Why Is Senator Kent “Budget Hawk” Conrad Passing $300 Billion Bailouts?
Earlier today The Whistler took The Grand Forks Herald to task for softball coverage of Subprime Senator Kent Conrad’s apparent quid pro quo arrangements with Countrywide Mortgage. Conrad’s shady dealings have gotten a significant amount of coverage in the national media (and scant, going-through-the-motions coverage from the North Dakota media) but here’s one aspect of the scandal that isn’t getting much coverage.
Why is Kent Conrad, the Democrats’ self-proclaimed “budget hawk” who has been ardent in his criticism of Republicans for deficit spending, working personally to pass $300 billion in bailout spending for one of the biggest, most lucrative industries in America?
Conrad’s buddy Angelo Mozilo is CEO of Countrywide Mortgage which just happens to be the biggest player in the mortgage industry and thus stands to gain the most from the bailout legislation Conrad personally ushered through the Senate Budget Committee. Mozilo himself makes tens of millions of dollars more per year than much-maligned Exxon CEO Lee Raymond. Countrywide itself takes in about $13 billion a year in revenue, and generates about $2.5 billion/year in net income. Sure the company may be hitting a rocky spots now, but why should the taxpayers be responsible for bailing them out? The company has made billions of dollars in the past.
And Kent Conrad, Mr. I’m-Oh-So-Concerned-About-Budget-Deficits, is in favor of passing legislation potentially tens of billions of dollars for Countrywide?
I guess Conrad’s budget hawkishness goes out the window if you grease his palm right.
