Sherman: Dodd Bill Contains Unlimited Bailout Authority

Politico
April 20, 2010

Brad Sherman Congressman (D-Calif.), member of House Financial Services Committee :
 

(Interview with POLITICO’s David Mark)

How can Democrats get out ahead of the Goldman Sachs story politically?

We can say, “No taxpayer money to Wall Street firms, their creditors and the counterparts.” Then we go to the voters and tell them there’s no money for Wall Street, but regulation instead. If you can’t run on that slogan, you’ve got a problem.

But there are serious problems with the Dodd bill. The Dodd bill has unlimited executive bailout authority. That’s something Wall Street desperately wants but doesn’t dare ask for. The bill contains permanent, unlimited bailout authority.

As an active member of the House Financial Services Committee were you surprised to see suspicious shorting – perhaps illegal – by a top financial services firm?

Goldman is accused of hand-selecting bad mortgages to sell. If that’s true it’s absolutely outrageous. There are two issues here. First, did they mislead their clients into buying this type of mortgage rule? And second, did they hand-select the worst?

This article was posted: Tuesday, April 20, 2010 at 4:41 am

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