Posted on 12/09/2008 2:57:24 AM PST by dennisw
WASHINGTON (AP) -- Lawmakers are poised to trade barbs Tuesday about who deserves most of the blame for the collapse and government takeover of mortgage finance titans Fannie Mae and Freddie Mac. The two companies, which were seized by federal regulators in September, have become highly charged political targets in the debate over what caused the U.S. housing crisis and the resulting financial fallout.
Four former top executives are scheduled to be grilled at the hearing, which is being led by Rep. Henry Waxman, D-Calif., chairman of the House Oversight and Government Reform Committee. But there are doubts about whether the hearing will produce any solid conclusions or will just devolve into partisan bickering.
"I think we're going to get a lot of finger-pointing, which will be totally unproductive," said Bert Ely, a banking industry consultant in Alexandria, Va.
Fannie and Freddie, which own or guarantee around half the $11.5 trillion in U.S. outstanding home loan debt, long used their lobbying muscle in Washington to thwart efforts to impose tighter regulation.
(Excerpt) Read more at biz.yahoo.com ...
No mention of Franklin Raines or Jamie Gorelik testifying
Or the gold-plated hypocrite, Sen. Dodd, who wants the head of GM fired for incompetence, but of course, does not require the same treatment for members of the Senate and House who pushed for the bogus Fannie/Freddie loans to the Poooor.
...and Barney Frank, Chris Dodd, Rahm Emanual(however you spell his name), etc. I’m positive I’m missing a few.
You know what, I think we should form a citizen committee group to investigate Congress. Kind of checks and balances kind of thing. Let's put them on them on the hot seat.
Hear, see, speak no evil grandstanding by the money-changing, credit-swapping financial oligarchs. Creating the illusion of oversight /sarcasm closure on their financial false-flag operation.
COUNT ME IN. . . . .
Exactly. Tar & feathering is too mild for Dodd and the other 534+ co-conspirators/enablers and their antecedents (including treasury & fed)...running not a company, but a country into bankruptcy.
"We've been through nearly a dozen hearings where frankly we were trying to fix something that wasn't broke. Mr. Chairman we do not have a crisis at Freddie Mac and in particular at Fannie Mae under the outstanding leadership of Mr. Frank Raines."-Rep. Maxine Waters, 2004
http://www.youtube.com/watch?v=YL36nwCSYUM
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History of Fannie Mae scandal
"Fannie Mae announces its long-awaited restatement, erasing $6.3 billion in profit from 2001 through June 30, 2004."
http://www.boston.com/business/articles/2006/12/07/history_of_fannie_mae_scandal/?page=1
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the commissars will have their public confession, then they will split the proceeds and ride off into the sunset.
IMHO
“den of thieves”
correction: den of communist revolutionary street thugs.
IMHO
He (Dodd) is the ultimate in hypocracy. He and Barney Frank ought to be run out of town on a rail for their part in this economic travesty.
You know what, I think we should form a citizen committee group to investigate Congress. Kind of checks and balances kind of thing. Let’s put them on them on the hot seat.
I hereby proclaim the only way that is going to happen is if the populace gets serious enough to make public examples of the perceived guilty. Chris, Barney, Clinton in abstentia, every single individual who had anything to do with the ridiculous policy of “affordable housing”, henry I don’t see the forest for the trees Waxman, All past CEO”S of the two companies in question, a literal cast of thousands all worthy of the gallows if I may be so crass. The criminally insane are now at the head of the class.
As an aside, and to show just how far we have slumped, I happened to be looking at job applications in the Rapid City Urinal, when this feather jumped out and knocked me over. The State of SD was seeking applicants for the position of Housing Development Officer. The qualifications include innovative financing, negotiating skills, assertive attitude toward relationship building, experience working with nonprofit and governmental agencies, ability to interpret federal and state regulations, and worst of all, Knowledge of mortgage banking with and emphasis in underwriting multifamily housing developments in the (my quotes) “affordable housing industry”, and federal, state, and local housing programs would be helpful.
Is anyone else repulsed by this stupidity. The very “industry” that brought us the collapse of the economy, effecting every single state in the union outside of perhaps Alaska and Wyoming, and folks are advertising for more of the same. I am absolutely astounded, and know that I shouldn’t be. Industry, has always in my feeble mind, had something to do with people creating something worthwhile and of lasting value and profitable. I see none of that in an “industry” that produces nothing but the potential for disaster. Reminds me of the A B O R T I O N “industry”.
Without even looking I know that you tube video has Maxine Waters (moron) going on about what a *fabulous* job Franklin Raines (fellow black) is doing at Fannie Mae. She pulls the race card to intimidate the whistle blower who is testifying
Who in retrospect was telling the truth but a member of Congress never apologizes. Especially Waters with her race baiting. For her Fannie Mae was reparations
Darn, you said in 30 words what it took me time and four paragraphs to say.
(Yes you used "industry" in the proper sarcastic manner)
Since when are a bunch of paper shufflers an industry?
A real industry makes useful things like GM for example
Yeah people can dump on GM and Ford but at least they make things
I am sure there has never been a thread here that has caused me to want to perform a scream, as performed by the long dead comedian, with the exception of 9-11 and WACO threads.
Now if I could just remember the name of that renowned comedian of the seventies.
...clean out the swamp!
These hearings are a charade. What happens is they are pre interviewed by staff long before their public appearance. If anything came out that would be damaging to the party in power and leading the questioning, it would be excluded from the agenda. I guess watchiang CSPAN would be the equal of watching As The World Turns, a soap opera given this degree of openess.
I would love to see some real questioning alla the Keafauver crime investigations asking questions to Barney the Pig i.e. Keafauver: Did you ever undermine an attempt to rein in the practices of these companies? Barney the Pig: I decline to answer on the grounds that the answer would (as opposed to may) incriminate me.
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