Sen. Dodd, Rep. Frank: Please Resign

Senator Christopher Dodd and Representative Barney Frank should immediately resign from their seats in Congress.

Sen. Dodd should resign because he took special treatment from Countrywide, the finanical company that is one of many regulated by Sen. Dodd’s position.  Whether or not it is illegal, it is inethical.  Whether or not it is unethical, it demonstrates incompetence at best.  It is absolutely not ethical, and smacks of outright corruption.  Oh, and demonstrates incompetence at doing the job of his position.

Rep. Frank should resign because he took deliberate steps that increased the risk of financial meltdown in the homeloan credit industry, and consistently fought to prevent any attempt to rein in Fannie Mae and Freddie Mac, and prevented any attempt to force them back on to more stable credit/financial ground.  Along with Sen. Christopher Dodd and other prominent Democrats, he took large sums in campaign contributions from Fannie Mae and Freddie Mac; the CEOs were all prominent Democrats, who took 10s of millions of dollars in bonuses while the companies foundered.  And all this protection of Fannie Mae happened while Rep. Frank was living/sleeping with a Fannie Mae executive.

Glenn Reynolds asks:

But I can’t answer this one: “Why are there no demands for Sen. Dodd to resign from the U.S. Senate?”

Well, now you can’t say there are no demands for Sen. Dodd to resign, Professor Reynolds.  Not quite the answer you were looking for, perhaps, but I think it will suffice.


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Filed under economics, Politics

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