Word: dodds
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...Senate banking committee chairman Chris Dodd of Connecticut, facing daunting odds for reelection in 2010 and determined to show his independence from Wall Street, has produced a tough bill that would largely prevent issuers like Bank of America, Citibank, JP Morgan Chase, Capital One and American Express from raising rates on customers even when cardholders miss payments or their credit rating tanks. "Americans do not deserve to be pushed down the economic ladder by credit card companies," Dodd said as he rolled out the bill, "It's wrong, it's unfair, and it must...
...banks have fired back, arguing that they'll get paid one way or another: they say Dodd's recipe is political posturing that will only produce higher initial rates for everyone and diminished credit for an ailing economy. "The American people can't manage their credit," says one industry heavyweight, "If you change the rules, guess what, we'll just start at a higher rate and you'll see a decrease in availability of credit and an increase in the cost to everyone else." (See the top 10 worst business deals of the past year...
...powerful friends on Capitol Hill, though, and neither side expects a clean victory. Moderate Democrats and those with major banks with big presences in their states are receiving particular attention from the banking lobby. These include Tom Carper of Delaware and Tim Johnson of South Dakota: Johnson voted against Dodd's bill in committee and Carper is a longtime bank backer...
...this week, Treasury Secretary Geithner and President Obama have both taken some responsibility for the fact that AIG employees got large bonuses which were, if effect, paid from government bailout money. Senator Chris Dodd, who may have had a role in allowing a loophole in a bill which let the AIG compensation slip through, refuses to be cast as the villain who let bankers make more money than they deserved. (See 25 people to blame for the financial collapse...
...Dodd, Sen. Christopher • adamant denial of any involvement by in adding of AIG bonus loophole • sudden memory of that AIG bonus loophole was, after all, added...