August 7, 2009
DODD, CONRAD CLEARED BY ETHICS COMMITTEE.... I imagine Sens. Dodd and Conrad are hoping today's news gets as much attention as the reports about the initial allegations.
The Senate Ethics Committee on Friday dismissed complaints against Democratic Sens. Chris Dodd (Conn.) and Kent Conrad (N.D.) over their participation in Countrywide Financial Corp.'s VIP lending program.
But the panel cautioned the senators that they should have "exercised more vigilance" in their dealings with the mortgage giant to avoid an appearance of preferential treatment.
"While the committee finds no substantial credible evidence as required by Committee rules that your Countrywide mortgages violated Senate ethics rules, the Committee does believe that you should have exercised more vigilance in your dealings with Countrywide in order to avoid the appearance that you were receiving preferential treatment based on your status as a Senator," the committee wrote the senators in a letter dated Aug. 7.
The committee letter is the result of a year-long investigation, in which both Democratic senators insisted they never sought favorable loan terms from Countrywide. While it seems, based on the Ethics Committee's findings, Dodd and Conrad should have taken better care to examine their loans, that's a far cry from the charges levied against them, specifically that they asked for a special "sweetheart" deal from the lender.
The Roll Call report added, "The letters, which note the committee reviewed 18,000 pages of documents, said Dodd and Conrad received loan rates and terms similar to those available to other borrowers with 'comparable profiles.'"
In a statement, Dodd said, "I'm pleased and gratified that the Democrats and Republicans on the Ethics Committee have dismissed this complaint and found that the underlying accusations simply were not credible.... I'm confident the people of Connecticut will be glad to know that I've been cleared. But I also want them to know that I've learned from this experience.... I hope that today's dismissal will go a long way towards restoring the bond of trust and confidence that I've worked long and hard to build with the people of our state."
No word yet from Rep. Darrell Issa (R-Calif.), who has been pushing the controversy aggressively and leading the crusade against the senators.
—Steve Benen 2:25 PM
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It's too late to save Dodd. Story on A1, retraction on A17.
Democrats, who should know better, will now elect Schiff instead, some by actually voting for Schiff -- "Hey, he's so rich, you can't bribe him!", some by not turning out.
The desire for a politics-without-politicians, a politics of immaculate conceptions, will now rob the Senate of a valuable member -- FIFA filibuster and all.
Posted by: Davis X. Machina on August 7, 2009 at 2:27 PM | PERMALINK
the whole of congress ought to be in prison with everybody who ever worked at or is associated with countrywide -- not for special deals, but for the criminal disaster of the housing bubble caused by lawless de-regulation and shirking responsibility.
dodd and conrad, just scraped a little extra slime off the top.
Posted by: neill on August 7, 2009 at 2:43 PM | PERMALINK
I don't care whether Dodd and Nelson claim they weren't asking for favorable mortgage terms. It's pretty obvious they didn't need to ask. The truth is that they and the rest of their colleagues are using their elected office to enrich themselves in exchange for access and influence.
the committee finds no substantial credible evidence
I can well imagine that the "Democrats and Republicans on the Ethics Committee have dismissed this complaint and found that the underlying accusations simply were not credible." The Ethics Committee is nothing but Kabuki, giving the appearance of oversight.
Posted by: karen marie on August 7, 2009 at 2:43 PM | PERMALINK
This is great news... for Rob Simmons!
Dodd still has other issues, his presiidential "run" where he lost contact with the state, being the most glaring.
Dodd should go after Simmons' opposition to Sotomayor, but it may be Dodd is toast anyway. Time to retire.
Posted by: mikeel on August 7, 2009 at 2:44 PM | PERMALINK
Sorry -- scratch "Nelson" and substitute "Conrad."
Not that it really makes any difference. They're all in the mutual protection racket.
Posted by: karen marie on August 7, 2009 at 2:45 PM | PERMALINK
I imagine Sens. Dodd and Conrad are hoping today's news gets as much attention...
Except that saying Dodd and Conrad might have been a bit more careful is about as strong a condemnation as the Senate Ethics Committee ever gives. Remember Domenici in the US Attorney complaint?
Posted by: Danp on August 7, 2009 at 2:53 PM | PERMALINK
I hope that today's dismissal will go a long way towards restoring the bond of trust and confidence that I've worked long and hard to build with the people of our state."
Well, THAT made me spew a dose of soda all over my keyboard!
-Dodd may have SAID it, but it was obviously WRITTEN by one of Jon Stewart's staff. . .
Posted by: DAY on August 7, 2009 at 3:07 PM | PERMALINK
OT, but does anyone know if Blogger is bloggered? I can't get on an sites using Blogger.
Posted by: dms on August 7, 2009 at 3:13 PM | PERMALINK
"I can't get on an sites using Blogger."
dms, I'm having the same problem.
Posted by: robert on August 7, 2009 at 4:06 PM | PERMALINK
Hmm...is this ethics committee any more interested in enforcing ethics than it was when things were up against DeLay and Republicans? I'd be more excited in promoting this story if I could trust that it actually meant they did no wrong. I honestly can't remember if the committee is still as watered down as it used to be.
Posted by: greebs on August 7, 2009 at 4:28 PM | PERMALINK
Dodd needs to step aside.
Posted by: shortstop on August 7, 2009 at 5:04 PM | PERMALINK
No word yet from Rep. Darrell Issa (R-Calif.), who has been pushing the controversy aggressively and leading the crusade against the senators.
Darryl Iassa doesn't have a brain big enough for him to qualify as an Australopithecus Africanus, let alone a Homo Sapiens, which is why he's the representative from Northern San Diego County.
Posted by: TCinLA on August 8, 2009 at 1:38 AM | PERMALINK