Monday, March 23, 2009

Dodd Under Fire

A combination of scandals have rocked Sen. Chris Dodd (D-CT). He's looking less and less likely to survive his reelection campaign next year.

But it's important to note that prominent Republicans on the Senate Banking committee are likely to have many of the same problems. Since 2003, the ranking Republican, Sen. Shelby of Alabama, has received over $90000 in campaign contributions from Citigroup, and thousands more from Price Waterhouse, JPMorgan, and other financial institutions. He's also received $37,500 from Cerberus Capital Management, which is a private investment company (i.e. hedge fund).

The second ranking Republican, Sen. Bennett of Utah, has since 2003 received over $200,000 from financial institutions, including Morgan Stanley, JPMorgan, American Express, Citigroup, Goldman Sachs, and, most notoriously, Fannie Mae and Freddie Mac. In fact, Sen. Bennett is the 7th largest recipient of Freddie Mac donations for 2008.

Dodd's problems have been largely of his own making. But many of those problems would have gone unnoticed without journalistic digging. Who knows what would happen if journalists started digging at Shelby, Bennett, and others? If Republicans really want to shed the corruption label, they need to clean house, starting with some of their most senior members.

(h/t Instapundit for the Dodd links)