It’s a trite saying to “follow the money”, but, in the case of Senator Evan Bayh’s (D-
Goldman SachsIndiana) decision to oppose serious mortgage readjustments on foreclosed properties (“cramdowns”), it seems to fit. Here’s the background on Bayh’s opposition to cramdowns on foreclosures:
Senate debate on legislation that would allow bankruptcy judges to modify mortgage terms for troubled homeowners will be postponed until after the spring recess in April, according to a spokesman for Majority Leader Harry Reid, D-Nev…
Speaker Nancy Pelosi, D-Calif., initially was forced to pull the bill (HR 1106) from floor consideration, and then struck a deal on a modified version to garner enough support from a group of Democratic centrists to push the bill through.
Sens. Richard J. Durbin, D-Ill., and Charles E. Schumer, D-N.Y., have been strong advocates of a cramdown for much of the past two years and are again leading the push for the legislation.
However, a bipartisan group of moderate senators — a group that holds the key to Democratic leaders’ ability to pull together 60 votes to overcome GOP objections — has asked to have the bill significantly narrowed from the House-passed version.
Never mind that Indiana is suffering from a massive wave of foreclosures, or that 64% of Americans think that homeowners in foreclosure should receive help.
But let’s examine Bayh’s real constituents:
|Eli Lilly & Co||$65,722|
|Latham & Watkins||$50,300|
|Orrick, Herrington & Sutcliffe||$47,816|
|Blue Cross/Blue Shield||$44,500|
|Baker & Daniels||$43,850|
|Winston & Strawn||$35,500|
|Simon Property Group||$34,400|
|Oaktree Capital Management||$33,400|
|Sidney Fetner Assoc||$28,600|
|Capital Group Companies||$28,450|
|American International Group||$26,700|
|Hogan & Hartson||$26,600|
I’ve always wondered what the Blue Dog Democrats are about. Looking back at the stimulus package, they clearly don’t have any coherent ideology, governing philosophy, or principles. On this bill, Bayh isn’t responding to the needs of his constituents.
But now I know: Blue Dog and moderate are just synonyms for whore.