"The fact is," Dodd said, "I am frustrated, and so are the American people." He charged that Wall Street's intransigence was the reason for Congress's failure to pass any bill to regulate the Street. "The refusal of large financial firms to work constructively with Congress on this effort borders on insulting to the American people who have lost so much in this crisis."

Talk about insulting,... Sen. Dodd?

Former Labor Secretary Reich (as Conan O'Brien calls you),..

I may not agree with all your solutions to our challenges, but, Yes, you are right when you write...

Call me old fashioned, but I thought Congress was in charge of passing legislation, not Wall Street.
Dodd left out the most telling detail, of course. Wall Street is where the campaign money is. Dodd of all people knows that. He's been on the receiving end of lots of it over the years.

That is a generous understatement. Bank of America actually WROTE the banking bill two years ago as that banking institution's world was crashing in on them. Christopher Dodd is retiring for one reason only,...He is the one that cut and pasted B of A's text into the bill, because he was on the take....or as you put it in their pocket.

Senate staffers that had seen BofA documents of what they wanted in the bill were shocked when later the exact same words, verbatim, were in the bill. Dodd took a bribe. There is no two ways about it.

http://www.examiner.com/a-1449448~Bank_of_America_PAC_money_behind_Dodd_s_Countrywide_loan.html

"We call it the 'Bank of America bill on steroids.'" A House staffer told me that, demanding anonymity, but speaking on behalf of aides to GOP members of the House Financial Services Committee.
He was talking about the bill whose Senate version has been brought to the floor this week by Sen. Chris Dodd, D-CN, and Sen. Richard Shelby, R-AL. Dodd-Shelby would let mortgage lenders off the hook for bad loans, shifting the burden ultimately to taxpayers. Dodd has received approximately $70,000 in campaign contributions from Bank of America in the last year-and-a-half.
Dodd-Shelby hit the Senate floor this week amid controversy over sweetheart loan deals Dodd and other powerful politicians received from Countrywide Financial, the lender with the most exposure to subprime mortgages at risk of default.
Some journalists and Republican lawmakers are asking if Countrywide bought a bailout bill with its VIP loans to Dodd, who is chairman of the Senate Banking Committee. But when asking cui bono? about Dodd's bill, we need to look to Bank of America.
Bank of America agreed in January to buy Countrywide, and the deal is near completion. House and Senate staffers opposing the measure say Bank of America operatives wrote that chamber's version of the bailout.
One Senate staffer was told by a lobbyist, "the bailout section is exactly what Bank of America and Countrywide wanted." The Senate staffer added "its obvious they got what they asked for."

Regardless of what kind of banking legislation anyone may want at this point, we should all be insulted for Dodd to be wagging his finger and claiming the bankers won't come out to play with him. We should have a financial system where Bankers are more focused on pleasing customers than they are focused on pleasing politicians with bribes like Dodd.

Anyone that blames greedy bankers for this crisis needs to ask, who gave them the skeleton key that allowed them in the back door to write the legislation? It was Chris Dodd.

Call me old fashioned, but I thought Congress was in charge of passing legislation, not Wall Street.

That is so pre-Citizens United.

There will be no meaningful change in the rules for financial traders. They created a huge financial crisis, were rewarded with the keys to the treasury, and are now cock-a-hoop ... by which I mean they know they are free to do whatever they please.

You think you got ripped off already ? Stayed tuned - much worse is coming.

The banks, the credit-card companies, the mortgage companies, the pension fund managers are just going to help themselves to as much of everyone else's money as they can grab. There will be no 'regulation' in effect.

Would you like the treasury to loan you $20,000,000,000 at the ridiculously low rate of 0.75 % per annum ? Sure you would - but they already loaned it to Goldman Sachs. Golly, I hope they can make a profit out of that somehow.

Raiding the US treasury at will - the dream come true for every trader.

It's about time that the bulk of the blame for our sorry state be placed where it belongs - on Congress, the DC whore house. To please and do another's will is prostitution. And like men who use prositutes because they know their price - whereas they don't know the price of other women, Congress uses lobbyists.

Congress
The President
Senate

There is a brilliance to how the current fraud is sustained. Everyone inside this game recognizes that if the public saw too clearly that the driving force in Washington is campaign cash, the public might actually do something to change that.
A very effective campaign succeeds in obscuring the source of conflict over major issues of reform with the pretense that it is ideology rather than campaign cash that divides.
One party or the other nothing changes until we change how Washington works.

It will take some real brave people some real heros,some people who are smart enough to realize what the cost may be like loosing a election.
A hero has never been some one who picks up a wepon or kills out of fear it is someone that stands for the truth.
I can only think of two in congress that fill that bill there may be more, I am calling on them now!
Queston could it be as simple as:
Demand that to take public office you shouldn't be rewarded with more that a fair salary.
When they retire they can't take a job that profits from any laws they where involved in.

Now that would create some real "heros" congress or aids that didn't take money.
Like a good old town doctor for a better world not a better bank account.

Or maybe not paying your taxes anymore until we get a goverment for the people.
Does it make you feel good that your money supports people that don't even need it, and the country is dying?

Robert Reich said:

"Call me old fashioned, but I thought Congress was in charge of passing legislation, not Wall Street."

heh heh heh, ole dopey Robert Reich.

Dodd's Senate career is over, he will obviously start working in the private sector, probably lobbying.

Watch what Dodd does between now and his last day in office, will he leave the Senate with a gift to the public, or will he leave office with a gift to the Bankers?

Dodd is right about one thing. The American people are frustrated, and the failure of Congress to pass real financial reform is insulting. But in trying to place responsibility for this appalling failure on Wall Street, Dodd insults us even more.domain name

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