Senator Dodd's Lawyer Bought Stocks In Firms Right Before Bailouts!

[democracy1st]

Run time: 04:53 https://www.youtube.com/watch?v=0AKG5m-nr6I   Posted on YouTube: March 19, 2010 By YouTube Member: MoxNewsDotCom Views on YouTube: 270   Posted on DU: March 20, 2010 By DU Member: democracy1st Views on DU: 486

 
With Friends Like Friend, Who Needs Financial Reform?

Amy Friend, chief counsel to Senate Banking Chairman Christopher Dodd (pictured) -- the senator who's instrumental in crafting legislation to overhaul the financial services sector -- bought shares in large banks and insurance companies that the committee considered rescuing during the height of the financial crisis in 2008.

That's right: Friend and her husband acquired shares of Morgan Stanley (MS), Wells Fargo & Co. (WFC), American International Group (AIG), "and other rescued companies as the panel considered legislation to address the credit crisis," according to Bloomberg.

It gets worse. Friend also bought shares of Fannie Mae (FNM) and Freddie Mac (FRE) before she was hired, Bloomberg reports, and bought stakes worth as much as $15,000 in four banks just weeks after taking the job.

Legal, but Despicable

The transactions, sadly, were permissible under Senate rules. But what I can't understand is how Friend had the time to unleash her inner Buffett. She made her trades at the height of the unfolding disaster, when congressmen -- and anyone connected to the financial-services industry -- were kinda busy. And they still are, with Dodd's financial-services overhaul bill and other legislation -- which brings us back to Friend.

Rather than risk losing his bid for reelection, Dodd is retiring after his term expires. Since he decided to call it quits, he has emerged as a passionate advocate for financial reform. "To restore faith in our markets and the economic security of the American middle class -- and to avert a potential future catastrophe -- Congress must pass comprehensive reform of our financial system," he wrote in Politico.

http://www.dailyfinance.com/story/with-friends-like-friend-who-needs-financial-reform/19404975/#

[snot]

1. K&R'd.

[snot]

2. May I add, kudos to Ratigan; and not the first time deserved.

[Enthusiast]

3. Ratigan has to be lying.

There is no way examiners would be rewarded after they failed so miserably. This just can't be true. They would arrest people that did these things and put them in jail forever.