Dodd’s Production Run Is Way Down!!
Posted by Larry Doyle on April 1, 2009 1:51 PM |
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)
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.