And yet critics can see the not so invisible hand of big banks in the writing of the laws:
"We call it the 'Bank of America bill on steroids.'" A House staffer told me that, demanding anonymity, but speaking on behalf of aides to GOP members of the House Financial Services Committee.
He was talking about the bill whose Senate version has been brought to the floor this week by Sen. Chris Dodd, D-CN, and Sen. Richard Shelby, R-AL. Dodd-Shelby would let mortgage lenders off the hook for bad loans, shifting the burden ultimately to taxpayers. Dodd has received approximately $70,000 in campaign contributions from Bank of America in the last year-and-a-half.
Some journalists and Republican lawmakers are asking if Countrywide bought a bailout bill with its VIP loans to Dodd, who is chairman of the Senate Banking Committee. Call your Senator and ask !
