Senator Christopher Dodd, chair of the Senate Banking Committee, said he knew that he had been designated a “VIP” by Countrywide Financial CEO Angelo Mozilo (in street language he was an “FOA”, or “friend of Angelo”). However, Senator Dodd said he had no hint that he was getting special treatment.
Meanwhile, Senator Kent Conrad, chair of the Senate Budget Panel, said that when he called his old friend Jim Johnson (former CEO of Fannie Mae) for advice on a mortgage for his Delaware beach house, Johnson put Angelo on the phone. Senator Conrad said he was “unaware” of any favoritism in his loan until he read about the break he got in Portfolio magazine.
Senators, senators, when Angelo designates you a VIP and takes your call at the drop of a hat, you may have crossed a few ethical lines thereby trotting into conflicts of interest territory.Â