Tuesday, June 24, 2008
Congress and the Countrywide Scandal - WSJ.com
Politicians get "sweetheart" loans for themselves and then legislate bailouts for the "sweetheart" companies.
Isn't that admirable?...
Isn't that admirable?...
Former congressman Dick Armey writes in the Wall Street Journal:
"Countrywide Financial Corp.'s "friends of Angelo" program provided sweetheart loans to key banking players in Washington, D.C. They included former Fannie Mae chief executive Jim Johnson, Senate Budget Committee Chairman Kent Conrad (D., N.D.) and Senate Banking Committee Chairman Christopher Dodd (D., Conn.).
The growing scandal surrounding the "friends of Angelo" loans (so-called by company employees, referring to Countrywide CEO Angelo Mozilo) should serve as a political wake-up call. Yet the Senate appears intent on pushing forward legislation, co-authored by Sen. Dodd, that would bail out the worst actors in the subprime mortgage banking industry."
