Dodd authored the legislation liberalizing all these accounting rules. He had Republican co-sponsors, but he was the impetus, and he slurped up all the campaign contributions from the very same accounting companies that are being investigated now. I’ve have linked to an 11-page report on Dodd below. Is it any wonder we haven’t heard him publicly creaming all these accounting and investment companies?
In 1995, Dodd took the restraints off the accounting sector, even though he had to override a Clinton veto to do so! The result? The accounting scandals that exist on Wall Street today. Accountants also won the elimination of joint and severe liability, which holds any single defendant in a lawsuit liable for all the damages. During the S&L scandal, many accounting firms got hit hard when they were the only solvent parties left to sue after the S&Ls went bankrupt. This report goes on and on.
If I can find this, the mainstream press can find this. But if they have found it, they’re going to bury it. You’re not going to see Peter Jennings or Tom Brokaw or Dan Blather or anybody talk about Dodd. I would urge those of you in the mainstream press, such as Dana Millbank at the Washington Post and Adam Nagourney of the New York Times, to go PublicCampaign.org and take a look at the facts.
At least there may be enough here to begin looking into whether or not Democrats in the Senate had anything to do with legislation leading to accounting scandals currently under investigation on Wall Street. At least challenge Jon Corzine, senator of New Jersey, on that company’s outrageous stock practices as we did in <a href=”/home/folder/corzine.guest.html”>Corzine Ran Stock Chophouse</a>. I doubt that anyone will do it, but if they were real journalists out for the truth, they would. In fact, they would have beat me to it. As usual, we are on the cutting edge.
Read the PublicCampaign Document…
<a href=”/home/folder/dodd_campaign.member.html”>(Dodd & Investment, Accounting, High-Tech)</a>