On His Way Out, Sen. Chris Dodd Gives Giant Middle Finger To The White House On Volcker

[girl gone mad]

..and his true colors come shining through. Odds are he's already got a job lined up at Goldman.

From The Business Insider:

Earlier today rumors emerged that the Volcker Rule was already DOA in the Senate, where skittish Democrats and insurgent Republicans looked set to deny Obama any kind of victory before November.

The FT is running the full report from DealReporter, the analyst firm that broke the story, and it includes this stunning revelation about Chris Dodd:

With the election of Republican Scott Brown to the Senate, the Democrats no longer have the necessary 60 votes to force through a Regulatory Reform package, and any bill will need at least some Republican support to pass. A Dodd staffer said the senator is likely to quietly drop or modify many of the recommendations in the Volcker rule to ensure Republican support for regulatory reform.

“Chris is retiring so he wants to end his career with an important regulatory reform bill and he wants to make the bill bipartisan,” the staffer said. “He is not going to risk bipartisan support to make the White House happy.”

This is ridiculous. There's no reason Dodd should prefer some milquetoast bi-partisan deal over a White House-lead bill with teeth.

The best interpretation is that Dodd is doing a favor to his friends -- friends who will find a way to load him up financially upon retirement.

[Demeter]

1. Well, At Least Dodd Is Consistent

To thine Own Self Be True---Polonius in Hamlet

[saracat]

2. Sure blame everyone but the WH, who have gone back to square one.

Dodd is merely giving the Prez what he wants.

[still_one]

4. Are you kidding me, Dodd has been on the take long before Obama came on board

Is Obama responsible for Nelson in Nebraska, or Nelson in Florida? How about Bayh in Indiana?

These people were there for a long time

There are legitimate things to criticize Obama on, but not this. It is Obama who actually brought in Volcker into this

It sounds like you are looking to blame Obama for everything, even if things that aren't his fault

and this is coming from someone who isn't thrilled with how the administration has run things

[saracat]

6. Of course Dodd was on board before Obama but that doesn't dismiss the fact Obama approves of these .

actions. Do you see him complaining? This was my point. No matter what happens during an Admin, the buck stops at the president's desk, just as it did with Buschco and Clinton.Some folks seem to have forgotten Truman or think Obama is an exception to the rule!

[amborin]

7. Obama kept Volcker in Siberia until forced to trot him out

[xchrom]

3. I'm sure the white enjoyed it -- thouroughly. Nt

[Go2Peace]

5. In other words, he is on his way to the really big CASH and wants to impress his new employers!

He is backing off on strong financial reform as well.

[femrap]

8. Get rid of Geithner or

Summers and put Volcker in his place.

Someone has to go...