Academic

CULTURE OF CORRUPTION: ?Gosh, what a surprise: A committee of their fellow senators has decided tha?

By Glenn Reynolds

CULTURE OF CORRUPTION: “Gosh, what a surprise: A committee of their fellow senators has decided that Chris Dodd and Kent Conrad did nothing unethical when they took out loans from Countrywide Financial on the kind of favorable terms not available to us mere mortals without their financial or political standing ? or a personal connection to the head of Countrywide. . . . The senators on the committee have a point: This VIP program ? called Friends of Angelo after Angelo Mozilo, the head of Countrywide at the time ? wasn?t restricted to U.S. senators; it seems to have been open to a wide, bipartisan range of politicians with pull as well as anybody Angelo Mozilo took a liking to. . . . Something else seems to have escaped these two U. S. senators ? namely, that they are U.S. senators. Which means their getting a loan at a preferential rate through the head of a corporation like Countrywide, which was very much dependent on favorable treatment by the government before it came crashing down at great expense to the taxpayers, is quite different from a private citizen?s getting a mortgage at the same preferential rate.”

Full post as published by Instapundit.com on August 19, 2009 (boomark / email).