Dodd Calls Obama Plan Too Grand

[The Northerner]

Source: New York Times

WASHINGTON — 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.

The hearing was the first formal Capitol Hill discussion of Mr. Obama’s two proposals. One would ban banks that use federal deposit insurance and the Federal Reserve’s discount window from engaging in proprietary trading — making market bets using their own money. They also would not be able to own hedge funds and private equity funds. The other would seek to bar further consolidation among financial institutions by capping the future size of any firm.

Read more: http://www.nytimes.com/2010/02/03/business/03regulate.html

[stray cat]

1. In that case its probably a great plan and Go Obama!

[stray cat]

2. In that case its probably a great plan and Go Obama!

[Taverner]

3. Why doesn't he just retire now?

He's retiring because of public furor over his ties to big banking - and what does he do? Pleases the masters...

[roguevalley]

27. he's really going down the drain. probably easing his next career. what

a disappointment he has become. Losing Teddy took the lid off his shitty side.

[me b zola]

32. That was my first thought

~Dodd is preparing for his official private sector job. I had mixed feelings about him retiring, but now I just want him to go and shut-up.

[Kingofalldems]

4. Bad things about Democrats--

All day long.

[Jennicut]

5. Freaking Dodd...take your Hartford insurance job and please retire already as my Senator!

Between you and Lieberman I think I am going to puke. Blumenthal cannot get in here fast enough (I am hoping he beats out the weak Repub field).

Arggg!!!! :grr: And to think, I gave my vote to this asshole over the years.

[eleny]

6. Oh, retire already, Dodd

What's he going to do, do as much damage as he can for his corporate overlords? Feh.

[n2doc]

21. +100 n/t

[Jefferson23]

7. Funny how Dodd doesn't say, we have a majority, we can do this.

You would think we were in the minority.

[No Elephants]

12. Depends upon how you define "we."

Add together 40 Republicans, now 41, with about a baker's dozen Purple Snakes, Lieberman, and a few other Democrats who are simply corrupt. Now substract from 100.

This is the dirty little secret the Democrats, for some reason, refuse to surface. And also refuse to do much to try to change.

The Republicans know it and they just laugh and laugh. But, they won't say anything because it's better for them to pretend Democrats have had unbridled power all this time.

[Jefferson23]

14. Well that's what makes it, as I said, funny. Just not in a ha ha way.

[David Zephyr]

8. Dodd discredited himself. He should just shut up now.

.

[mbperrin]

9. Here's my excessive ambition for the bastards:

take 'em to the stocks and let the public deal with them.

Satisfying, inexpensive, therapeutic, and it will put bankers in touch with feeling on the ground....

[mdmc]

10. LOBBY ON DODD

$$$$$$$$$$$$$$

[SlingBlade]

11. Too Far, Too Fast, Too Soon, .........Too Bad !

Another corporate whore takes the bait.
Off with their pointy little heads. :argh:

[Screwball]

13. No chance of doing any good..

I watched this hearing today, it was highly entertaining. It was obvious to me who wanted to fix things, who was paid off, and who didn't have a clue. Volcker was excellent as well as his assistant. One guy who I couldn't catch his name made a complete ass out of himself. He asked Volcker how this plan would be any good, then continued to be argue he couldn't see the merit in it. After about the 3rd time Volcker explained the details and the guy still didn't get it, Volcker said "I am puzzled as to why you don't understand it." It was obvious this guy was in the banks pocket and just playing stupid.

Bob Corker made a complete ass out of himself as well. He was making claims that were just not true. It looked as if he was reading off a script given to him by one of the big banks. In the end, combined with what Dodd said, I don't think this bill has a snowballs chance in hell of turning into law. Even if it does, it will be watered down so bad it won't make a difference. These congress people (many on both sides) have no desire to cut off the hands that feed them.

[goforit]

15. Dodd the biggest putz of all time next to Lieberman. Ooops both from Conn.

[roguevalley]

28. his dad lost his house position after taking100k in campaign funds. his son

got caught with a 0% interest loan. acorn didn't fall far from the tree.

[DonCoquixote]

16. Hey Dodd

At this rate Ms. Mcmahon might make a better Senator than you; at least she knows how to take a punch and put on an act.

[GeorgeGist]

17. The corporations have spoken ...

and Mr. Dodd has listened.

It's not a movable beast.

[dixiegrrrrl]

18. I read today that Mrs. Dodd is on board of AIG subsidary.

Don't ya just know that when Dodd does finally slither out of the Congress, he will have a hefty
retirement and health plan, plus a cushy job waiting for him with some corporate donor.

[Frank Booth]

19. Fuck you Chris Dodd.

I'm glad you'll be skulking back home to anonymity you spineless piece of shit.

[Hardrada]

20. I'm glad this wretch didn't stay around Iowa too long.

I had a chance to shake his hand but did not since I sensed what he was. And so did my fellow Iowans.

[progressoid]

22. asshat. n/t

[western mass]

23. Dodd and Obama play Good Cop, Bad Cop

More theater to keep their constituents appeased. Do people really believe Obama or the Democratic leadership has any intention of passing substantive banking reform, when everything they've done so far has been the opposite of that? Really?

[Jefferson23]

24. Bank CEOs or the rest of us (sign the petition)

Few dispute the fact that greedy big bank CEOs and their 1,500 lobbyists bought policies in Washington over the last 10 years that have led to the economic crash.

Now in the wake of massive incompetency and insider self-dealing by the banks, we have our best chance in a generation to pass common sense reforms that protect consumers.

Big banks took billions in taxpayer money from the bailout, and then their CEOs handed out big bonuses to themselves while homes were lost, jobs were destroyed, and businesses closed. Washington has rewarded the big bank CEOs for their incompetency time and time again. This time, let's get it right.









We've reached 96% of our 4th NEW goal of 15,000 signers! (14,546)

The petition reads:

"I support a Consumer Financial Protection Agency that promotes accountability, responsibility, and effective oversight.

It's time for Democrats to stand up. Democrats on the Senate Banking committee need to know it is unacceptable to allow big bank CEOs and their lobbyists to kill consumer protection."



https://act.credoaction.com/campaign/the_rest_of_us/

[JustAnotherGen]

25. Maaaan

I wish Grayson would give Dodd the same advice/direction he gave Cheeeeeney - STFU.

[ibegurpard]

26. Healthcare reform part 2?

christ...

[FriendlyReminder]

29. Dodd can't go away fast enough. He is an example of what we need to get rid of

the next primary season.

[SOS]

30. Dodd has $3.5 million cash-on-hand

Yet he's not running in 2010.

"A legal loophole permits those elected to Congress before 1980 to convert surplus campaign cash to personal use when they leave office."

Dodd was elected to Congress in 1974.

Top contributors:

Citigroup Inc
SAC Capital Partners
Royal Bank of Scotland
American International Group
Merrill Lynch
Goldman Sachs
Credit Suisse Group
Morgan Stanley
Travelers Companies
JPMorgan Chase & Co
The Hartford
Bank of America

[Guy Whitey Corngood]

31. Soooo, Angelo's friend is against this. Weird.

:eyes: