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If one needs a brief overview of the role of FoxNews as a transmission belt for the Republican Party, one should just view Robert Greenwald's quintessial video, "Outfoxed!"



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Who is the progressive choice to succeed (bankers' friend) Sen. Chris Dodd?

I was quite pleased to see Connecticut Senator Chris Dodd announce his retirement.

He historically has had too close and friendly a relationship with the banking industry. As we see from this post, November, 2009, the Open Secrets site has gone into how Sen. Dodd got many generous contributions over the years from the banking industry.

Note: the following article updates a profile of Dodd that first appeared on Capital Eye in January.

(CORRECTION, 12/7/09: This article originally misstated information about Dodd's purchase of his cottage in Ireland. Dodd did not purchase the estate with Bearn Stearns principal Ed Downe. Rather, Dodd and his long-time friend, William Kessinger, purchased the estate together (and Dodd later bought out Kessinger). Kessinger and Dodd became friends through Downe, who was convicted of insider trading and later pardoned by President Clinton. Downe signed the official transfer document as a witness but had no financial role in the transaction. The Center regrets the error. The article has been updated accordingly.)

Name: Sen. Chris Dodd (D-Conn.)

PowerPlayers.JPGPosition: Chris Dodd is a native of Connecticut and the state's longest-serving U.S. senator, at nearly 30 years. His father, Thomas Dodd, also represented Connecticut for more than a decade as a Democratic senator, from 1959 to 1971. After college, Chris Dodd joined the Peace Corps and worked in the Dominican Republic. Upon his return, he served in the U.S. Army Reserve, while earning his law degree at the University of Louisville. In 1974, voters elected him to the U.S. House of Representatives, where he served until he ran for Senate in 1980.

Since the Democrats regained control of the Senate in 2007, Dodd has chaired the powerful Senate Committee on Banking, Housing and Urban Affairs. His committee oversees the nation's financial institutions, housing and mass transit programs. In this role, he has helped shape legislation to jump-start the economy and assist floundering companies. He is also at the helm as the committee debates new regulatory efforts.

Money Summary: Dodd has raised a total of $46.5 million since 1989 and has spent $45.5 million. His large war chest can be attributed, in part, to his presidential bid in 2008, which he abandoned after receiving less than 1 percent of the vote in the Iowa caucus that kicked off the primary season. He raised $18 million in his attempt to win the White House.

Overall, Dodd has received 62 percent of his contributions from individuals (rather than the political action committees of unions and corporations) and is a popular beneficiary of Wall Street money, collecting $5.4 million from donors in New York City -- more than any other metro area. He's given other lawmakers and candidates 23 percent of the total $2.3 million that his leadership PAC, Chris PAC, has raised since the start of the 2004 election cycle.

Campaigns Donors: Not surprisingly, Dodd's most generous sector is finance, insurance and real estate, which is filled with companies directly affected by legislation shepherded by the Banking Committee. The finance, insurance and real estate sector has given Dodd a total of $13.9 million since 1989 -- nearly 3.5 times more than the next sector. In a distant second place, lawyers and lobbyists rank as Dodd's second most generous backer, giving him $4 million since 1989.

The securities and investment industry, insurance companies, real estate industry, commercial banks, accountants and finance and credit companies all rank among his top 20 industry donors.

Between 2005 and 2008, Dodd was among the top five recipients of money in the Senate from 19 industries, many of which are finance-related. He's currently the top recipient in the Senate of money from mortgage bankers and brokers, and the Senate's second highest beneficiary of money from insurance companies and finance and credit companies.

The $819,950 he has received during the past 20 years from hedge funds, which are a big industry in Connecticut, ranks him as the largest beneficiary of the industry currently serving in the Senate. In 2007, Dodd expressed concern over a bill that would have increased taxes on private-equity firms and hedge fund managers.

Dodd's most generous donors include many of the companies that have filed for bankruptcy or sought government help during the last year and a half: Citigroup ($427,700), Bear Stearns ($347,350), AIG ($281,000), Goldman Sachs ($274,450), Morgan Stanley ($211,300), Lehman Brothers ($185,100) and Merrill Lynch ($185,000).

Not all of Dodd's financial supporters, however, come from Wall Street.

Law firms, lobbyists, pharmaceutical companies, health professionals and the entertainment industry also rank among his most generous industries. During the race for the White House, the International Association of Fire Fighters endorsed Dodd and spent $202,300 independently to help him win. Dodd has sponsored bills to provide more funding to fire stations for equipment, training and staff.

Series_logo.JPGOn Financial Regulation: Dodd sponsored legislation (which President Barack Obama signed in August) to crack down on credit card companies. Provisions of the bill targeted "any time any reason" interest rate increases, charging interest on balances that consumers have already paid, deceptive marketing to young people and skyrocketing penalty interest rates.

Dodd is now spearheading new efforts to tackle financial sector regulatory reform. On Nov. 10, he unveiled new legislation with eight other Democrats on the Banking Committee. Dodd's proposal calls for the creation of a Consumer Financial Protection Agency, a new federal agency to advocate for consumers. It also seeks to end the concept of "too big to fail," including a requirement that large and complex financial institutions develop their own "funeral plans" for how to safely shut down without destabilizing the financial system.

The legislation also creates new regulations for payday lending, over-the-counter derivatives, hedge funds and other asset-backed securities. And it requires that the sponsor or broker of these investments retain "skin in the game," that is, maintain a certain level of financial investment in its performance. Furthermore, the bill would give shareholders more say in how executives are compensated, and it requires more transparency and accountability from credit rating agencies and the quality of their ratings. Dodd's plan would also keep in place a second system of banking for small community banks that pose less systemic risk.

Industry Favors: The U.S. Senate was called on in January to release the second half of the $700 billion bailout money. Despite strong financial backing from Wall Street interests, Dodd pushed for stronger oversight provisions and limits on executive compensation for the companies receiving a handout. Yet he also amended his executive pay limit provision at the time -- at the direction of the Obama administration and U.S. Treasury. The resulting change allowed some retroactive bonuses for bailout recipients, including insurance giant AIG. Dodd says this effect was unintentional and that he did not know that AIG would benefit from the amendment, but it still made him the target of significant public ire.

Invests in: Compared to the rest of the Senate, Dodd is middle class. In 2008 he was worth between $534,018 and $1.7 million, ranking him 66th among all senators. Like many lawmakers and investors during the recent economic crisis, his personal fortune has taken a hit. Between 2007 and 2008, his net worth fell by 15 to 20 percent. According to his most recent personal financial disclosure reports, the largest stock holding of he and his wife was $100,000 to $250,000 invested in company that runs the Chicago Mercantile Exchange. They further own between $50,000 and $100,000 worth of holdings in both Blockbuster and Brookdale Senior Living. They also have a few smaller investments in drug manufacturers including Pear Tree Pharmaceutical (worth between $1,001 and $15,000), Cardiome Pharma (worth between $0 and $4,000) and Javelin Pharmaceuticals (worth between $0 and $3,000).

Dodd also owns a cottage and a 10-acre estate in Ireland, which he purchased with a long-time friend whom he met through a Bear Stearns principal who was convicted of insider trading and later pardon by President Bill Clinton, reportedly at Dodd's urging. According to the 2008 filing, this estate is valued at 470,000 euros -- a value that puts it in the range of between $500,000 and $1 million on the same form.

Other Money Matters: When mortgage buyers Freddie Mac and Fannie Mae were in dire financial straits last year and seeking help from the government, Dodd came under some fire for having received more money from the two companies' employees and political action committees than any other lawmaker over time -- at $165,400. Dodd helped push through a rescue plan for the two companies last year, including better regulatory oversight in the measure.

The Senate Ethics Committee recently investigated Dodd over allegations that he received preferential treatment by Countrywide Financial when, in 2003, he refinanced his home mortgages. Dodd benefited from a VIP program, known as "Friends of Angelo," named after the Countrywide chief executive Angelo Mozilo. In August, the ethics probe cleared Dodd of any wrongdoing, saying there was "no substantial credible evidence" that the refinanced mortgages violated ethics rules or that Dodd used his position for personal gain.

In His Own Words: "We need to take action to restore Americans' confidence, their sense of optimism -- and their financial security -- by reforming a regulatory system that still contains far too many gaps, loopholes, and redundancies," Dodd said during a committee hearing earlier this fall. "The 20th century regulatory structure has been outpaced by the 21st century innovations in the financial services industry, and if we don't fix it, we could be right back where we were a year ago, facing a another dreadful choice between a massive outlay of taxpayer dollars or an unimaginable economic disaster for our nation and others around the globe."

I had often wondered: why did progressives pour all of their scorn on Joe Lieberman and not Chris Dodd? It was so intense, with so many plays on Lieberman's name. I wondered whether there was some anti-Semitism as the motivation.

*PROGESSIVE REPLACEMENTS?*
So, I hope that MoveOn, Progressive Democracy and other progressives can get into the open, the discussion: who is the more progressive of the potential replacements for Dodd?
*Former vet and Al Gore aide, Merrick Alpert
*Connecticut Attorney General, Richard Blumenthal
*Former Bill Clinton aide, and 2002 gubernatorial candidate (to challenge John Rowland) Bill Curry
*Former eastern Connecticut Congressman, Sam Gejdenson
*Cable TV entrepreneur Ned Lamont, 2006 Democratic nominee, and challenger to Lieberman.
Chime in, at right, in my unscientific poll.

Public option bill clears key House panel; shows need to replace yet more Blue Cross Democrats and Republicans

The House Energy and Commerce Committee late Friday night (July 31) finally completed work on a public option health bill. Progressive backers of the bill peeled off sufficient numbers of Blue Cross Democrats. "The committee passed its reform bill 31 to 28, with five Democrats joining every Republican in voting no," the Huffington Post reported.

THIS SUMMER'S REMAINING BATTLE
Like the kooky ideas, such as the spurious claim that Obama was not born in Hawaii, the Republicans make themselves all the more irrelevant and intellectually pathetic with outrageous demogogic lies about the most extreme kind of health rationing possible. Harkening back the 1973 science fiction film "Soylent Green" about a government euthenasia operation, the Republicans are spreading the sick lie that the Democrats and Obama have a plan to euthenize (put to death) the elderly.
Yes, the Republicans have really got much of the public convinced of this. Democratic Congressmen in public forums are having to respond to worried constituents that ask about a mysterious government euthenasia program.
Pro-health reform officeholders and activists need to get out there in the month of August and dispel this crazy euthenasia idea and push the drumbeat for the public option bill.

WHY "BLUE CROSS" DEMOCRATS; NEED FOR PUBLIC FINANCING OF CAMPAIGNS

NEED TO BUILD STRONGER PROGRESSIVE BASE IN CONGRESS BY PUSHING BLUE CROSS DEMS AND WEAK REPUBLICANS.
Republicans and Blue Cross Democrats are concentrated in states that currently have high unemployment. Progressives on the ground in these areas --I'm thinking of local chapter/activist-heavy organizations such as MoveOn.org or Progressive Democrats of America <{Here's their directory of chapters, all you progressives in those states}>-- need to mobilize among the vulnerable people in the communities in these high-concentration conservative Democrats or Republicans/high unemployment states: Alabama, Georgia, South Carolina, Tennessee, Kentucky, Indiana, Ohio. Activists need to tell the public that the FOX News / Limbaugh pablum is all wrong.
If the Blue Cross Democrats or Republicans stick by their aims and still oppose the public option health bill in the Fall vote,
they are sitting ducks and they must be replaced in the 2010 elections.
Call and write your Congressperson and Senator. They have sometimes pulled their contact information from their sights after contact from masses of pro-health reform constituents. Here is the connection for the Vote-Smart.org site (a non-partisan group), to get reasonably through contact information on Federal-level elected officials; just type in your zip code to find your representative.

HERE ARE THE HOUSE BLUE DOG DEMOCRATS, STRAIGHT FROM THEIR OWN SITE:
The lower South:
Rep. Charlie Melancon (LA-03), Blue Dog Co-Chair for Communications
Barrow, John (GA-12)
Berry, Marion (AR-01)
Bishop, Sanford (GA-02)
Boyd, Allen (FL-02)
Bright, Bobby (AL-02)
Childers, Travis (MS-01)
Griffith, Parker (AL-05)
Marshall, Jim (GA-03)
Melancon, Charlie (LA-03)
Ross, Mike (AR-04)
Scott, David (GA-13)
Taylor, Gene (MS-04)

The midwest and the upper South:
Rep. Baron Hill (IN-09), Blue Dog Co-Chair for Policy
Rep. Heath Shuler (NC-11), Blue Dog Whip
Boswell, Leonard (IA-03)
Chandler, Ben (KY-06)
Cooper, Jim (TN-05)
Davis, Lincoln (TN-04)
Donnelly, Joe (IN-02)
Ellsworth, Brad (IN-08)
Giffords, Gabrielle (AZ-08)
Gordon, Bart (TN-06)
Hill, Baron (IN-09)
Kratovil, Jr., Frank (MD-01)
McIntyre, Mike (NC-07)
Nye, Glenn (VA-02)
Shuler, Heath (NC-11)
Tanner, John (TN-08)
Space, Zack (OH-18)
Tanner, John (TN-08)
Wilson, Charles (OH-06)
The northeast
Altmire, Jason (PA-04)
Arcuri, Mike (NY-24)
Carney, Christopher (PA-10)
Dahlkemper, Kathy (PA-03)
Holden, Tim (PA-17)
Michaud, Mike (ME-02)
Murphy, Patrick (PA-08)

The plains and mountain states, west of the 95 degree longitude:
Rep. Stephanie Herseth Sandlin (SD), Blue Dog Co-Chair for Administration
Boren, Dan (OK-02)
Cuellar, Henry (TX-28)
Giffords, Gabrielle (AZ-08)
Herseth Sandlin, Stephanie (SD)
Matheson, Jim (UT-02)
Minnick, Walt (ID-01)
Mitchell, Harry (AZ-05)
Moore, Dennis (KS-03)
Peterson, Collin (MN-07)
Pomeroy, Earl (ND)
Salazar, John (CO-03)

The west coast:
Baca, Joe (CA-43)
Cardoza, Dennis (CA-18)
Harman, Jane (CA-36)
Sanchez, Loretta (CA-47)
Schiff, Adam (CA-29)
Thompson, Mike (CA-01)

MoveOn's talking points on the disturbing Palin selection

On August 30, 2008 MoveOn sent an alert outlining some key disturbing features of Governor Sarah Palin (quotes are direct form their email alert; colored text links to the references):

*1: She was elected Alaska's governor a little over a year and a half ago. Her previous office was mayor of Wasilla, a small town outside of Anchorage. She has no foreign policy experience.

*2: Palin is strongly anti-choice, opposing abortion even in the case of rape or incest.

*3: She supported right-wing extremist Pat Buchanan for president in 2000.

*4: Palin thinks creationism should be taught in public schools.

*5: She's doesn't think humans are the cause of climate change.

*6: She's solidly in line with John McCain's "Big Oil first" energy policy. She's pushed hard for more oil drilling and says renewables won't be ready for years. She also sued the Bush administration for listing polar bears as an endangered species—she was worried it would interfere with more oil drilling in Alaska..

*7: How closely did John McCain vet this choice? He met Sarah Palin once at a meeting. They spoke a second time, last Sunday, when he called her about being vice-president. Then he offered her the position.