This post is the first in a TooBigHasFailed.org series on corruption in the finance industry. We’re spotlighting Chris Dodd, the previous chairman of the Senate Banking Committee.
We highlight Dodd because of his high-ranking position as the chairman of the Senate Banking Committee and because his scandals seemed so frequent at the end of his senatorial career.
Fannie and Freddie campaign donations - OpenSecrets.org
Dodd’s top contributors since 1989 - OpenSecrets.org
Dodd and Countrywide - WSJ
Dodd lied about AIG bonuses - New Haven Register
Excerpt: “We’re not going to mince words. Chris Dodd is a lying weasel. It is hard enough to swallow that the senator had no idea that he got preferential treatment on his home mortgages that saved him thousands of dollars. Or that, simply out of friendship, a wealthy New York man, who was later convicted in a huge stock swindle, picked up much of the cost of a condo Dodd bought in Washington; or that the stock swindler’s business partner out of a love of Ireland did the same for Dodd when the senator bought a waterfront house in Ireland.
Now, Dodd flat-out has lied about his role in legislation that is allowing employees of American International Group to receive $400 million in bonuses despite receiving $173 billion in taxpayer money to keep the failed financial giant alive. …”
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• Received over $285,000 in campaign contributions from AIG since 1989
• Placed a loophole in the 2008 bailout, allowing AIG executives to receive bonuses from taxpayers
• Received special treatment and discounts on loans through VIP treatment from Countrywide
• Pushed for a bill to help Countrywide in the aftermath of the financial crisis
• Received over $165,000 in campaign contributions from Fannie & Freddie since 1989
• Claimed Fannie & Freddie were “fundamentally strong” two months before they collapsed