Monday, December 5, 2011

Elizabeth Warren, Bride of FrankenDodd

In recent days Elizabeth Warren has been jazzed about the 60 Minutes piece on Countrywide and CitiGroup. The astounding thing about the 60M "investigation" was that there was not one mention of the Hons. Messrs. Dodd and Frank in the Countrywide segment.

As we know, Mr. Dodd received preferential treatment from Countrywide via the "Friends of Angelo" program. Mr. Dodd claimed he had never heard of the program, and intimated that he had no idea who Angleo Mozilo was - he said he was aware of Countrywide's "VIP," program, however. But he claims that the only thing he knew for sure was that he benefited from "enhanced customer service" (how's that for a euphemism?)

Mr. Frank, meanwhile, ran interference for Mr. Franklin Raines (CEO of FannieMae until he was forced out by charges of - er, "enhanced bookkeeping techniques"). Mr. Raines was also a Friend of Angelo... I mean a VIP... I mean received enhanced consideration as a valued customer of Countrywide.

Yet Dodd and Frank sponsored the "Wall Street Reform" act which bears their names, and which was ostensibly designed to "fix" the very activity that they themselves were knee-deep in. Enter Elizabeth Warren: This legislation, as we know, is also infused with Ms. Warren's genius (her brainchild, the CFPB).

Yet here is why she wants to run for Senate: "The people on Wall Street broke this country, and they did it one lousy mortgage at a time."

The stink from New England is becoming more unmistakable by the day. One consolation (or maybe two consolations): Dodd and Frank have both retired. What's next for Liz?