Dodd Retirement: Just Quit Now

Last Updated Jan 7, 2010 3:12 PM EST

CT Senator Chris Dodd is retiring--good riddance. Oh sure, he's done some good things in his lengthy career, but like so many who hold office for too long, he was corrupted by power.

He was one of the legislators who pounded his fists over the irresponsibility of bankers, despite enabling them by allowing deregulation. (Maybe collecting boatloads of money from Wall Street firms made him a bit more open to understanding their plight). He wants stricter regulatory reform, but only after he was exposed for receiving a couple of those sweet "Friends of Angelo" deals from Countrywide Mortgage. Don't we all wish we could get VIP loans like Senator Dodd?

Now the attention will shift to regulatory reform. When Dodd was trying to overcompensate for the fact that he was in bed with Wall Street, he marshaled a tough regulatory bill. Will he continue to push for something with teeth or will he think about whether it might be preferable to actually be on the official payroll of one of the big banks? Maybe Dodd should just quit now.

Image by Flickr User fuzzcat, CC 2.0

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    Jill Schlesinger, CFP®, is the Emmy-nominated, Business Analyst for CBS News. She covers the economy, markets, investing and anything else with a dollar sign on TV, radio (including her nationally syndicated radio show), the web and her blog, "Jill on Money." Prior to her second career at CBS, Jill spent 14 years as the co-owner and Chief Investment Officer for an independent investment advisory firm. She began her career as a self-employed options trader on the Commodities Exchange of New York, following her graduation from Brown University.