Green Energy
An ad by Democrat Obama sneered: "How can John McCain fix our economy if he doesn't understand it's broken?"
January 2006:
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 years 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 Mae'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. These 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. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.
I join as a cosponsor of the Federal Housing Enterprise 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."
Voted DOWN by the democratic congress?
YES
Meanwhile...
-
HEY! Has anyone heard anything about the Superduper Committee lately? You know, that extra-constitutional gang of 12 Angry Men and Women who were supposed to cure all the nations economic woes by Thanksgiving. Have they met yet? Have they made any proposals...
- Ceo Of Fannie Mae Testifies To Congress That Socialism Caused The Economic Collapse
Roger Mudd, the former Fannie Mae President and CEO testified thusly before Congress the other day. (From Limbaugh's Blog): I believe in retrospect that there was overinvestment in housing. I believe in retrospect origination standards slipped. Home...
- It Appears That Palin Was A Threatening Presence To The Old Rhino Pecking Order
Thanks to HRW for sending this over: Ace states: A poster at Hot Air just raised a good point about the McCain staff smear thing: this is a guy who instantly went on the attack against his own party when they brought up Jeremiah Wright as an issue,...
- Barney Frank ... Criticism Of Dems Over Mortgages Is Racism, It 's Racism I Tell You
What a farce ! I wonder if Frank sees the irony at all as he blames republicans for deregulation being the cause, as well Rep. Barney Frank said Monday that Republican criticism of Democrats over the nation's housing crisis is a veiled attack...
- Bloomberg :how The Democrats Created The Financial Crisis
How the Democrats Created the Financial Crisis: Kevin Hassett Commentary by Kevin Hassett ...
Green Energy
The Feisty Obama? Still factually incorrect on the economy AND McCain
An ad by Democrat Obama sneered: "How can John McCain fix our economy if he doesn't understand it's broken?"
January 2006:
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 years 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 Mae'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. These 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. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.
I join as a cosponsor of the Federal Housing Enterprise 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."
Voted DOWN by the democratic congress?
YES
Meanwhile...
You look at Obama's economic advisers, the guys he has counted on from day one and who have raised him a ton -- and I mean a ton -- of money: Franklin Raines and Jim Johnson, both of them are waist to neck deep in the mortgage debacle."
Both Raines and Johnson have served as CEO of Fannie Mae, with Raines taking over from Johnson. Both are key political and economic advisers to Obama.
"How can Obama go out with a straight face and saw it was Republicans who made this mess, when it is his key advisers who ran the agencies that made the big mess what it is?" says a Democrat House member who supported Sen. Hillary Rodham Clinton. "It's his people who are responsible for what may well be the single largest government bailout in history. And every single one of them made millions off the collapse that are lining Obama's campaign coffers. If the McCain campaign lets this one go, they deserve to lose."
SEN. OBAMA YOU TALK A LOT, WHAT HAVE YOU DONE?
STEVE SCHMIDT CAN YOU HEAR US?
STEVE SCHMIDT CAN YOU HEAR US?
-
HEY! Has anyone heard anything about the Superduper Committee lately? You know, that extra-constitutional gang of 12 Angry Men and Women who were supposed to cure all the nations economic woes by Thanksgiving. Have they met yet? Have they made any proposals...
- Ceo Of Fannie Mae Testifies To Congress That Socialism Caused The Economic Collapse
Roger Mudd, the former Fannie Mae President and CEO testified thusly before Congress the other day. (From Limbaugh's Blog): I believe in retrospect that there was overinvestment in housing. I believe in retrospect origination standards slipped. Home...
- It Appears That Palin Was A Threatening Presence To The Old Rhino Pecking Order
Thanks to HRW for sending this over: Ace states: A poster at Hot Air just raised a good point about the McCain staff smear thing: this is a guy who instantly went on the attack against his own party when they brought up Jeremiah Wright as an issue,...
- Barney Frank ... Criticism Of Dems Over Mortgages Is Racism, It 's Racism I Tell You
What a farce ! I wonder if Frank sees the irony at all as he blames republicans for deregulation being the cause, as well Rep. Barney Frank said Monday that Republican criticism of Democrats over the nation's housing crisis is a veiled attack...
- Bloomberg :how The Democrats Created The Financial Crisis
How the Democrats Created the Financial Crisis: Kevin Hassett Commentary by Kevin Hassett ...