Christopher Dodd Quotes

Between the politicians and the financial industry lobbyists the laws are written so that there is sufficient room for enough self dealing so that members of Congress can get rich using methods that are questionable but have been legislated as legal and the Congressional rules have been written so that they are “not unethical”. Many members of Congress leave the institution much wealthier than when they entered but have received salaries that are insufficient to build that kind of wealth. Many then accept lobbying or other jobs at very high pay representing the people and corporations who have been the subjects of their legislative efforts. Other members do not avail themselves of the “legal” self dealing as the practice is not universal.

The Congressman, who had not been previously an enthusiastic leader for this type of reform, found himself with a chance to become Majority Leader of the House of Representatives. The previous leader was under indictment and was linked, along with other Republican Congressman to a Lobbyist who had pleaded guilty to bribing Congressmen. Another Republican Congressman had plead guilty to the felony of accepting bribes. The party that Controlled Congress was fearful of a voter backlash over the corruption—especially the role of lobbyists in giving money to Congressional campaigns. Bainor became a reform leader.

implicit in the weak ethics rules of the U.S. House of Representatives

Speaker of the House Thomas Reid is:. The nickname stuck, and Reed was known thereafter as "Czar Reed" by friends and enemies alike.

The House Majority Leader Tom Delay, with a history of ethics violations, got caught in some very serious ones and convinced the House majority leadership to change the rules of the Ethics Committee to prevent the minority from initiating any investigations or inquiries. The Ethics Committee was the only House committee that has an equal number of majority and minority members and before this change, either side would initiate an inquiry.

He was referring to his practice of distributing shares of stock to other congressmen on behalf of Credit Mobilier and Union Pacific. Ames was censured by the Congress in 1872, for "seeking to procure congressional attention to the affairs of a corporation in which he was interested.” The cartoon to the left is from the period showing all the congressmen getting their piece of the Mobilier Credit cake.

See {622997} for more on Platt,

Much public concern has been with moneyed interests buying influence, but the campaign contributions where members of Congress pressure (extort) contributions from companies and other organizations that might be harmed by legislation.

Moody’s and Standard & Poors, the 2 largest credit rating agencies, gave A ratings to securities that had packaged terrible F-rated, toxic, subprime mortgages, and gotten the credit ratings agencies to rate them as A on the theory that the risk was diversified. Each new security like this that a bank put out was submitted informally to one of the credit rating agencies to “discuss”. If the agency “concluded” that they could give it an A rating, they received a very large fee. If not, the bank would not officially submit the security and not pay anything. That almost never happened with these packages of subprime mortgages.

The appropriations committee allocates the monitory appropriations of all the agencies and it is a large committee. The appropriations committee members read the reports of the committee with oversight over an agency and makes judgments about the appropriation size compared to what the agency committee has authorized. But with intelligence there is nothing of detail in the report so the appropriations committee have little or no idea of what they are appropriating money for. But the appropriations committee will not delegate the appropriation decision to the Intelligence Committee.