Bailout Update – Dodd’s Collecting ACORNs

Posted by Chris Healy on 9/26/08 • Categorized as Local News

“At the end of my tenure on this committee, I want it to be said that the safety and soundness of our financial institutions was not weakened on my watch,” Dodd said.

Chris Dodd, February 15, 2007

Seems that Sen. Chris Dodd is back to taking care of those who take care of him. In one of those little pesky amendments being offered as part of the $700 billion bailout of the financial industries, the affordable housing crowd has inserted a requirement that some proceeds from the sale of a distressed asset to the infamous Federal Housing Trust Fund, which hands out more free money to dubious housing projects run by non-profits.

Some of the money will also find its way to the Barack Obama Alumni Association, also known as community activist groups that promote “affordable housing” and other victim rights. One of the groups certain to benefit is ACORN, which has made an art form of illegally registering voters.

Good to see Chris Dodd is back on top of things and keeping us safe from ourselves.

Here is the language being offered in the bill.

TRANSFER OF A PERCENTAGE OF PROFITS.
1. DEPOSITS.Not less than 20 percent of any profit realized on the sale of each troubled asset purchased under this Act shall be deposited as provided in paragraph (2).
2. USE OF DEPOSITS.Of the amount referred to in paragraph (1)
1. 65 percent shall be deposited into the Housing Trust Fund established under section 1338 of the Federal Housing Enterprises Regulatory Reform Act of 1992 (12 U.S.C. 4568); and
35 percent shall be deposited into the Capital Magnet Fund established under section 1339 of that Act (12 U.S.C. 4569).”

And here is the call of the Fannie Mae and Freddie Mac Roll of Honor which shows Sen. Dodd pocketed more Fannie PAC money than any other Congressman or Senator to keep an eye on the group which is primarly responsible for this Wall Street meltdown. Look who is batting third and cleanup in this lineup.

Top Recipients of Fannie Mae and Freddie Mac
Campaign Contributions, 1989-2008

Name	Office	Party/State	Total
1. Dodd, Christopher J	S	D-CT	$133,900
2. Kerry, John	S	D-MA	$111,000
3. Obama, Barack	S	D-IL	$105,849
4. Clinton, Hillary	S	D-NY	$75,550
5. Kanjorski, Paul E	H	D-PA	$65,500
6. Bennett, Robert F	S	R-UT	$61,499
7. Johnson, Tim	S	D-SD	$61,000
8. Conrad, Kent	S	D-ND	$58,991
9. Davis, Tom	H	R-VA	$55,499
10. Bond, Christopher S ‘Kit’	S	R-MO	$55,400
11. Bachus, Spencer	H	R-AL	$55,300
12. Shelby, Richard C	S	R-AL	$55,000
13. Emanuel, Rahm	H	D-IL	$51,750
14. Reed, Jack	S	D-RI	$50,750
15. Carper, Tom	S	D-DE	$44,389
16. Frank, Barney	H	D-MA	$40,100
17. Maloney, Carolyn B	H	D-NY	$38,750
18. Bean, Melissa	H	D-IL	$37,249
19. Blunt, Roy	H	R-MO	$36,500
20. Pryce, Deborah	H	R-OH	$34,750
21. Miller, Gary	H	R-CA	$33,000
22. Pelosi, Nancy	H	D-CA	$32,750
23. Reynolds, Tom	H	R-NY	$32,700
24. Hoyer, Steny H	H	D-MD	$30,500
25. Hooley, Darlene	H	D-OR	$28,750

Includes contributions from PACs and individuals.
2008 cycle totals based on data downloaded from the
Federal Election Commission on June 30, 2008.

3 Comments

SeaquestVentures
September 26, 2008 • 12:45

PROMOTE AN ISSUES AGENDA…Leave The Soap Opera At Home

There are those of us who refuse to subscribe to the “politics of personal destruction”. We’re also the ones who decry un-founded speculation and destructive conversation. We want the public to recognize soap opera conversation that manipulates their hearts and minds. In that vein, we are submitting our platform and will continue to do so. The goal is to give all that have access to this information the ability to hold it as a standard against the candidates and see who rises to the level of these demands. That is someone who will truly make a difference in the course of our nation. Your friend, your sister in life, Cynthia Metzger aka Cynthia@SeaquestVentures.com

Government can’t run anything!
1. End lobbyists’ financial contributions and expand the “lobbying” allowable to private citizens vis-à-vis an internet site on each issue affecting their area or $.
2. Enact/enforce campaign finance reform. (How ‘bout every candidate gets the same dollars—larger amounts for larger offices—and the best person comes out actually being the best!)
3. Consistent support of national security and national defense. Set up a bi-partisan committee to ensure that our defense budget is protected and sufficient for our Country’s defense.
4. Balance the national budget and enact legislation that requires a repayment plan and timetable when our representatives cause borrowing to put us in the red.
5. Pressure the U.N. and it’s nations to be the effective force it was meant to be and enact sanctions when they don’t do their job.
6. Merit-based pay for educators, complete curriculum including arts and social issues, vouchers to ensure quality and choice.
7. Make the legislators pay back what they borrowed from Social Security. As a “patriotic” gesture, the wealthy should not collect Social Security and they should pay into it according to their adjusted net income. Today, they don’t pay into it above a certain dollar amount that’s relatively small. And for those whose assets eliminate a need for Social Security, give them the option of donating it to an acceptable charity and give them a tax incentive for that. Finally, privatize it with fiscally responsible restrictions. Hell’s bells, if Chili can double its Social Security fund, why can’t we?
8. No public assistance for anyone who refuses to provide “drug free” evidence or proof of continual participation in an anti-drug program.
9. Streamline civil/criminal/family law with immediate mediation prior to cumbersome legal manipulations to determine the merit of a case before spending what ends up to be 15 years from filing to winning!
10. Enact the Fair Plan—a flat tax for those who are the spenders.
11. Enforce free trade—uh, say “good-bye” to Nafta?
12. End pork barrel spending—no more irrelevant expenditures in any bill.
13. Eliminate corporate tax loopholes with companies who ship jobs overseas.
14. Eliminate “golden parachutes” in failing companies.
15. Ensure the safety of pensions and health plans in mergers, acquisitions and take-overs. Institute partial plans for part-time workers.
16. Set up a watch-dog agency for Federal departments that don’t enforce our laws.
17. All non-profit organizations that have a tax-free status or that receives public subsidy, shall not use their position, office or entity to promote or contribute for the purpose of political influence and in doing so, will be disqualified using the “3 Strikes” rule.
18. Enact legislation preventing government agencies from donating to political causes. Create/enforce accountability for the Senate Banking Committee, the Finance Committee and either fire their Chairmen and/or secure payback.
19. Elimination of the Electoral College.
20. Enact and enforce a multi-faceted alternative energy program with the goal to be completely weaned from OPEC dependence and create a clean environment within the shortest possible time frame.

Since many of us die within two years of retirement, ask Social Security recipients who have no serious obligations to commit to spending a day a week in public service as mediators, counselors or such, preferably within their area of expertise. Nothing like a little involvement to keep the juices flowing.

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