John Ransom
p>Maybe 15 terms in Congress is enough.

In at least one case, we now have proof that it’s more than enough.

California Rep. Darrell Issa finally confirmed today what has been generally known for a long while: Even as Democrats were promised to get to the bottom of the scandal surrounding sup-prime mortgage loans, a least one top Democrat was working hard to cover-up the names of Democrats who got favors from Countrywide Financial Corp. Countrywide was the biggest abuser of sub-prime mortgages and was one of the main culprits in the housing collapse that eventually infected the rest of the economy.

According to the Associated Press, Rep. Edolphus Towns, D-N.Y, “overrode his own subpoena three years ago in an investigation of former sub-prime mortgage lender Countrywide Financial Corp. to exclude records showing that he, other House members and congressional aides got VIP discounted loans from the company, documents show.

The procedure to keep the names secret was devised by …Towns. In 2003, the 15-term congressman had two loans processed by Countrywide's VIP section, which was established to give discounts to favored borrowers.”


This comes as a big surprise.

Imagine: The guy whose job it is to police the United States House of Representatives from conflicts of interest, ethical challenges and other practices that abuse citizens and taxpayers, would himself use his unassailable incumbency to get a pay-off. He took favors from industries that he and his fellow members were so anxious to regulate in order to protect us from “predatory lenders.” In turn, those lenders got their hunting license directly from Congress; from guys just like Town.

I find this hard to believe.

Not the general set-up, but that Towns only took two loans.       

Towns at the time was the, um, chairman of the House Oversight Committee. Talk about predatory.

Kind of like the morally-impaired leading the morally-challenged.

And a con-man shall lead them… because it was his turn to.    

John Ransom

John Ransom’s writings on politics and finance have appeared in the Los Angeles Business Journal, the Colorado Statesman, Pajamas Media and Registered Rep Magazine amongst others. Until 9/11, Ransom worked primarily in finance as an investment executive for NYSE member firm Raymond James and Associates, JW Charles and as a new business development executive at Mutual Service Corporation. He lives in San Diego. You can follow him on twitter @bamransom.

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