Byron Dorgan’s Wife Lobbied Against Cramdown

[babylonsister]

http://firedoglake.com/2009/05/05/byron-dorgans-wife-lobbied-against-cramdown/

Byron Dorgan’s Wife Lobbied Against Cramdown
By: Jane Hamsher Tuesday May 5, 2009 9:46 am


One of the key votes against "cramdown" in the Senate came, surprisingly, from Byron Dorgan of North Dakota. According to an FEC lobbying report filed by the American Council of Life Insurers, Dorgan's wife Kimberly worked for them as a lobbyist to defeat the measure during the first quarter of 2009 (PDF).

The Amercan Council of Life Insurers (ACLI) represents 373 insurance companies. Headed by former Oklahoma governor Frank Keating, they account for 93 percent of the U.S. life insurance industry's total assets.

In testimony before the Senate Committee on Banking, Housing and Urban Affairs on March 17, 2009, Keating expressed opposition to letting bankruptcy judges write-down the principle of first mortgages to current values because it "could potentially trigger significant downgrades to life insurers’ Triple-A rated residential mortgage-backed investments." (PDF)

It is estimated that 8 million homeowners will be foreclosed upon in the next four years. According to a study by Credit Suisse, the bill would have reduced foreclosures by 20% with no cost to taxpayers. The Center for Responsible Lending (PDF) says that foreclosures on subprime loans through the end fo 2009 will result in a decline in property value for homes in the surrounding areas of $352 billion, or an average of $8,667 per home.

The American Council of Life Insurers PAC also made $119,300 in campaign donations during the first quarter of 2009, including $1000 to Max Baucus, who voted against the measure. They also contributed to Blue Dog and New Democat Coalition PACs.

The Honest Leadership and Open Government Act of 2007 requires that lobbying disclose "whether they held what is referred to as an 'official covered position' – such as a congressional seat or staff level job or an executive level position in the executive branch – at any point in the last 20 years." The 1Q 2009 lobbying report filed by the ACLI does not disclose any of these relationships.

[BR_Parkway]

1. I'm so not surprised - I'm sure her value had nothing to do with her

marital ties.

Is this Keating related to Charles of Keating Five infamy? If so, sounds like a family tradition - bank crisis, foreclosures and members of the US Congress in their pockets....

[villager]

2. Why do special interests hate "Cram-den"

...and anything else that might benefit a working stiff?

[Captain Hilts]

12. Hey, I 'got' the joke!

[villager]

16. Good!

Am I supposed to give you something, now?

;-)

[AndyA]

3. "Headed by former Oklahoma governor Frank Keating"

That's all I needed to read right there. If Keating is involved in it, it's a BAD DEAL for consumers. When he was governor, we called him "Mr. Burns" after the greedy character on The Simpsons. I can't stand the man. He did absolutely NOTHING for the state while governor, and as soon as his term was up, he high tailed it out of the state. It's easy to see where his loyalties lie.

His wife was running for something about the time his term was up, but thankfully she lost.

Good riddance, Keating. Now if they'd just leave the country...permanently... :puke:

[Thrill]

4. And he voted against it. Mr. I know the best way to handle Wall Street

Another Democrat thats full of shit when it comes to getting REAL help for REAL people

[xiamiam]

5. keep it coming...rachel or keith should be all over this..nt

[snowdays]

6. A few here on DU last week were wondering Whats up with his vote. Now we a big clue.

[mod mom]

7. I sent this to Ed Schultz who is close to Byron Dorgan. Let's hope he calls him out!

[babylonsister]

8. Pretty disappointing-I tagged Dorgan as one of the good guys.

:(

I'm glad you sent it to Ed. I hope he follows up.

[bertman]

9. Good for you, mod mom. Big Ed just loves Dorgan. I was shocked when I saw he voted

with the bankers.

[mod mom]

11. Comment @ FDL posts penalties for violation of Honest Leadershp & Open Govt of '07

Does anyone know if these apply to her?


The Honest Leadership and Open Government Act of 2007:

Section 302

All staff within a member’s office are prohibited from making a “lobbying contact” with a member’s spouse if that spouse is a lobbyist

(note: there were no House rules on this at the time the Bill was introduced)

Section 552

Senate Rule XXXVII is amended to prohibit a Senator or Senator staffer to make a lobbying contact with the Senator’s spouse or any Senators’ spouse if that spouse became a lobbyist after that Senator was elected or were married

Section 210

The section requires making public periodically the number of violations of this act and the Attorney General for DC must report to Congress semiannually the number of enforcement actions taken regarding this bill

note: prior to passage, respective Admin offices of both chambers were responsible for notifying lobbyists of violations but there was no real public disclosure requirement

Section 211 - Penalties

The fine for violation increases to $200,000 and adds jail time of up to 5 years

(prev. max. of $50k with no jail time)

[babylonsister]

13. He's on now, fwiw. Waiting... Ha! He brought it up!

Not the wifey-poo yet.

[mod mom]

17. details please. I had to go vote and missed his show.

[babylonsister]

19. The bankruptcy bill came up, but Ed didn't go there otherwise.

The bill wasn't put together well - that was the excuse.

[Captain Hilts]

10. Dorgan's been a tremendous progressive. He's got some 'splainin' to do. nt

[depakid]

14. C-O-R-R-U-P-T-I-O-N

Permeates the American political system.

As does nepotism.

[bertman]

15. Totally agree, depakid. Are these people so greedy that they can't be happy with a

Senator's income and some other nice, fat paycheck from some group other than a lobbying organization? It appears so.

There is no honor any more among our elected representatives, save a few stalwarts like Dennis the K and Russ Feingold. I even read yesterday that my favorite Californicator, Barbara Boxer, is in a huff about President Obama's decision to go after the offshore tax havens. jaheezus f. christ this pisses me off.

[slipslidingaway]

18. I could not understand Dorgan's vote on the Durbin amendment

given his No vote on the financial derugulation bill, TARP bill, bankruptcy bill etc.

Hope someone in the media follows up on this and his vote.