More proof that legislators live in a fantasy world
I’ve always suspected that members of Congress have no idea what life is like for “ordinary” citizens. Democratic Sen. Christopher Dodd, of Connecticut, is a good example.
If you’ve been following the news, you know that Countrywide Financial Corporation assigned Dodd to a V.I.P. program in 2003 when he refinanced mortgage loans on his homes in Washington, D.C. and Connecticut. Basically, Countrywide reduced the interest rate on both of Dodd’s loans by half a percentage point. According to the New York Times this move could save Dodd tens of thousands of dollars over the lifespan of the loans.
Any person living in reality would tell you that this seems a bit fishy. Add in the fact that Dodd is chairman of the Senate’s banking committee, and the matter seems even sleazier. Here’s the first thing that pops into my mind: Countrywide gave Dodd preferential treatment so that Dodd would look favorably on the company when it was time to vote on banking matters that might impact the way Countrywide does business.
Any reasonable person would think the same thing, right?
Dodd, though, doesn’t see it this way. He insists that there is nothing unusual with Countrywide setting him up in a V.I.P. program. He also, as of yesterday at least, said he had no intention of asking Countrywide to change the terms on either of his loans.
During a press conference, Dodd seemed miffed that anyone would even consider that he received preferential treatment because of his position.
See? These Congressmen don’t live in reality. It’s a fantasy world in Washington. Maybe that’s why legislators do such a uniformly bad job.
Tags: Christopher Dodd, Countrywide, mortgage scandalRelated Stories
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