Read this NPR interview:
>>
http://www.pbs.org/wgbh/pages/frontline/shows/regulatio...>>
HEDRICK SMITH: But what happened next stunned observers.
Sen. CHRISTOPHER DODD (D-CT): But I believe that the override is the proper course to follow here.
HEDRICK SMITH: Senator Chris Dodd of Connecticut, then head of the Democratic National Committee, led the effort to overturn Clinton's veto.
Sen. CHRISTOPHER DODD: It is with a deep sense of regret that I'm on the opposite side of my president on this issue.
CHARLES LEWIS, Center for Public Integrity: Chris Dodd, here he is, he's Chairman of the Democratic Party, but he's also the leading advocate in the U.S. Senate on behalf of the accounting industry. And he helps overturn the veto of his own president, who installed him as Democratic chairman. Chris Dodd might as well have been on the accounting industry's payroll. He couldn't have helped them any more than he did as a U.S. senator.
HEDRICK SMITH: By way of thanks, the accounting industry gave Senator Dodd nearly one quarter of a million dollars in political donations, even though, at the time, Dodd was not up for reelection.
<www.pbs.org : Accountants and campaign money>
RICHARD WALKER, SEC Enforcement Chief (1998-2001): The accountants were the big winners with the Litigation Reform Act. The law imposed a proportionate liability standard, which means that if the accountants only contribute to, say, 20 percent of the loss, then they would only be responsible for 20 percent of the amount that would have to be paid.
....
CHARLES LEWIS, Center for Public Integrity: Many of the people complaining loudest about how shocked, shocked they are that there's a problem with this industry not being closely regulated were two peas in a pod, close with the industry themselves, helping the industry get deregulated throughout the '90s- Billy Tauzin, Chris Dodd, Senator Lieberman from Connecticut. And when journalists try to talk with them now about their flip-flop, many of them are just not available for comment.
>>
I seem to remember Arthur Levitt's book describes Dodd's involvement. (Former SEC Chairman -- Arthur Levitt.)
Get a copy of Arthur Levitt's book
Also, from the NPR interview:
>>
SARAH TESLIK: Well, the insurance companies in Connecticut and the accountants are heavily based in Connecticut. FASB is in Connecticut. Both Senator Lieberman and Senator Dodd have historically been very protective of accountants and very protective of executives. Even though they talk a good liberal Democratic line, if you look at the votes and you look at the actions, it's not there.
>>