Monday, September 22, 2008

Crony Capitalism Is Root Cause Of Fannie And Freddie Troubles

Quoting IBD Editorials:

“Fannie and Freddie… became a kind of jobs program for out-of-work Democrats…

Franklin Raines and Jim Johnson, the CEOs under whom the worst excesses took place in the late 1990s to mid-2000s, were both high-placed Democratic operatives and advisers to presidential candidate Barack Obama…

Meanwhile, Freddie and Fannie opened what were euphemistically called ‘Partnership Offices’ in the districts of key members of Congress to channel millions of dollars in funding and patronage to their supporters…

It emerged that Clinton aide Raines, who took Fannie Mae's helm as CEO in 1999, took in nearly $100 million by the time he left in 2005. Others, including former Clinton Justice Department official Gorelick, took $75 million from the Fannie-Freddie piggy bank.

Even so, Fannie and Freddie were forced to restate their earnings by some $3.5 billion, due to the accounting shenanigans…

President Bush, reviled and criticized by Democrats, tried no fewer than 17 times, by White House count, to raise the issue of Fannie-Freddie reform. A bill cleared the Senate Banking panel in 2005, but stalled due to implacable opposition from Democrats and a critical core of GOP abettors. Rep. Barney Frank, who now runs the powerful House Financial Services Committee, helped spearhead that fight.”
Click the image & read the rest:
Click the image & read the rest
The initial $200 billion Fannie/Freddie bailout was doubled.
Later, it was declared to be an UNLIMITED bailout!
Yet, the $170 Billion AIG bailout is all the media are interested in!

Click here to read the primary post on this topic
(and all the rest).

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