Senator Chris Dodd (D-Auto Restructuring, UAW Campaign Reelection Committee) has determined that General Motors Corp. Chief Executive Richard Wagoner should resign as a condition of Congress’ approval of the Detroit Bailout Trojan Horse that will, among other things, help replenish Democrat reelection campaign bank accounts for at least another five years.
Dodd, Chairman of the Senate Banking Committee and a confessed moron on the subject of interest rates, has now expanded his curriculum vitae to include managing private sector domestic auto producers.
Ignore for a moment that Dodd couldn’t, wouldn’t and shouldn’t micromanage a bank, an area where he has unfettered oversight authority (and access to favorable mortgage terms…..) and consider for a second the sheer chutzpah of this moment. Just weeks ago Dodd blessed a plan (TARP: Troubled Assets Relief Program) proposed by another former banker, Hank Paulson, that backfired (sorry forry for the pun) on him within days. Paulson, if you remember, wanted the TARP funds to buy “toxic assets” from banks as part of the financial industry bailout plan. Shortly after getting his plan approved by Congress Paulson changed his mind and chose to deploy the funds elsewhere.
This week we have Dodd negotiating another multi billion dollar bailout for an industry that sends big money to Democrat campaigns. But this time he is mandating management changes. One wonders who is driving this bus given Dodd’s past blunders?