Franks, Schumer, Dodd et al… Fannie and Freddie political incest
Events through 2007, involving democratic opinion on Fannie and Freddie regulation is outlined well by Larry Johnson in his posting, “Foxes Guarding the HenHouse? The Actions of Barney Frank, Charles Schummer, and Chris Dodd.”
Here is a summary of the articles…
January 2007 – Franks promises to look at regulating Fannie and Freddie in 2007, Dodd expresses that he is not interested in going after them. This is in the shadow of fraudulent income reports in 2006, and reporst of massive bonuses to executives.
August 2007 – Dodd argues that Fannie and Freddie should allowed to pump even more credit into the market, calling for a 5 percent increase in mortgage limits.
September 2007 – Dodd criticizes increases in Mortgage limits as too modest. Bernanke defends existing limits, warning against the increases.
November 2007 – Schumer and Franks push for a 10 percent increase in portfolio caps, while Freddie Mac signaled that they would voluntarily LIMIT their growth. Freddie did not want to get bigger!
These are now the cronies who tell McCain, “Stay away, we will fix this.” It makes me want to puke.
A summary chart of contributions from Fannie and Freddie to political campaigns is given at, “All Recipients of Fannie Mae and Freddie Mac Campaign Contributions, 1989-2008”. As has been noted by numerous blogs and commentators, the leading beneficiaries are Dodd, and Obama (even though Obama has only been in federal politics for three years. Schumer is prominent in the list of Franklin Raines (Fannie CEO) donations. Dodd and Frank are listed in donations of Richard Syron (Freddie CEO).
Check these lists…
Need we mention Franks romantic (not kidding) relationship with Herb Moses, executive for Fannie Mae.
This is is upsetting, now they get to negotiate on a fix for this mess they had a hand in.
If you ask me, they should be the one’s who are disinvited to the table, and not McCain.
Filed under: Barack Obama, Election 2008, Politics | 1 Comment
Tags: Bail out, bailout, Barack Obama, Barney Frank, Campaign contributions, campaign donations, campaign donors, Charles Schumer, Chris Dodd, Chuck Schumer, democrats, Election 2008, Fannie, Fannie Mae, Frank Barney, Franklin Reynes, Freddie, Freddie Mac, lobbyists, McCain reformer, Obama, Richard Syron, wall street bailout