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Senator Conrad and Countrywide

Liberty Belle

Well-known member
I think there are still a few North Dakota folks on here. You will find this article from the Wall Street Journal about your Senator Conrad interesting.

The Countrywide Vote
The backroom battle over a subpoena on VIP mortgages.

October 17, 2009

Senators Chris Dodd and Kent Conrad lawyered up when the Senate ethics committee asked about their VIP loans from Countrywide Financial. But the sweetheart Senators may not be able to stop another look at their dealings with the subprime mortgage factory. A Democrat on the House oversight committee, Illinois freshman Mike Quigley, tells us that he supports a subpoena to obtain documents on the "Friends of Angelo" loan program.

Named for former Countrywide CEO Angelo Mozilo, the program was used to curry influence with government officials. Bank of America, which bought the failed lender last year, has said it's ready to turn over the files as soon as it receives a subpoena.

We're told that, at a closed Thursday meeting of Democrats on the House oversight committee, several Members urged Chairman Edolphus Towns (D., N.Y.) to allow a vote on California Republican Darrell Issa's proposal to issue the subpoena. Mr. Towns received two mortgage loans from the Countrywide unit that processed VIP loans but claims he received no special favors.

How long can Mr. Towns bottle up the subpoena vote? Mr. Quigley is urging Democrats to remember that ethical lapses helped end the GOP majority. "The right thing to do is also the smart thing to do," says Mr. Quigley. "Both parties must decide that they can't protect their members, no matter how powerful they are." Countrywide's efforts to obtain influence were not limited to one party, nor is there any guarantee that only Democrats like Messrs. Dodd and Conrad succumbed to Angelo's charms. As Mr. Quigley says, "Stupidity wears both hats."

Still, Mr. Issa tells us that he has all Republican members of the committee ready to vote for a subpoena. The aim is to find out the extent and impact of Countrywide's efforts to influence federal housing policy. This goes to the heart of the financial crisis. Countrywide was the largest originator of subprime loans and provided billions of dollars of mortgages to Fannie Mae and Freddie Mac, at huge cost to taxpayers.

Mr. Issa has even offered to redact the names of individuals. This would allow the committee to study Countrywide's activities without revealing individual recipients of VIP mortgage terms. Replies Mr. Quigley: "Forget redacting names." He believes the oversight committee should forward to the House ethics committee all the "names on Angelo's list."

To find out what role cut-rate mortgages might have played in encouraging politicians to allow Fan, Fred, Angelo and others to create the mortgage debacle, taxpayers will need four more Democrats to vote for a subpoena. Among potential swing votes, New Hampshire's Paul Hodes doesn't seem eager to have to vote on the issue. "The Congressman will make an independent judgment on this issue when it is brought up before the committee," says his spokesman. No response yet from Virginia Congressman Gerry Connolly, another oversight member.

Mr. Quigley, for his part, favors a broad investigation of "predatory lending." But he should understand that a party-line vote to redirect the inquiry away from evidence of wrongdoing will not instill public confidence. As he told us on Friday, "No one's going to believe you if you do this on a partisan basis." It's good advice for oversight committee Democrats, and a hopeful message for taxpayers.

Printed in The Wall Street Journal, page A12

http://online.wsj.com/article/SB10001424052748704322004574477711907000406.html?mod=djemEditorialPage
 

Buckeye

Well-known member
Why, oh why would Democrat senators be opposed to issuing the subpoena? I thought their leader, Harry Reid, had joined Pelosi on the Transparency Train. You don't suppose they only meant transparency for Republicans, do you? If I were cynical...
 

hopalong

Well-known member
It must be BUSH'S fault, just ask the Bush basher.

Maybe the Democrap opposing a subpoena are afraid that something might come out in the investigation that would tarnish their image.
Nahhhhh that cannot be the reason :wink: :wink:
 

katrina

Well-known member
Dems have no image..... Anything goes..... So that can't be the reason.. I would say that loosing a vote for their projects are the reason....
 

MsSage

Well-known member
He is serving 44 years I think the only ones who need to worry about him are the Correctional officers.

Bull hauler you sure do like to stir the BS dont you? You cant debate the issue so you have to toss in some personal attacks :roll:
 

hopalong

Well-known member
Bullhauler said:
Hey Libertybelle why don't you worry about your close personal friend Ted Klaudt.

Here ya go bullcrapper, all you need to know about him! :wink: :wink:


Ted A. Klaudt (born 9 April 1958) is a farmer, rancher, and former member of the South Dakota House of Representatives (1999-2006) from Walker, South Dakota, United States. In November 2007 he was convicted of four counts of raping his two foster daughters.





Klaudt was a Republican member of the South Dakota House of Representatives from 1999 to 2006 when he was termed out of his seat and decided to run for state Senate, but was defeated by Democratic challenger Ryan Maher. His House seat was filled by Betty Olson. While in office, he co-sponsored several bills that took aim at sex offenders, including "community safety zones," prohibiting sex offenders from residing, working, or entering within 500 feet of schools, public parks and swimming pools. He also co-sponsored the bill that required South Dakota to be included in the National Sex Offender Registry, a bill that requires the Department of Social Services to inform parents about abuse or neglect involving their children in state custody, and a (defeated) bill that would have prohibited the distribution of birth control to high school students.

On May 19, 2007, Klaudt was arrested over allegations that he had raped and otherwise sexually abused his foster daughters.[1] He was charged with eight counts of rape, two counts of sexual exploitation of a minor, two counts of witness tampering, sexual contact with a person under 16 (South Dakota's age of consent), and stalking, charges stemming from his activities in Corson and Hughes counties.

Klaudt entered no plea during his two court appearances following his arrest, so the judge entered not guilty pleas on his behalf, setting his bail bond at $100,000; Klaudt posted the required ten percent to make bail. On June 15, he was formally indicted on four felony counts of second-degree rape by the grand jury in Hughes County; he entered a not guilty plea to the indictment July 11.[1]

Klaudt's trial on these charges started October 30 at the Hughes County Courthouse.[1] During the trial, new evidence was made public by prosecutors which suggested that he attempted to solicit minors over the Internet in the fall of 2006, and revealed that he had used several aliases to pose as a modeling agent and engage in sexually explicit chats with minors as young as 14 to ask for their photos so that they could star in pornographic movies.

On November 7, the defense rested and the 12-person jury retired to deliberate. Three hours later, Klaudt was convicted on all four counts of second-degree rape. He was sentenced on January 17, 2008, to 44 years in prison: 11 years per count, to be served consecutively.[2] His defense counsel, Tim Rensch, commented that he wished they would have won.[1] Klaudt's attorney also worked out a plea bargain for the Corson County charges shortly after the first trial. Klaudt pleaded guilty to witness tampering in exchange for dropping prosecution of the other Corson County charges.
 

Bullhauler

Well-known member
MsSage said:
He is serving 44 years I think the only ones who need to worry about him are the Correctional officers.

Bull hauler you sure do like to stir the BS dont you? You cant debate the issue so you have to toss in some personal attacks :roll:

Why would I want to debate with people that don't know the difference between an OPINION piece and an actual news article? I would guess the whole country wide loan "scandal" will go away about the time Conrad gets re-elected. Those holier than thous that posted before me think that their party is so morally superior need to pull their heads out.
 

Liberty Belle

Well-known member
Bullhauler said:
Hey Libertybelle why don't you worry about your close personal friend Ted Klaudt.

Does the awful things Klaudt did somehow excuse the lawbreaking of Conrad and Dodd? Should they get a pass just because they are Democrats?

This may come as a shock to you, but I believe crime is crime, regardless of which party the perpetrator belongs to, and I personally think if they do they crime they need to do the time.

The Republicans were in power in Pierre when Klaudt was tried and convicted and no one even tried to interfere with his prosecution or conviction. Evidently you think that Conrad and Dodd should get a pass because they’re Democrats?

You should be ashamed.
 

Buckeye

Well-known member
Bullhauler said:
MsSage said:
He is serving 44 years I think the only ones who need to worry about him are the Correctional officers.

Bull hauler you sure do like to stir the BS dont you? You cant debate the issue so you have to toss in some personal attacks :roll:
Why would I want to debate with people that don't know the difference between an OPINION piece and an actual news article? I would guess the whole country wide loan "scandal" will go away about the time Conrad gets re-elected. Those holier than thous that posted before me think that their party is so morally superior need to pull their heads out.
Yes, it's an opinion about something that has been in the news. It hasn't been in the news much, though. Wonder why that is? Maybe because most of the news media is sucking down the same koolaid that you are, that prevents them from holding politicians accountable just because of the D after their name?

I could understand you not wanting to debate with "people that don't know the difference between an OPINION piece and an actual news article". I don't see that any of those people have posted here. In fact, I don't see any indication that anyone here mistook an OPINION piece for an actual news article.

Now, as far as debate goes... when it comes to an "actual news article", one would hope that it would contain only facts. Facts are hard to debate. Debate is usually reserved for OPINIONS. The article posted was an OPINION based on the known facts of this case.

I guess you don't care to debate whether lawmakers should be held accountable for potentially taking bribes. The subpoena being discussed would seek information about illegal activities by ALL lawmakers involved... not just the ones with a D after their name. Do you think this is wrong? Should they not be investigated, Ds and Rs? Or, should they?

It's obvious that you really have no interest in debate. You had a chance to, and you attacked and deflected. That says a lot about both your position on the subject and your mentality. In the end, we're probably all better off for your having skipped the debate. It would be a waste of time.
 
A

Anonymous

Guest
Buckeye said:
Bullhauler said:
MsSage said:
He is serving 44 years I think the only ones who need to worry about him are the Correctional officers.

Bull hauler you sure do like to stir the BS dont you? You cant debate the issue so you have to toss in some personal attacks :roll:
Why would I want to debate with people that don't know the difference between an OPINION piece and an actual news article? I would guess the whole country wide loan "scandal" will go away about the time Conrad gets re-elected. Those holier than thous that posted before me think that their party is so morally superior need to pull their heads out.
Yes, it's an opinion about something that has been in the news. It hasn't been in the news much, though. Wonder why that is? Maybe because most of the news media is sucking down the same koolaid that you are, that prevents them from holding politicians accountable just because of the D after their name?

I could understand you not wanting to debate with "people that don't know the difference between an OPINION piece and an actual news article". I don't see that any of those people have posted here. In fact, I don't see any indication that anyone here mistook an OPINION piece for an actual news article.

Now, as far as debate goes... when it comes to an "actual news article", one would hope that it would contain only facts. Facts are hard to debate. Debate is usually reserved for OPINIONS. The article posted was an OPINION based on the known facts of this case.

I guess you don't care to debate whether lawmakers should be held accountable for potentially taking bribes. The subpoena being discussed would seek information about illegal activities by ALL lawmakers involved... not just the ones with a D after their name. Do you think this is wrong? Should they not be investigated, Ds and Rs? Or, should they?

It's obvious that you really have no interest in debate. You had a chance to, and you attacked and deflected. That says a lot about both your position on the subject and your mentality. In the end, we're probably all better off for your having skipped the debate. It would be a waste of time.

Buckeye he nearly fell out of his chair you hit him so hard I heard the smack all the way over here. :lol:
 

Liberty Belle

Well-known member
Bullhauler must still be recuperating? Here's a "real" news article about the Countrywide fiasco. Sure looks like the Dems are hiding something, doesn't it?

Democrats lock Republicans out of committee room
By Susan Crabtree - 10/20/09


Rep. Edolphus Towns (D-N.Y.) locked Republicans out of the House Oversight and Government Reform Committee room to keep them from meeting when Democrats aren’t present.

Towns’ action came after repeated public ridicule from the leading Republican on the committee, Rep. Darrell Issa (R-Calif.), over Towns’s failure to launch an investigation into Countrywide Mortgage’s reported sweetheart deals to VIPs.

For months Towns has refused Republican requests to subpoena records in the case. Last Thursday Committee Republicans, led by Issa, were poised to force an open vote on the subpoenas at a Committee mark-up meeting. The mark-up was abruptly canceled. Only Republicans showed up while Democrats chairs remained empty.

Republicans charged that Towns cancelled the meeting to avoid the subpoena vote. Democrats first claimed the mark-up was canceled due to a conflict with the Financial Services Committee. Later they said it was abandoned after a disagreement among Democratic members on whether to subpoena records on the mortgage industry’s political contributions to Republicans.

A GOP committee staffer captured video of Democrats leaving their separate meeting in private chambers after the mark-up was supposed to have begun. He spliced the video to other footage of the Democrats’ empty chairs at the hearing room, set it to the tune of “Hit the Road, Jack” and posted it on the Oversight and Government Reform Committee’s minority webpage, where it remained as of press time.

Towns’s staffers told Republicans they were not happy about the presence of the video camera in the hearing room when they were not present. Issa’s spokesman said the Democrats readily acknowledged to Republicans that they changed the locks in retaliation to the videotape of the Democrats’ absence from the business meeting even though committee rules allow meetings to be taped.

"It's not surprising that they would choose to retaliate given the embarrassment we caused by catching them in a lie on tape,” said Issa spokesman Kurt Bardella. “If only they
would use their creative energy to do some actual oversight rather than resorting to immature tactics, but I guess we're getting some insight into what lengths they'll go to avoid addressing the Countrywide VIP issue."

Towns’s office said in a statement the locks were changed on Republicans "because they don't know how to behave." As for the video the GOP made, Towns's office pointed out: "The minority is using taxpayer dollars to make these campaign style videos."

The partisan sniping recalls a similarly bitter name-calling match between House Republicans and Democrats on the Ways and Means Committee in 2003 when Republicans controlled the majority and former Rep. Bill Thomas (R-Calif.) chaired the panel. The episode ended in Thomas, known for his acerbic tongue, summoning the Capitol Police to evict an outraged gaggle of Democratic colleagues from a library in the Longworth House office building.

The committee had convened that morning to consider a bipartisan bill that would revise the nation's pension and retirement-saving system.

Democrats objected when Thomas brought up a 90-page substitute measure that had been released shortly before midnight the night before. Democrats said they needed more time to read it. Thomas disagreed.

In response, Democrats objected to a normally perfunctory motion to dispense with the reading of the dense legislation. A clerk obligingly began reading it line by line.

Democrats departed to a library just off the main hearing room, leaving only Rep. Fortney "Pete" Stark (D-Calif.) to prevent the Republicans from obtaining unanimous consent to skip the reading. After a few minutes, Thomas asked again for the unanimous consent, and instantly brought down his gavel. Stark told reporters he had objected, but Thomas had replied, "You're too late."

Even before Thomas gaveled the reading to an end, he had directed staff to call the Capitol Police to remove the Democrats form the library.

Countrywide, now owned by Bank of America, was reported to have given VIP loans and treatment to lawmakers and officials at the federal and local level who were in a position to influence policy affecting the mortgage giant. Issa has repeatedly reminded Committee Democrats that Bank of America officials had said they would turn over records on the VIP program – but only in response to a subpoena.

Towns, who received a mortgage loan from Countrywide but insists he was not part of the VIP program, has said he declined to launch an investigation because he does not want to interfere with an ongoing Justice Department probe into the matter.

http://thehill.com/homenews/house/63941-democrats-lock-republicans-out-of-committee-room
 

Liberty Belle

Well-known member
Here's the latest on the Countrywide scandal. Bullhauler, would you please read this and give us your take on it? And yes, it's another editorial, so tell us what's wrong with the story?

Countrywide Subpoena Moves Closer
By JAMES FREEMAN


Will House oversight committee Chairman Edolphus Towns finally allow a vote to authorize a subpoena on Countrywide Financial's VIP mortgage program? This afternoon, Mr. Towns met with GOP Rep. Darrell Issa, who has been pushing for a subpoena to get documents from Bank of America, which bought the failed subprime lender last year. An Issa spokesman, Kurt Bardella, described "positive, frank and prudent discussions" between the two men. Mr. Bardella pronounced Mr. Issa "optimistic" about Mr. Towns' desire to allow the Countrywide investigation to proceed.

Does that mean that a subpoena is on the way? Mr. Issa's office isn't saying, but we're told that a possible bi-partisan deal would generate a subpoena to gather documents on VIP loans to government officials, but not Members of Congress.

Earlier this week, Democratic staff for the House oversight committee informed their GOP counterparts that the majority had changed the locks on the committee's hearing room. While Republicans previously enjoyed their own key to the room, they will now have to request access from Democrats. This followed a bitter partisan argument in which Republicans refused to take down a video from their website that contradicted Dem explanations about a closed-door meeting on the Countrywide scandal.

As we reported last week, the committee was scheduled to meet on Thursday to mark up several minor pieces of legislation. Days before the meeting, Mr. Issa notified Mr. Towns that Mr. Issa would call for a vote to subpoena Countrywide documents from Bank of America. Recall that, under the "Friends of Angelo" program, named for former Countrywide CEO Angelo Mozilo, Democratic Senators Chris Dodd and Kent Conrad received sweetheart deals on home mortgages. Mr. Issa wants to uncover the full story on Countrywide's effort to influence Washington policy makers.

Mr. Towns, a New York Democrat who also received mortgages from the unit that processed the VIP loans but claims he received no favors, has opposed such a subpoena. But can he count on his Democratic colleagues to vote it down? Perhaps Mr. Towns would rather not find out. Mr. Issa showed up for the scheduled 2 p.m. markup on Thursday hoping that a few Democrats would vote his way and allow the investigation to proceed. Then a strange thing happened: As Mr. Issa and the GOP members of the committee sat waiting for the meeting to begin, Democrats huddled in a back room without explanation. Thirty-five minutes later, the committee announced that the meeting had been postponed indefinitely.

A committee press release later claimed the postponement was "due to conflicts" with a markup occurring at the same time in the financial services committee. But Mr. Issa's staff videotaped several financial services members leaving the back-room gathering with Mr. Towns at the conclusion of the meeting. If members were there to confab with Chairman Towns, obviously they weren't at any finance committee markup -- suggesting the real "conflict" was between Democrats over whether to keep stonewalling the Countrywide matter.

More bad news for Mr. Towns: the Journal's editorial page reported on Saturday that committee Democrat Mike Quigley is ready to vote for a Countrywide subpoena.
October 21, 2009

http://online.wsj.com/article/SB10001424052748704224004574487760711670346.html?mod=djemEditorialPage
 

Buckeye

Well-known member
Mr. Issa's office isn't saying, but we're told that a possible bi-partisan deal would generate a subpoena to gather documents on VIP loans to government officials, but not Members of Congress.
Not Members of Congress? Not Members of Congress? WTF? How much more obvious can they make it that they're corrupt and on the take? :lol:

I can't even imagine what would have to happen to my brain to make me support a Democrat for any office, ever. I don't think even a lobotomy would do it. Are there any liberals here who care to defend their party's actions/inactions in Congress?

I would love to actually have a discussion about whether Congress should be held accountable for taking bribes in the form of special loans.
 

Liberty Belle

Well-known member
Here's the latest on Countrywide. Are you still with us Bullhauler?

The Countrywide Files
A revolt forces Ed Towns to subpoena the 'Friends of Angelo' documents.


At last, there's some good news for taxpayers in the Countrywide Financial loan scandal. On Friday night, House oversight committee chairman Edolphus Towns (D., N.Y.) and ranking member Darrell Issa (R., Calif.) reached an agreement to subpoena documents from the "Friends of Angelo" program. Named for former Countrywide CEO Angelo Mozilo, the program provided VIP mortgages to "friends" including Senators Chris Dodd and Kent Conrad.

Said Mr. Towns, "In line with the commitment to an ethical and accountable Congress, the subpoena to Countrywide covers records that could show special treatment for Members of Congress." This is significant, because a compromise plan floated last week would have authorized a subpoena covering—don't laugh—all federal officials except members of Congress.

Kudos to Illinois Congressman Mike Quigley, who became the first committee Democrat to publicly back a subpoena when he told us, "Both parties must decide that they can't protect their members, no matter how powerful they are." Last week, New Hampshire Democrat Paul Hodes also made the principled decision to buck his party and join Mr. Quigley in calling for the subpoena of Bank of America, which bought Countrywide last year and has said it is ready to provide the documents if asked. These defections from his own party forced the reluctant hand of Mr. Towns, who was under pressure from other Democrats to keep all this under wraps.

Praise also goes to Mr. Issa, who has been pursuing the investigation since last year and kept the pressure on the majority party to face a vote, despite a near total lack of interest from the press corps. That subpoena will now cover all documents related to VIP borrowers since 1996, including emails and any telephone recordings that still exist, for all federal and state officials. The subpoena also covers employees at Fannie Mae and Freddie Mac, who may have received special treatment as an inducement to put taxpayers on the hook for Countrywide's toxic mortgages.

As the largest subprime lender and valued partner of Fannie Mae and Freddie Mac, Countrywide was at the core of the mortgage meltdown. The political class wants to blame the mania and panic on the bankers, but the bankers couldn't have made the subprime lending mess without plenty of political help from Congress. To ensure that this disaster is never repeated, it is critical that Congress uncovers the facts about the extraordinary efforts by Countrywide and Fannie and Freddie to influence federal housing policy.

October 26, 2009

http://online.wsj.com/article/SB10001424052748704335904574495682178142104.html#mod=djemEditorialPage
 
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