From a story this morning on Politico, Republican Darrell Issa plans to go after Obama, Geithner & Summers broadly over the various bailouts, as well as turn up the heat on the Countrywide VIP investigations, even if it means going after fellow Republicans.
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Bailouts, Bailouts, Bailouts. No investigation poses a more significant political danger to Obama than a no-holds-barred GOP probe into TARP, the AIG bailout, the Freddie-Fannie sinkhole and the administration’s de facto takeover of GM and Chrysler.
Reason One: Perhaps the only issue uniting all voters is a shared hatred of all bailouts — so few Democrats, even die-hard liberals, would be willing to stand in front of a bus to defend Obama against attacks.
Reason Two: One GOP aide described the bailouts as a “huge pool” from which to make document and e-mail requests — and issue subpoenas. The prospect of a massive and popular fishing expedition at the West Wing’s expense would delight the Republican base and create a political headache for the president’s team.
Issa seriously rattled Democrats earlier this summer by revealing the lengths he is willing to go to obtain information, asking Google executives if they would be willing to turn over Gmail messages pertaining to administration business.
“If he comes at them, the White House will then have to make up its mind: Will they let their lawyers take over, or will they let the political people run the show?” says Lanny Davis, who counsels Obama to turn over as much as possible as quickly as possible to avoid allegations of stonewalling.
“If Rahm Emanuel is still chief of staff, they will have a huge advantage. He’s been through this before, and he’ll push back against the lawyers,” added Davis.
Countrywide Mortgage and “Angelo’s List.” Sen. Chris Dodd’s embarrassing placement on the company’s VIP mortgage list played a major role in the Connecticut Democrat’s involuntary retirement earlier this year.
Issa — using only the bully pulpit — has already forced Countrywide’s parent, Bank of America, to turn over reams of documents. If he becomes chairman, Issa will use the committee’s power to obtain more information on sweetheart deals, even if it involves GOP politicians, according to a person close to him.
“I think the White House is underestimating him,” says a top congressional Democratic aide. “What makes him so dangerous is that he’s willing to turn on Republicans, too.”