Dodd, Duplicity and Federal Oversight

Last updated on: July 28, 2009 at 10:36 am by Timothy Dalrymple

Dodd, Duplicity and Federal Oversight 2009-07-28T10:36:31-04:00 Timothy Dalrymple

LOGO Patheos Explore the world's faith through different perspectives on religion and spirituality! Patheos has the views of the prevalent religions and spiritualities of the world.

Since we have had several articles on the financial crisis on the Evangelical Portal at Patheos (see here and here), I just wanted to issue a quick note that Senators Dodd and Conrad, both of whom were tasked with oversight of banking and mortgages, are exposed now to have had deep conflicts of interest. Angelo Mozilo rose from the butcher shop in which he was raised to being the head of Countrywide, which pushed harder than any other mortgage lender into the subprime market, inflating the bubble that later burst on all of us. Mozilo himself made hundreds of millions of dollars before Countrywide and IndyMac collapsed and destroyed many billions of dollars in American wealth.

Mozilo gave sweetheart deals to powerful people, including Congressmen and Senators (“friends of Angelo”), on their own mortgages–two mortgages apiece from Countrywide. Dodd heads the Banking Committee and Conrad the Budget Committee. These are precisely the same people who were supposed to supervising and regulating the housing and financial markets–precisely the ones who were supposed to be keeping an eye on people like Angelo Mozilo–and they, knowingly, received mortgages from Mozilo that were well beneath the market rate.

That these are Democratic Senators is not the point. Every Congressperson and Senator who profited personally from turning a blind eye toward the financial and housing markets should be run out of town.

Previous Post

July 28, 2009

On the Certainty of Doubt

Next Post

July 28, 2009 When Trust is Critical

Browse Our Archives

Select a Category Abortion Abortion adoption Africa Aging AIDS America Worship American history Americolatry An Open Letter to a College Freshman animals Apologetics art Atheism Authors Barack Obama Bible Biblical Scholarship Billy Graham Blogging Bono Book Review Books That Change Lives Breakfast Links Bulletin Board Business Children Christian Approach to Politics Christian Media Christian Right Derangement Syndrome Christianity and Homosexuality Christians in Government Christmas Chuck Colson CLS v Martinez Comic Creation Creativity and the Arts Cross Examinations Cross Investigations Daily Fragment Daily Trinity Death debt Deep Thoughts on Fatherhood depression economy education Election 2012 entertainment Environment Epistemology Erik Campano Euthanasia Evangelicalism Evangelicals and Gays Everyday Transcendence evil evolution Facebook Jesus faith Faith and Politics Faith and Politics Faith and Politics Faith and Politics Faith and Politics Faith and Politics Faith and Politics faith and reason family Feminism foreign affairs Franklin Graham Future of Evangelicalism Galen D. gay marriage George W. Bush Guest Posts Guns Gymnastics Harold Camping Heaven Hell Holidays Hollywood Homosexuality iam2.org Illegal Immigration immigration Immigration Reform Injustice Inspiration Interviews Islam Jeremy Lin Jesus jesus christ John Mark Reynolds Johnnie Moore Judgment Day Just War Theory Killing Osama Link of the Day Lists of the Week Mark Goldblatt Marriage Military Missions Mitt Romney Modern Western Thought Monastic wisdom Mormonism Morning Hash Morning Report Motherhood Movies Obamacare Old Testament Orphan Care Palin Parenting Pastoral Resources Patheos Peace Between Religions PEPFAR Persecution Peter Wehner Peter Wehner Philosophy Political Quotes of the Day politics Politics and Economics Pornography Prejudice Prisoner Rape Question of the Week Race Radical Faith Rapture Ravi Zacharias Rick Santorum Russia Salvation Sarah Palin Scandals Science Science and Faith Separation of Church and State Series sex sex slavery social justice Social Justice Ministry Spiritual Disciplines sports Steven Tyler Suffering Suicide Sunday Funnies T. Dalrymple Tea Party Technology terrorism The Christian Media Files The Daily Trinity The Electorate The Ethics of Rhetoric The Future of Seminary Education The Middle East The Obama Presidency theological Theological Renewal Theology Uncategorized Understanding Evangelicalism Vocation war War and Peace With Distinction Word to the Wise Writers

Select a Month October 2015 June 2015 May 2015 March 2015 December 2014 September 2014 August 2014 July 2014 June 2014 May 2014 April 2014 March 2014 February 2014 January 2014 December 2013 November 2013 October 2013 September 2013 August 2013 July 2013 June 2013 May 2013 April 2013 March 2013 February 2013 January 2013 December 2012 November 2012 October 2012 September 2012 August 2012 July 2012 June 2012 May 2012 April 2012 March 2012 February 2012 January 2012 December 2011 November 2011 October 2011 September 2011 August 2011 July 2011 June 2011 May 2011 April 2011 March 2011 February 2011 January 2011 December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 June 2010 May 2010 April 2010 March 2010 October 2009 September 2009 August 2009 July 2009 June 2009

TAKE THE

Religious Wisdom Quiz