg Dodd, has potential conflicts of interest because she sits on the boards of four pharmaceutical firms.

With Sen. Ted Kennedy ailing, Dodd is the Democratic point man for upcoming health-care legislation.

Of course, this is the 21st century. Spouses of powerful pols have their own -- often quite successful -- careers.

Of course, everybody knows that Mrs. Dodd received no special consideration because of her powerful spouse -- because Sen. Dodd says so.

That's the same Chris Dodd who "just happened" to get sweetheart mortgage loans as a "Friend of [Countrywide Financial founder] Angelo [Mozilo]" -- a relationship that is the subject of a Senate Ethics Committee probe.

That's the same Dodd who "just happened" to buy out a friend's share of an Irish cottage -- for well below what should have been the appraised value.

Only after a public-interest group raised questions did the Dodds finally have the cottage re-appraised -- whereupon the property's value jumped to $660,000, from between $100,001 and $250,000 just last year.

How about that: In the midst of a worldwide recession, his vacation home doubles in value in just one year -- as property values across Ireland plunged 40 percent.

If it weren't for that protective shell of having the (D) after his name, Dodd not only would have been booted from office long ago, it's a good possibility he'd be cooling his heels in a federal penitentiary.

Instead, he'll be the point man on a potential multi-trillion dollar boondoggle we'll all be saddled with in the name of change.

Not a comforting thought.

Instapundit links. Thanks!

Bill Clinton Steps Up, Accepts Zero Responsibility for Economic Chaos

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Not quite a finger-wagging, red-faced moment, but you can tell he'd like to burst out into rage at even being asked the question, clearly taking umbrage at the temerity to even be suggested as having the slightest role. It's not as if he had some low level, back office job. He was POTUS while much of what now haunts us came into being. He'd probably rather reminisce over Monica's taste in lip gloss than be held accountable for the current economic blowback.

Time lists him among the choices, a lineup not-so-surprisingly absent the names Barney Frank or Christopher Dodd, although Dodd's good friend Angelo Mozilo made the list. Time readers have fingered Phil Gramm as most responsible.

Go figure.

Question: If Clinton bears no responsibility, then why is his budget director and former Fannie Mae CEO Franklin Raines so high among the choices?

Hmm, Slick?

Chris Dodd, Meet Eddie Perez

The Democrat Senator from Connecticut, Christopher Dodd, may well have some re-election problems on his hands according to the Swing State Project.

Chris Dodd's favorability ratings in his home state have suffered ever since his very unsuccessful presidential run, an undertaking he was never quite able to explain to his constituents - or Iowa caucus-goers, for that matter. Allegations that he got favorable "VIP" loan terms from lender Countrywide haven't helped. What makes this a Race to Watch is the fact that three reasonably strong Republicans could all potentially give it a gander: Gov. Jodi Rell and former Congressmen Rob Simmons and Chris Shays. But Dodd is a powerful fundraiser in a blue state, and no one has stepped up to the plate yet. (D)

Via Instapundit.

Now what makes this of further interest is the fact Connecticut has a recent history of nailing politicians (of both parties, we might note) for corruption. First there was Republican Governor John Rowland and more recently, the indicted Mayor of Hartford and renowned community organizer Eddie Perez.

The New York Post today draws an interesting contrast between Perez and Dodd.

Hartford Mayor Eddie Perez was arrested Tuesday on bribery and corruption charges after allegedly receiving free work on his home from a city contractor. The scandal is remarkably similar to the one that sent former Gov. John Rowland to the big house back in 2005.

We just hope the arrest gets Sen. Christopher Dodd (D-Conn.) looking over his shoulder. After all, it's not immediately clear why Perez should be in handcuffs - while Dodd retains his chairmanship of the powerful Senate Banking Committee.

Back in 2003, Dodd secured two "VIP" mortgages from Countrywide CEO Angelo Mozilo that reportedly saved him a cool $75,000. This, while he was supposed to be overseeing the Fannie Mae- and Freddie Mac-backed subprime loans on which Countrywide made a killing.

We know how that turned out.

Perez, meanwhile, is accused of accepting home renovations worth little more than half Dodd's take from Countrywide.

To be sure, the comparison may be somewhat unfair to Dodd: Unlike Perez, he's been accused of no direct quid pro quo for his preferential treatment.

Then again, he likely didn't get the sweet deals for no reason, either. And he's months overdue in making good on his promise to release documents on the deal.

It's also worth noting the Democrats in the Senate won't make any move to oust Dodd and it's unlikely the Obama Justice Department will go anywhere near corrupt Democrats. There's only so much change they're interested in.

Thanks to Instapundit for the link.

Democrat Senators Received Fixed Countrywide Mortgage Deals

More Friends of Angelo. After former Barack Obama vetter was tossed under the bus Wednesday, some reporters figured it was time to look at who else received special deals from Countrywide Financial Corporation.

And what do you know, two top Democrat senators received cushy deals.

How convenient.

One of them is the Sandwich King, Connecticut's Christopher Dodd, former presidential candidate and now undoubtedly former Vice Presidential material.

Two influential US senators got "VIP" loans from a leading subprime mortgage lender that saved them tens of thousands of dollars, it was reported last night.

The Democratic pols, Chris Dodd of Connecticut and Kent Conrad of North Dakota, both received the highly favorable loans under the designation "Friend of Angelo," a reference to embattled Countrywide head Angelo Mozilo, Condé Nast Portfolio reported.

Dodd is chairman of the Senate Banking Committee, while Conrad is chairman of the Budget Committee and a member of the Finance Committee. The two senators refinanced properties through the VIP program in 2003 and 2004, the report said.

Others who received "FOA" loans include Alphonso Jackson, the secretary of Housing and Urban Development under President Bush who resigned in April, and Donna Shalala, who was secretary of Health and Human Services in the Clinton administration.

The report came one day after Democratic heavyweight Jim Johnson stepped down as chief of Barack Obama's vice-presidential search committee after revelations he'd gotten Countrywide loans at very favorable rates because of Mozilo.

Citing company documents and e-mails, the report says the FOAs paid lower fees, and if rates fell while a loan was pending, the VIPs would get a free "float-down" while regular customers had to pay a surcharge.

Dodd reportedly received two loans through the program in 2003 - $506,000 to refinance his Washington town house, and $275,042 to refinance a home in Connecticut. The more favorable terms saved him about $70,000, the report says.

Naturally, Dodd defends the sweetheart deals. After all, he's a Democrat and they have special privileges the rest of us don't enjoy.

Sen. Christopher Dodd, a top figure in Democrats' response to the housing crisis, defended through a spokesman two mortgages he reportedly received under a special Countrywide Financial Corp. program that awarded preferential interest rates to people referred to as "friends" of the company's chairman and chief executive, Angelo Mozilo.

"The Dodds received a competitive rate on their loans," said Bryan DeAngelis, Sen. Dodd's press secretary. "They did not seek or anticipate any special treatment, and they were not aware of any." He declined further comment.

The news could cause headaches for the Connecticut senator, who is trying to negotiate housing legislation designed to deal with the foreclosure crisis. The final bill could include expanding a government program to insure up to $300 billion in refinanced home loans.

Publicly, Mr. Dodd has been critical of some of the mortgages in which Countrywide specialized, such as loans known as "payment-option ARMs," adjustable-rate mortgages that give borrowers multiple payment options each month. In December 2007, he co-signed a letter to Federal Reserve Chairman Ben Bernanke that called these mortgages at Countrywide "abusive" because "these loans were not made on the basis of a borrower's ability to pay."

Can you say hypocrisy, kids?

More here.

Safe to say you can probably scratch Dodd off Obama's VP list.