House Financial Services Committee Chairman Barney Frank (L) and Senate Banking Committee Chairman Chris Dodd talk to reporters after their meeting to discuss the economic bailout plan in the Capitol in Washington September 25, 2008. REUTERS/Kevin Lamarque (Photo from Portland Tribune)
As discussed the other night, Democrats in Congress are in heat over the opportunity to impose wage restraints on bankers, so much so that they desired to inflict their punishment retroactively. Sadly, this shovel ready load of spite found its way into the stimulus bill as the House and Senate voted to limit future compensation for the denizens of Wall Street. It has been reported that President Obama is opposed to this measure, which is no surprise since the intended victims pour large sums of cash into Democrat coffers.
This particular piece of legislation was tucked inside the stimulus bill by none other than Senator Chris Dodd. Yes, the same Chris Dodd who personally benefited from VIP mortgage terms offered by one of these now pay restricted bankers (Mr. Angelo Mozilo of Bank Of America subsidiary Countrywide Financial). The irony in this saga is rich (pardon the pun). Senator Dodd, Chairman of the Senate Finance Committee, lined his own pockets with cash that came from what is now essentially a ward of the government. This sets a new standard for the term Sleaze Factor.
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