The Triumph of the Pertinent
The Courant’s Rick Green delivered an excellent retort to the Sunday editorial by Bill McCue on his “CT Confidential” blog by pointing out that the problem isn’t necessarily the problem:
The issue is whether Dodd, a prominent member of the Senate Banking Committee, was told that he was getting a special deal because he was a V.I.P. “friend” of Countrywide CEO Angelo Mozilo. The issue is whether Dodd received special treatment because of his position. Were all those junk fees that non-senators pay when they finance a mortgage waived? A former Countrywide loan officer told me they were.
While there remains some discussion about just how goodthe sweetheart deal was, that doesn’t detract from the more pertinent point: Senator Dodd got these loans not because of competitive bidding between brokers but rather by being a FOA - “Friend of Angelo” Mozilo, the CEO of Countrywide - a man who was currying favor with a player on the Senate Banking Committee. It is a great irony that some of Senator Dodd’s friends can turn so blind an eye on such activity when it is so clear.
It is Day 144 of Dodd Watch, and what have we learned to this point? The Senate Ethics Committee is digging around into the affair as well as the Justice Department. For all of Senator Dodd’s attempts to deny that there is any “there” there, the evidence at the moment certainly seems to suggest otherwise. But then again, that there is not enough evidence from Dodd is the problem, as Mr. Green concludes correctly:
We don’t know the real story because Sen. Dodd is not releasing all information until the Senate Ethics Committee completes its investigation. Until Sen. Dodd releases all documents related to the Countrywide deal, this isn’t going away.
Indeed.












