Posted on 10/06/2004 11:45:05 AM PDT by Dems_R_Losers
Heads up - Fannie Mae CEO Frank Raines and CFO Tim Howard are testifying before the House Financial Services Committee NOW. Click on the link above to watch.
This has been a very entertaining hearing. Rep. Richard Baker, who chairs the Subcommittee on Capital Markets, announced at the beginning of the hearing that Fannie Mae had threatened to sue him personally last year to prevent him from releasing confidential Fannie Mae executive compensation data. Baker said he decided not to release it at the time, but will do so today after the hearing. That should be interesting.
Raines is a slick operator. He is blistering Fannie Mae's critics. Rep. William Lacy Clay in his opening remrks said this hearing is about "a political lynching of Frank Raines." Democrats are lining up to support Fannie and accuse the regulator OFHEO of violating Fannie's due process rights in releasing its report.
There's an easy solution to this: release the info on the House floor. He can't be sued if he does that. Then everyone can refer to the info in the Congressional Record.
Jamie Gorelick is vice chairman of this mob
Not anymore, but she was vice chairman AND GENERAL COUNSEL when all the financial shenanigans started.
Didn't a guy named Raines used to be Clinton's OMB director? "Franklin" Raines, not Frank. A black guy as I recall.
Baker is hammering Raines now about the bonuses. He is revealing the bonuses as promised earlier, "notwithstanding the threat of litigation." He is displaying a chart. Raines is pissed, pointing out that this is legally priveleged information. Baker says he has the right to reveal it in this hearing. Total Fannie bonuses in 2002 were a whopping $51 million, with $12.1 million to the top executives. Dems are going ballistic over Baker's release of the data.
marking
No, Franklin Delano, its information on illegal privileges.
I wonder how many of them will opt for the shrillary answer of not recalling? Lock them up and let the mega hybrid rats eat them slowly. Bush/Cheney2004
Mewzilla, can you steer me through the fec.gov site. Can we find where FM has been donating money. What options do I select?
Thnaks
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.