Why is Senator Chris Dodd’s final act to sabotage the Consumer Financial Protection Agency? Answer: He’s helping himself, not the little guy. His new proposal for CFPA is a screwing for taxpayers, investors, savers, mortgagees and consumers. It’s clear Dodd is following a time-honored Washington tradition that’s creating the new “Lobbyist Nation of America:” Dodd is “interviewing” for a high-paying job as a lobbyist. That’s why he’s screwing the American public by proposing a watered-down pro-Wall Street version of the Consumer Financial Protection Agency that offers few protections, no rulemaking powers and no independent “agency” status in Treasury, as it gets buried deep in The Fed’s dingy basement, where Bernanke can avoid it. Barney Frank calls it a “bad joke.”

In short, Dodd is trading his integrity for a nice big fat salary later when he becomes a lobbyist. Lobbyist? How do I know that? More than a hunch, I’m playing the odds. Over a third of all lobbyists were either members of Congress or staffers before becoming lobbyists. WatchdogPublic Citizen says Congress is a revolving door: “Congress is no longer a mere destination for those seeking a seat in one of the world’s most famous legislative bodies. For many lawmakers, it has become a way station to wealth, a necessary period of job training and network building so that after leaving their public service jobs they can sell their influence to those with deep pockets.”

Here’s a perfect example Dodd knows very well. When his old friend, former Senate GOP majority leader Trent Lott of Mississippi resigned a couple years ago Lott teamed up former Senator John Breaux of Louisiana. “Compensation experts and other lobbyists say Lott’s access and unflagging hustle will probably interest companies enough to net him millions out of the starting gate, quite an improvement over his $165,200 Senate salary … as much as $50,00 a month as a baseline,” plus $200,000 annually speaking and another $500,000 on corporate boards for an “estimated annual value of $4 million to $6 million.” In fact, most of Washington’s 42,000 lobbyists make more than our 537 elected officials. In short, Dodd knows all to well he can richer, faster, with less stress as a lobbyist than as a senator. So he’s throwing investors, consumers and the rest of Main Street America “under the bus.’ Denuding CFPA, yes, that’s Dodd’s “interview!” And Wall Street will love him and his connections in Washington. He won’t even have to leave town. (more)