Blast! You Scoundrel Execs from Fannie and Freddie! Hey ah....if you aren't busy, wanna join team Obama?
Many people have seen this Bloomberg report which explains that yes, the Democrats are at fault for the Fannie, Freddie, and current bailout mess. Specifically Chris Dodd, Barack Obama, Flophouse Barney Frank. And just whoooo is at the forefront of this, spouting their mouths off? Oh, wait, you thought they were out there fighting for the little guy? Heck no, they're in CYA mode, my friends.
Meanwhile we have the left freaking out about "why didn't anyone do anything about this before". Well, if you must know....
"As evidenced by the failure to pass the Federal Housing Enterprise Regulatory Reform Act of 2005, the Democrats in Congress have repeatedly fought back Republican Party efforts to reform the two mortgage banking giants.But it gets worse, much worse:
Instead, Democrats in Congress have sought to preserve the quasi-governmental status of the mortgage giants, seeing Fannie Mae and Freddie Mac as places to locate former top Democratic Party operatives, where they have earned millions in compensation, despite a continuing series of financial scandals. Enron-like accounting manipulation, for example, boosted earnings to a level at which massive executive bonuses could be paid."
"In the aftermath of the U.S. government takeover, attention has focused on three Democrats with close ties to Obama who served as Fannie Mae executives: Franklin Raines, former Clinton administration budget director; James Johnson, former aide to Democratic Vice President Walter Mondale; and Jamie Gorelick, former Clinton administration deputy attorney general.
All three Obama-related executives earned millions in compensation from Fannie Mae.
Johnson earned $21 million in just his last year serving as Fannie Mae CEO from 1991 to 1998; Raines earned $90 million in his five years as Fannie Mae CEO, from 1999 to 2004; and Gorelick earned an estimated $26 million serving as vice chair of Fannie Mae from 1998 to 2003, according to author David Frum, a fellow at the American Enterprise Institute.
All three have been involved in mortgage-related financial scandals.
In 1998, according to the Washington Post, Gorelick, as Fannie Mae vice chairman, received a bonus of $779,625, despite a scandal in which employees falsified signatures on accounting transactions to manipulate books to meet 1998 earning targets. The moves, in turn, triggered multi-million-dollar bonuses for top executives."
....Raines currently advises Obama on housing policy.
Johnson was appointed to head Obama's vice presidential selection committee, until a controversy concerning an alleged $7 millions in questionable real estate loans he received on favorable terms from failed sub-prime mortgage lender Countrywide Financial surfaced and forced him to step down"
This is your change.
People who don't know economics from the hole in Barney Frank's uh...nevermind.
But unfortunately that's putting it lightly.
If ever there were a time for "hearings" and "investigations" and "accountability", this would be the time, these would be the people.