Chris Dodd: Exercises in Rhetoric and Hypocrisy

by: Tyler Durden

Just released a congressional letter signed by the jolly Chairman of the House Committee on Financial Services, Barney Frank and the one and only Chairman of the Senate Committee on Banking, Housing and Urban Affairs, [and assorted donations by A.I.G.] Chris Dodd. The letter, addressed to the recently crowned First Human Resources Manager of every publicly bailed out company, Barack Obama, pledges a bicameral effort to create a "more robust regulatory framework to enhance the financial stability and protect investors."

The letter continues: "The crisis has exposed serious weaknesses and gaps in the supervision and regulation of the financial sector and has shaken public confidence in the financial system." One imagines this is Chris Dodd speaking from his personal experiences based on a multi-decade mutually beneficial relationship with the financial black hole formerly known as A.I.G (NYSE:AIG).

In the cover letter, Dodd says: "As we prepare to write legislation that will modernize our financial regulatory system for the 21st century, the Banking Committee has strong partners both across the Capitol and in the White House." Somehow, Mr. Dodd forgets to mention Wall Street in that list. One hopes Wall Street's feelings will not be too hurt, as it just may turn off the campaign donation spigot flowing in Mr. Dodd's general direction.