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Barney Frank Defends Dodd On "Friend Of Angelo" Charge

Barney Frank

Rep. Barney Frank has come to Sen. Chris Dodd's defense! My colleague Diana Olick has been blogging (see related link) about the breaks Countrywide gave the Connecticut Democrat under the direction of Angelo Mozilo.

While Sen. Dodd says he knew he was getting special treatment, he didn't think it was any more special than anyone else.

The Wall Street Journal this morning suggests it may be one reason why he's pushing a plan to have taxpayers take over some of the riskiest mortgages from lenders like Countrywide.

Rep. Frank released a statement supporting that bill which has already passed in the House in one form and is now pending in the Senate. He thinks its passage is critical in convincing Bank of America in going through with its purchase of Countrywide so that the company Angelo Mozilo built "will no longer be on the scene."

But here's what he said about Chris Dodd:

"It is of course the case that today there are allegations that particular individuals behaved inappropriately in their dealings with Countrywide. My view is that these allegations should be considered by the appropriate bodies, and I understand that the Senate Ethics Committee has already begun to look into the matter."

"While I agree that it is appropriate for the Ethics Committee to take this step, I want to comment on the relationship I have had with Senator Dodd. Since the November election of 2006, we have worked together on the full range of issues that has come before our two committees...Throughout my dealings with Senator Dodd I have found him to be motivated entirely by his view of appropriate public policy, tempered only by his not insignificant need to deal with the question of how to get things done in the Senate. At no point in any of our joint efforts has Senator Dodd shown even the slightest indication that he was in any way influenced by considerations other than what was best for the economy and the American people..."

Strangely, he has not said a word about fellow alleged "Friend of Angelo" and Democrat Sen. Kent Conrad.

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  • Based in Los Angeles, Jane Wells is a CNBC business news reporter and also writes the Funny Business blog for CNBC.com.

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