Wednesday, January 06, 2010

Dodd to Step Down from Senate

Connecticut Senator Chris Dodd will not seek reelection this year. His announcement came after North Dakota Senator Byron Dorgan issued a similar statement.

Ten years ago the two men voted differently on Gramm-Leach-Bliley. The bill that opened up huge new territory for America's commercial banks, wiping out Glass-Steagall protections instituted after the Great Depression. Dodd voted for it, Dorgan against. Senator Dorgan issued a prophetic call that America would rue the day. His prediction manifested in September 2008.

Chris Dodd did not indicate his future plans. Byron Dorgan illuminated his interests, including working on energy policy in the private sector. Dodd should have ample opportunities in the financial world, given his catering to Wall Street during his time in Congress. Will he work directly in the financial industry or become a non-lobbyist working for a lobbying firm, like Tom Daschle? Might he become a shadow banker?

Dodd has experience working in the shadows. Who can forget Dodd's low interest home loans from Countrywide, as a "Friend of Angelo" Mozilo, Countrywide CEO? Most of Angelo's friends were of the Democratic stripe.

Chris Dodd will cash in somewhere. It remains to be seen how many cushy seats he'll occupy. His wife is CEO of her consulting firm, while serving on four corporate boards, including the Chicago Mercantile Exchange Group. Do board tables have love seats?

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