Dodd Interviews for Future Banking Job
President Obama’s milquetoast, watered-down, belated plan to regulate the banking industry was inexplicably labeled “too grande” by Senate Banking Chairman Christopher Dodd.
The chairman of the Senate Banking Committee warned on Tuesday that the Obama administration’s new proposals to rein in Wall Street firms ran the risk of derailing months of delicate negotiations over overhauling financial regulations.
“It’s not a movable feast,” the chairman, Christopher J. Dodd, told Paul A. Volcker, the former Federal Reserve chairman, who has become an influential outside adviser to President Obama. “It’s adding to the problems of trying to get a bill done,” he said at the end of a hearing on the proposals, after all the other committee members had already left.
Mr. Dodd, Democrat of Connecticut, added that the administration was “getting precariously close” to excessive ambition for the legislation. “I don’t want to be in a position where we end up doing nothing because we tried to do too much,” he said.
Thus, Dodd proves that the only thing more corrupt than a congressperson whoring for a campaign donations to get re-elected congressperson not seeking re-election, whoring for a job.
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Source:
Dodd Calls Obama Plan Too Grand
SEWELL CHAN
NYT, February 2, 2010
http://www.nytimes.com/2010/02/03/business/03regulate.html
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February 2nd, 2010 at 9:50 pm
and he makes no pretense to hide it… depending on the polling, wonder if tiny tim, et al will get dumped as the election approaches to “show action.”
February 2nd, 2010 at 9:51 pm
Can you whore to be a whore or is that redundant?
February 2nd, 2010 at 9:57 pm
@Transor: In these times, I don’t think anything is redundant (except for maybe some jobs).
February 2nd, 2010 at 10:06 pm
Dodd,
I was so looking forward to Peter Schiff executing him in the fall. Curious to see where that parasite will land…
February 2nd, 2010 at 10:10 pm
It’s the first Law of Whore-o-dynamics: Whores can neither be created nor destroyed.
Whoreness is not gained or lost as Chris Dodd moves from the Senate to the board of BoA.
February 2nd, 2010 at 10:20 pm
If it’s so obvious to all of us, why doesn’t the Obama administration shame him publicly and accuse him of selling America down the drain?
the only way to get politicians to pull in the reins is to publicly embarrass them so they become tarnished goods.
February 2nd, 2010 at 10:29 pm
@Mark: Because the O man is in the same “club” (read: the one neither you nor will ever be in……hat tip: George Carlin).
February 2nd, 2010 at 10:30 pm
That’s “you nor I will never”……..typing skills Mannwich.
February 2nd, 2010 at 10:36 pm
Well, hey, I guess doing the right has become too expensive.
It’s not just about getting re-elected. It’s about becoming an unclean among his “friends” if he does the right thing.
The lower castes can deal with it and vote according to media BS$.
Royalty. Is there any better definition.
And we thought we escaped that. Wrong.
February 2nd, 2010 at 10:49 pm
In China, whores like this would be executed.
February 2nd, 2010 at 11:41 pm
Senator Shelby on the other hand is very content with his current job, and only is seeking PAC money. Therefore, the Volcker rule is unnecessary as we have strong regulators who would catch such things in the future. Just as they have (cough cough) in the past.
http://www.fundmymutualfund.com/2010/02/senator-shelby-we-dont-need-no-stinkin.html
February 3rd, 2010 at 12:10 am
Unbelievable. Senator Dodd’s comments, as well as Senator Shelby’s on CNBC, are clearly (IMHO) a front for the banking industry. Are these guys lobbyists or Senators?!
I certainly hope the “good” folks like Paul Volker and Elizabeth Warren are able to get their proposals implemented….somehow, though, I fear the “bad” guys have too much money and insider heavy-hitters on their side and may be winning this fight….
February 3rd, 2010 at 1:09 am
Exactly, TraderMark. Dodd is no saint, but he legitimately wants to get meaningful reform accomplished in order to have a better legacy than the one he’ll have if nothing gets done. It’s amazing how Barry ignored the cause–Shelby saying he won’t be the 60th vote to achieve financial reform–and focused on the effect–Dodd saying that reform was hard enough without adding the Volcker rule.
I still think that the White House is pushing the Volcker Rule hard for a reason. Maybe the Volcker Rule does go down in defeat, but it’s smart to force each and every Senator to go on the record as for or against it. This vote could be used as a bludgeon against the Senators who vote against it. I can see it now: “Senator So and So was FOR Wall Street and AGAINST Main Street.”
February 3rd, 2010 at 1:41 am
response to Cassandra comment:
I could care less what happens to those who do not wish to move forward into the future;
my primary concern is the training of young enterprise architects.
As difficult as it may be, it’s much easier to teach patience first, and everything else second.
I am showing the kids the recursive process of evolution and devolution, so their solutions resonate with the laws of physics.
The point I am trying to make with them, repeatedly at times, because it’s important, is that an economy will devolve back to the point of error, which the current economic example attests to, so they resist their natural impulse to apply energy counter-productively, and, instead, focus their effort on preparing for the opportunity to insert the new code. (the turtle and the hare thing, effectiveness vs efficiency)
As a secondary consideration, if I can help the bloggers accurately locate the as-is abutment, so the trestle can be accurately located and the stanchion builders can start prefabbing the required parts, so much the better.
Also, it doesn’t hurt for the general population to have some understanding of how a circuit is developed. If nothing else, maybe those who benefit from the circuit will be a little less prone to throwing trash in the mechanism as they drive over the bridge, and maybe, just maybe, those who are completely protected from evolution will think twice before jumping the safety mechanisms that protect their existance.
And finally, the bridge has to be built out by a semi-neutral middle class capacitor for capital to be profitably employed. I don’t train build-out architects, because capital is more than happy to pay the middle class well to do that job, but some topographical information tends to be useful in their endeavor.
My audience is wide, and attention spans on a mature bridge tend to be short, as you have seen in the comments, so I employ analogies and “labels”, both to satisfy that problem and to be less intrusive to the host.
You don’t see my kids because they don’t comment at the “factory” site. I bring them in, show them what I want them to see, and pull them out as quickly as possible.
I am thankful to Mr Ritholtz for the opportunity.
this is what I want my students to see:
The last time around, Dr. Volcker had the developing Internet to justify NPV calculations as the basis for re-booting the economy. Currently, he has no basis for NPV calculations, and the revenue and cost curves cannot be extrapolated from the old demographic acceleration economy, so he is left with nothing but current negative cash flow to work with, structurally declining tax receipts, accelerating social demand, and infinite monetary expansion to print the checks. What he is asking for is a 12V battery so he at least has a light to work with when the electricity cuts out. He is probably hoping not to get it, and leave the whole mess to the brats who created it, the finance people who pre-sold the Internet along the old nation/state geographic lines, then doubled and tripled down to avoid error disclosure for as long as possible.
Mr. Dodd is a small to medium size shark that got caught up in the banking mess, for a healthy fee, looking for smaller sharks to eat, because he has consumed everything else in his environment.
Thank you for your patience.
February 3rd, 2010 at 1:43 am
How about some translation?
“It’s not a movable feast,”
WTF are you doing here, interfering with lawmaking process?
“It’s adding to the problems of trying to get a bill done,”
You don’t expect me to go against my future paymasters now, do you?
“getting precariously close” to excessive ambition for the legislation.
It is out of the question that the FIRE sector should suffer any decrease in the CAGR of their profits…got that?
“I don’t want to be in a position where we end up doing nothing because we tried to do too much,”
Don’t mess with me, otherwise, I’m throwing this stuff away. I don’t care, since I’ll be gone and getting rich!
Who needs any outside enemies when the Senate is hard at work destroying this country?
February 3rd, 2010 at 5:32 am
one week tarp, 18 months zero reform, people are there actions
February 3rd, 2010 at 7:15 am
http://blogs.wsj.com/economics/2010/02/02/quick-notes-from-the-volcker-hearing/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+wsj%2Feconomics%2Ffeed+(WSJ.com%3A+Real+Time+Economics+Blog)
Quick Notes From Volcker Hearing
“I tell you sure as I am sitting here that if banking institutions are protected by the taxpayer and are given free reign to speculate, I may not live long enough to see the crisis, but my soul is going to come back and haunt you.”
February 3rd, 2010 at 9:24 am
This brings to mind a line of Robert DeNiro’s from the movie “Casino”.
“Once a whore, always a whore”.
February 3rd, 2010 at 9:41 am
kevinearick,
That was a pretty good imitation of Timothy Leary…but I could use more polysyllabic words and more flowery adjectives…then it would be perfect!
February 3rd, 2010 at 9:49 am
I submit the Talking Heads “Road to Nowhere” as the theme song for financial reform, it would be fine for campaign finance reform too.
I’m looking forward to more flameouts at a couple big banks later this year after they pay their bonuses with Tiny Tim running to their rescue with gobs of taxpayer’s cash.
February 3rd, 2010 at 11:26 am
I think you are way off with that comment. The fact is that Dodd cannot pass any legislation unless he is sure it does not have 41 Senators against it. With the GOPsters openly whoring for the banksters even a watered-down proposal is very hard to get through. It is irrelevant what Dodd (or POTUS) would like to see done if they were dictators, they are not. What Dodd is saying is that the reality on the ground is that its not going to happen with all the GOPsters whoring for the banksters and the idiots of our idiocracy still voting for those same GOPsters.
The question is when will the Dems learn to start playing politics rather than trying to make policy. They should stop all these big comprehensive, but incomprehensible, legislative bills with hundreds or thousands of pages. Instead they should introduce tiny small one paragraph legislations each with a single and simple goal (tax the banksters, break up the to-big-to-fall, etc., etc.). Then let the GOPsters fillibuster each of these popular goals. Let them completely block the legislative process as they try to prevent the banksters from getting taxed. The people need to clearly see what is happening and who is blocking progress.
February 3rd, 2010 at 1:31 pm
Memo to everyone who favors term limits: Behavior like this will not be stopped by term limits.
Also, I’ve observed an interesting contrast. Sen. Jim Bunning, who has been a waste of a good carbon-based life form for most of his Senate career, has actually been committing a little public service in this, his retirement year. Dodd, OTOH, seems to be setting off as many booby traps and firebombs as he can on the way out the door. Maybe it’s because Dodd isn’t leaving voluntarily. Ida know.