Dodd’s Production Run Is Way Down!!
By Larry Doyle on April 2, 2009 at 8:15 AM in Christopher Dodd, Wall Street
Any salesperson on Wall Street is always faced with the question as to the nature of his book of business. Meaning, not only what type of business he transacts but even more importantly, with whom does he do business. While there are many fabulous salespeople on Wall Street, sales managers are forever reviewing account coverage assignments. Given these account reviews and changes, I always maintained that there was not a lot of “security” in the securities business. Ultimately, a salesperson is only as good as his book, meaning the depth and breadth of relationships.
Putting a twist on this coverage model, it appears as if Senator Chris Dodd has a problem. Aside from pure partisan politics in the midst of an economic tsunami, Dodd’s personal relationships with many financial companies has run its course. I do not mean to say that Dodd and these individuals may not maintain an ongoing relationship, but the fact is a number of financial firms which supported Dodd over the years are either bankrupt, merged, or wards of the state. (Freddie, Fannie, AIG, Citi)
Bloomberg reports:
The Democrat has less than half the campaign cash he had at a comparable point in his last re-election bid, when he faced far fewer hurdles. Last year, he emptied an account built up largely through financial-company employees’ donations to pay for a presidential run; now, he has to replenish his coffers even as the firms his panel regulates struggle with losses and back away from their one-time champion turned critic.
How does a career politician go about learning some new tricks after 30 plus years of feeding at the same trough? Let’s see where things stand currently in Dodd’s campaign coffers.
Dodd began the year with $670,654 on hand; by contrast, he had about $1.6 million at the same point in his last Senate race. He ended up spending $5.7 million for his 2004 election after raising a total of $7.1 million, according to the Washington-based Center for Responsive Politics.
Additionally, Dodd will not be able to placate these financial firms as he will be forced to play the populist card in his campaign.
Perhaps Senator Dodd should have done what any quality salesperson does: broaden his product knowledge, diversify the client base, and work a little harder for the rank in file as opposed to playing the political games with management. A previous piece I wrote, How Wall Street Bought Washington, deals with this topic. Now Bloomberg reports Dodd’s AIG Ties, Cash Shortage Threaten Re-Election Bid.
LD
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I actually sent a modest donation to Dodd at the beginning of the campaign season. As time went on I saw that Hillary was the most prolific candidate and switched to her but still held Dodd in high esteem and thought he would make a good Senate Majority Leader.
After he endorsed Obama on the morning of a very important debate between the last two standing, I was furious at his last-minute dirty trick. After that his incessant calls for Clinton to drop out of the race and revelations that his hands were less than clean in the banking fiasco, made me dislike him even more.
Can’t say that I’m sorry to see him reap what he has sown because justice is sweet.
BooHoo! Cry me a river… What about running a campaign on a budget for once. Like no more perks and actually doing the work, talking to people vs. saturating the airs with pricy ads. Anyway he better learn to read because the writing ia on the walls.
He commited a crime of lese majesty by not taking responsibility for Geithner mistake about authorizing the bonuses. And so the WH and the DNC are going to do everything they can to run a bright young pal of them in competition. Somebody they’ll own. Wait and see.
Anyway I am for term limit, so running for a 6th term… that’s rub me the wrong way whoever he is.
Never underestimate the power of Karma.
What goes around comes around.
Isn’t Wall Street’s saying ” What have you done for me lately”?
Did he really think backtrack would repay loyalty?
He sold Senator Clinton down the river with no thought at all. But who came out ahead?
Could not happen to a nicer guy.
WOMEN WITH INTELLIGENCE AND EXPERIENCE, MEN WHO SUPPORT THEM AND COUNTRY BEFORE PARTY ALWAYS
PUMAS,BUBBAS,EQUALISTS AND THOSE PEOPLE RULE
I truely hope he loses his Senate seat. But, I also hope that Barney Frank, Nancy Pelosi and Harry Reid go down with him. I think it is time for all these people to lose all the power they have in Washington.
I find it really disturbing that Chris Dodd was linked to Joseph Cassano, the AIG architect of the credit default swap fiasco. The Washington Times ran an article about Cassano pushing his employees to donate to Dodd’s campaign.
You have to wonder what favors were promised in return.
What a mess!
You mean Dodd, I-didn’t-add-the-amendment-for-AIG-bonuses-oh-I-actually-did?
Ha, like Bella in FL, I hope he sinks along with his annoying comrades–but I can’t see Pelousy losing her job in SF.
Its time for the scuzzball Dodd to announce his retirement, and get some new Democratic blood in the pipeline.
Good. It’s time for this crook to go home and stay there.
is anyone but me noticing that Dodd is getting all the flack for AIG and nobody, nobody in the main stream or even cable news is mentioning Obama ties with AIG?!
i notice than fnma is now joining the aig conga line of extra monies for “retention” bonuses. tell you what, i think that the current employees will be dang glad just to keep their jobs. so can that line of bull.
and dodd? i just as soon see him step down or get kicked out. the one i want to see hit the road first and foremost is pelosi. ugh!
look if i stay in my current job can i get a retention bonus from the govies?? waiting!