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Reply #9: I've only heard "qualifying the borrower," but folks probably say due diligence, too. [View All]

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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-16-13 04:38 PM
Response to Reply #7
9. I've only heard "qualifying the borrower," but folks probably say due diligence, too.
As to politicians, yes.

In 2008, I was defending Obama on a message board against a Hillary fan who owned the board. One of the flaps was that he had gotten a lower than market rate loan in Chicago. On that same board was a neocon banker, who, ordinarily would have attacked Obama. However, he said that banks' giving officeholders below market loans was simply standard operating procedure.

It's fine for the banks to offer, but should officerholders accept?

Dodd, who, of course, was on the Senate banking committee, got negative press for a below market loan from the now notorious Countrywide. IIRC, he was not the only one. I believe a Republican or two also got nifty loans from Countrywide.

In February 2011, despite "repeatedly and categorically insisting that he would not work as a lobbyist,"<20><21> Dodd was identified by The New York Times as the likely replacement for Dan Glickman as chairman and chief lobbyist for the Motion Picture Association of America (MPAA).<22> The hiring was officially announced on March 1, 2011,<23> with his salary estimated at $1.5 million per year.<24>

I thought there was a 2 year waiting period before someone who left Congress could work as a lobbyist. Guess I was mistaken.

As a Senator, he was making $174000 a year as of 2009. Less before that.

I always wonder what keeps people running for office when, in theory, they can make so much more in the private sector. Public service? Love of power? or is the salary only the tip of the iceberg?

We'll never figure it out for sure. The mafia code of silence has nothing on the code of silence in the U.S. Senate.
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