Posted on 09/21/2008 1:15:16 PM PDT by Laissez-faire capitalist
Sen John McCain [R-AZ]: Mr President, this week Fannie Mae's regulator reported that the company's quarterly reports of profit growth over the past few weeks were "illusions deliberately and systematically created" by the company's senior management, which resulted in a $10.6 billion accounting scandal.
The Office of Federal Housing Enterprise Oversight's report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie's former chief executive officer, OFHEO's report shows that over half of Mr. Raines' compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.
The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator's examination of the company's accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. Theses are entities that have demonstrated over and over again that they are deeply in need of reform.
For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac -- known as Government-sponsored entities or GSEs -- and the sheer magnitude of these companies and the role they play in the housing market. OFHEOs report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEOs report solidifies my view that the GSEs need to be reformed without delay.
I join as a consponsor of the Federal Housing Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.
I urge my colleagues to support swift action on this GSE reform legislation.
John McCain: "If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie mac pose to the housing market, the overall financial market, and the economy as a whole."
Where is the DOJ? Why are we not hearing of investigations and prosectutions?
It’s strange how this is out there. You don’t have to have a diploma from Harvard to read and understand it and yet, ‘the voters’ are blaming John McCain for this financial mess and think their boy, Obama, is just the guy to fix it. People living in this country are not really the sharpest knives in the drawer.
Obama Ranks Second In Freddie/Fannie Contributions
[In just 3 years, too]
http://www.youtube.com/watch?v=H-_HlpZ8azA
Fannie Mae CEO calling Obama and the Dems the “Family” and “Conscience” of Fannie Mae
http://www.youtube.com/watch?v=usvG-s_Ssb0
E-Mail, etc, all of this info to as many people as you possibly can.
Sounds like the Dhims strategy to bring us to our knees, so "they" can "save" us.
They could get away with this 10 years ago. Hopefully the new information age will seal their doom this time!
thats because obama and the democrats found another way to soak down US.
Here is something else. Very important.
Kurtz: Don’t Trust washington Post reporting
http://hotair.com/archives/2008/09/19/kurtz-dont-trust-washington-post-reporting/
This article has two links to the Washington Post (and quotes parts of each column), one dated 7/16/08, and the other 8/28/08, which show that the Washington Post twice reported the relationship between Raines and Obama.
Obama is lying about his relationship with Raines (former CEO of Fannie Mae)!!!
The OP, the post with the You Tube clips, and this post are enough to tie around Obama’s neck the albatross that can really hurt Obama’s chances of winning in Nov, 2008.
John was right and he should stand up against the stupid bailout. Where in the hell does this stuff end? Capitalism has at its heart the assumption of risk? These aren’t capitalists they are socialists wearing suits and ties ready to fleece the American people just as congress has.
You give the typical Dem' party member, office-holder and supporter alike, too much credit.
Most of 'em aint' smart enough to realize that there is an overall, Alinsky-like strategy, since the freedoms we enjoy are taken so much "for granted", with them not contemplating where this bounty we enjoy is granted from!
They are more like useful idiots, that would someday welcome their new communist overlords.
.. and this could be the year!
(In 1992 was the House bank scandal, pay raises for Congress, and the Keating Five. I don't remember the outcome except the House did not change hands but I believe there were a large number of retirements.)
Whatever it takes let's help the National Capitol relieve itself and clear the bowels of Congress!
You're not just figuring that out are you? :_)
bump
bump
Apparently you don’t understand...Bush is evil and ruined the economy (this is his fault) and McCain is more of the same.
These petty “facts” are irrelevant and distract from the narrative Obama is trying to propagate personally, through his minions and cohorts in the media.
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.