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Thursday, June 26, 2008

Plod to Judgment

From Portfolio Magazine what exposed the bribery scandal involving Countrywide as well as Senators Dodd and Conrad, a brief update:

It meets secretly and doesn't even publicly disclose its schedule. It won't officially comment on whom it's investigating.

But like it or not, the Senate Ethics Committee is back in the public spotlight as it begins to investigate the special-loans-for-Senators scandal revealed on Portfolio.com earlier this month.

After Portfolio.com reported that the troubled mortgage lender Countrywide Financial appeared to have set aside some of its own criteria in making loans to a pair of prominent Democratic senators, attention quickly turned to the Senate Ethics Panel.

Four days after Portfolio.com named the senators—Kent Conrad of North Dakota, who chairs the Budget Committee, and Chris Dodd, of Connecticut, who chairs the Banking Committee—a private group called Citizens for Responsibility and Ethics in Washington filed a formal complaint and called for an investigation.

Such a move almost always triggers a preliminary investigation, and the ethics committee chairwoman, Barbara Boxer of California, told the Washington Post that one is underway. "A complaint has been filed, and we are, as we always do, looking at that," she said.

While the committee won't officially say whom it is investigating, both Dodd and Conrad have vowed to cooperate fully. Conrad's office told Portfolio.com today that it had yet to hear from the committee but reiterated that it will cooperate fully. A source familiar with the details says the committee has not yet contacted Dodd's office, either.

Other fallout from the scandal continues.


Dodd was previously famous for making a "waitress sandwich" with Ted Kennedy.

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