Monday, January 26, 2009

Chris Dodd makes the top 25

But not on a list anyone would be proud to inhabit.

This weekend, the Guardian published a list of 25 individuals who had a hand in the global economic meltdown.

Our man Senator Chris is featured prominently:

Christopher Dodd, chairman, Senate banking committee (Democrat)

Christopher Dodd

Consistently resisted efforts to tighten regulation on the mortgage finance firms Fannie Mae and Freddie Mac. He pushed to broaden their role to dodgier mortgages in an effort to help home ownership for the poor. Received $165,000 in donations from Fannie and Freddie from 1989 to 2008, more than anyone else in Congress.

Dodd is also mentioned as a "friend of Angelo" in the entry for Angelo Mozilo, on the list:

Angelo Mozilo, Countrywide Financial

Angelo Mozilo

Known as "the orange one" for his luminous tan, Mozilo was the chairman and chief executive of the biggest American sub-prime mortgage lender, which was saved from bankruptcy by Bank of America. BoA recently paid billions to settle investigations by various attorney generals for Countrywide's mis-selling of risky loans to thousands who could not afford them. The company ran a "VIP programme" that provided loans on favourable terms to influential figures including Christopher Dodd, chairman of the Senate banking committee, the heads of the federal-backed mortgage lenders Fannie Mae and Freddie Mac, and former assistant secretary of state Richard Holbrooke.

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