Posted on 09/23/2008 8:27:41 AM PDT by Graybeard58
A good number of people in Congress, some devout socialists, want to get to the bottom of the implosion of Lehman Brothers, AIG and other financial companies, but not for the obvious reasons.
House Speaker Nancy Pelosi has ordered a full-blown investigation that will include the testimony of Bush administration officials, the captains of finance and other punching bags. To run the show trials, she has assigned two of her favorite henchmen: Rep. Henry Waxman of California and Rep. Barney Frank of Massachusetts, whose culpability for the burgeoning crisis cannot be overstated.
In 2003 and 2005, for example, Rep. Frank and Sen. Christopher Dodd were the main roadblocks to reform that could have prevented the abuses that led the government to take over Fannie Mae and Freddie Mac, which will cost taxpayers at least $200 billion. Fan and Fred were key players in the subprime-mortgage meltdown, which has Sen. Dodd's campaign-money-grubbing fingerprints all over it.
Among the questions Speaker Pelosi wants answered is "whether fraud played a role in AIG's failure." But her interest goes beyond disinterested curiosity or even political gamesmanship. Her 2007 financial-disclosure report reveals her husband owned between $250,000 and $500,000 in AIG stock, worth $58.30 a share at year's end. On Monday, AIG shares fetched $4.69, down 92 percent.
The Center for Responsive Politics (opensecrets.org) reports at least 56 members of Congress have stakes in AIG, Lehman Brothers, Fannie Mae, Freddie Mac and Bear Stearns, some of the biggest casualties of market upheaval. Expect Speaker Pelosi and the rest of the Fannie-Freddie 56 to have their knives sharpened and drawn when the sacrificial lambs of Wall Street show up for the show trials.
Ping to a Republican-American Editorial.
If you want on or off this list, let me know.
I am sure these hearings will fix everything.
Uh-huh.
Waxman is not going to set her straight, nor, of course, is Barney Frank. Just not in his nature.
Its the Republicans' job to expose these phonies.
If they don't they'll deserve the consequences. We sure won't.
OMG!!!!!!!!! Nancy, your husband stock ( AIG ) was worth $500,000, today worth under $40,000, Nancy, i cannot believe this could happen to awesome middle class folks like you!! ( major /sarcasm )
AIG stock peaked in June 2007. The real slide began in May 2008. It is doubtful they held on to the bottom.
It’s their problem. It’s their bill. And they’re going to have to figure out if they can support it,” House Speaker Nancy Pelosi, D-Calif., said of Republicans.
thus spake our House Speaker.
Lez not go there............
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