Did Bank of America Write The Bailout Bill?
It turns out that the housing bailout bill really is "exactly what Bank of America and Countrywide wanted." A memorandum dated March 11, 2008 has surfaced, and it seems to support the idea that BofA essentially wrote the bailout section of the bill. "Almost all of BofA's preferences are mirrored in the Dodd-Shelby legislation," Stephen Spruiell writes.
The BofA document even offers tips on how to manipulate the public's reaction to the bill: "We believe that any intervention by the federal government will be acceptable only if it is not perceived as a bail-out of the bond market."
This news should hurt the bill's chances. It has already been tainted by news that its most prominent supporter, senate banking committee chairman Chris Dodd, received massive campaign donations from Bank of America executives and sweetheart loans from Countrywide. The president has to veto the bill on the grounds that it would "unfairly benefit lenders who made bad loans."
BofA-Scripted Bank Bailout Looks Awfully Similar to Dodd-Drafted Housing Bill [The Corner]
