Sen. Chris Dodd to call it quits tomorrow

January 5th, 2010 · 5 Comments

Senator Chris Dodd from Connecticut is scheduled to announce his retirement from the Senate tomorrow. In some ways, he has been a friend of the Latino community in that he supported initiatives to increase diversity, and he also is a Spanish speaker, having served in the Peace Corps in the Dominican Republic in the 1960s. Three years ago, he even delivered the Democratic Hispanic Radio Address.

Dodd’s political troubles have been attributed in part to his connection with the Countrywide VIP mortgage program, which gave sweetheart deals to important politicos. The fallout from the mortgage and foreclosure crisis and the corruption within those companies is something that even tarnished Latino leaders. It is worth reminding everyone in light of Dodd’s pending retirement that Henry Cisneros, former cabinet secretary and Latino honcho, was on the Countrywide Board and also profited handsomely from his own ties to this toxic and now defunct company.

If y’all want a reminder of how some in the Latino political establishment was tied to the mortgage mess. I encourage you to read these two blog posts that I wrote early last year: The Great American Mortgage Scam & the Latino Community and The Great American Mortgage Scam & the Latino  Community, Part II.

In concluding, I do give Dodd credit for trying to mend the banking fiasco by trying to reform the industry. When Dodd’s bill was unveiled back in November, it was said:

“the bill would create a Consumer Financial Protection Agency to regulate such things as credit cards and home mortgages. Banks that are “too big to fail” would, as a final resort, be required to reduce their size and consequently the risk they pose to the financial structure if regulators demanded it. A single banking regulator would be created from the patchwork system that currently allows banks to shop for the fattest and laziest cop.”

It will be interesting to see how the bank reform bill will evolve. Perhaps without having anything to lose, Dodd will push more aggressively…we can hope.

Updated 1/6/10: The Washington Post has a piece about how Dodd’s retirement may boost the chances for financial regulatory reform. Consumer advocates are hopeful that he will focus on policy that will benefit the citizens instead of the banks.

Tags: diversity · Economics · Government Accountability · Henry Cisneros · Sen. Chris Dodd

5 responses so far ↓

  • 1 What The.. // Jan 5, 2010 at 11:16 pm

    Well who would of thought… Receiving $103,000.00 from AIG in campaign funds, a bit more than ONada received, about $101,332.00. yep why not retire? OOPs, Let ‘s not talk of the corrupt bastards wife who actually worked for AIG. We don’t expect honesty or integrity from our politicians in the United States any more, but it’s a bit shocking how corrupt the system really is—as the AIG scandal continues turning over rocks: Dodd’s Wife a Former Director of Bermuda-Based IPC Holdings, an AIG Controlled Company. No wonder Senator Christopher Dodd (D-Conn) acted dumbfounded when asked about his February amendment ratifying hundreds of millions of dollars in bonuses to executives at insurance giant AIG. Dodd has been one of the company’s favorite recipients of campaign contributions. But it turns out that Senator Dodd’s wife has also benefited from past connections to AIG as well.
    From 2001-2004, Jackie Clegg Dodd served as an “outside” director of IPC Holdings, Ltd., a Bermuda-based company controlled by AIG. IPC, which provides property casualty catastrophe insurance coverage, was formed in 1993 and currently has a market cap of $1.4 billion and trades on the NASDAQ under the ticker symbol IPCR. In 2001, in addition to a public offering of 15 million shares of stock that raised $380 million, IPC raised more than $109 million through a simultaneous private placement sale of 5.6 million shares of stock to AIG – giving AIG a 20% stake in IPC. (AIG sold its 13.397 million shares in IPC in August, 2006.) Corrupt to the bone? it depends who you ask. For the people he represents, most have advised a good strong oak and rope…

  • 2 Reyfeo // Jan 6, 2010 at 5:45 am

    Dodd is an idiot. He’s done nothing to help the Latino community except, as you have stated, played a big part in the trickery associated with granting Latinos Jumbo Loans when they really couldn’t afford them.

    He and Henry need to go away to Dom Rep and speak Spanish to those fools. We’ve had enouph of their lies.

    Integrity is non-existant with this guy. He’s going to help push this full of crap/garbage health care bill and then get out of town so he can dodge the mess after effects. Add this idiot to the Obama list of idiots who have/are created/ing a crap-load of waste in the US Govt!

  • 3 stephen // Jan 6, 2010 at 9:01 am

    Maybe he’s going to retire to that little “cottage” of his in Ireland

  • 4 Southern Cali // Jan 11, 2010 at 8:04 am

    Glad he is gone with that fake Irish accent.

  • 5 LemonMeister, Los Angeles, CA // May 17, 2011 at 11:02 am

    a KB Home Sucks just Google it. Countrywide was originally called KB Home Countrywide home loan, Countrywide spun off. My home is a Lemon, so many defects it can’t be fixed. The new hombuilding industry has stopped any legislation for Lemon Laws. KB Home continues to violate the FTC Consent order for shoddy construction and false advertising. KB Home Chairman Stephen Bollenbach is an AIG Board Member also.

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