Dodd Takes $44,000 From Payday Loaners and Pawnbrokers As His Committee Considers Regulating Their 499% Annual Interest Charges.

Sen. Chris Dodd (D) Conn. has been tripping from one masque to another is trying to resurrect his lagging reelection hopes by attacking credit card companies for their stinking business practices such as changing usury fees and penalties. But, turns out the Senate Banking Committee chairman has a new dose of fleas this time for lying with some of the dirtiest dogs in a lending industry overrun by crooks and scoundrels - the pay day loan scum. Dodd happily pocketed $44,000 from payday loan companies and pawn brokers who typically charge 499% annual interest.

Dodd’s committee is considering a bill that would cap interest for consumer loans at 36%, and of course the pawnbrokers and payday loaners have their underwear in a bunch. The National Pawnbrokers Association website does not comment on its “payoff” to Dodd and others but offers a list of frail talking points to justify its loan shark like interest rates.

Dodd won’t say whether he supports the bill that would impact the payday loaners as well as pawn brokers.

Critics of both say they prey on low income people who pay the exorbitant interest some of which they shoveled to Dodd in the hope he’ll block or emasculate their part of the bill.