Results 1 to 10 of 10

Thread: Barney Frank knocked on his Fannie

  1. #1
    Educating the Ignorant
    zimmer's Avatar
    Join Date
    Dec 2008
    Last Seen
    Today @ 05:04 AM
    Lean
    Conservative
    Posts
    14,484
    Blog Entries
    12

    Barney Frank knocked on his Fannie

    U.S. Rep. Barney Frank admitted he helped his ex-lover land a lucrative post with Fannie Mae in the early 1990s while the Newton Democrat was on a committee that regulated the lending giant...

    Moses, who lived with Frank in Washington at the time, worked for Fannie until 1998, when he left the mortgage behemoth. Moses, who could not be reached for comment, and Frank split up that year.

    Frank was a junior member on the House Financial Services Committee at the time he helped Moses land the job and served on the committee, which regulates lenders, for the duration of their relationship...

    Frank’s assistance in helping Moses land the job was first reported in a new book about the fiscal meltdown by Pulitzer Prize-winning New York Times [NYT] reporter Gretchen Morgensen.

    In an interview Tuesday on WBUR’s “Fresh Air,” Morgensen said Frank “was very aggressive and really tough on those who were testifying in Congress about reining in Fannie Mae and Freddie Mac” during hearings after Moses was hired. She said Fannie Mae “rolled out the red carpet” for Moses as part of a strategy to curry favor with Frank and other members of the Financial Services Committee.

    Morgensen also noted that members of the committee raked in tens of thousands in campaign donations from Fannie and Freddie execs, including Frank, who received $42,000 in contributions from 1989 through 2008.

    Barney Frank knocked on his Fannie - BostonHerald.com
    This tool, along with Dodd should be behind bars. The damage they inflicted on the US makes Madoff look like a pauper.

    .
    The Clintons are what happens...
    when you have NO MORAL COMPASS.

  2. #2
    Guru
    Councilman's Avatar
    Join Date
    Apr 2009
    Location
    Riverside, County, CA.
    Last Seen
    11-04-11 @ 10:16 PM
    Gender
    Lean
    Conservative
    Posts
    4,454
    Blog Entries
    10

    Re: Barney Frank knocked on his Fannie

    Quote Originally Posted by zimmer View Post
    This tool, along with Dodd should be behind bars. The damage they inflicted on the US makes Madoff look like a pauper.

    .
    Could not agree more. Frank and several others need to be in prison. The only thing is he'd be too happy to get inside, if you get my drift.

  3. #3
    Sage
    Erod's Avatar
    Join Date
    Aug 2008
    Location
    North Texas
    Last Seen
    Today @ 11:47 AM
    Lean
    Conservative
    Posts
    13,073

    Re: Barney Frank knocked on his Fannie

    Can you imagine this guy's home life out of sight?

    Ewwww.

  4. #4
    Sage
    pbrauer's Avatar
    Join Date
    Jun 2010
    Location
    Oregon
    Last Seen
    11-27-15 @ 03:31 PM
    Gender
    Lean
    Liberal
    Posts
    25,394

    Re: Barney Frank knocked on his Fannie

    Quote Originally Posted by zimmer View Post
    This tool, along with Dodd should be behind bars. The damage they inflicted on the US makes Madoff look like a pauper.

    .
    The damage to the U.S. and the world has nothing to do with Frank or Dodd, it's Wall Street and the investment banks where the blame lies.

    House Financial Services Committee

    Money quote:
    “What happened subsequently,” continued Congressman Frank, “in the years the Republicans wish to ignore because they cannot defend what happened – is that the Bush administration pushed for even more subprime lending, Alan Greenspan refused to use congressional authority he’d been given in 1994 to regulate it, and the House Republicans blocked any efforts to legislate against it. In fact, as quoted in a story in the Bloomberg News, when the Bush administration ordered Fannie Mae and Freddie Mac to increase significantly the number of loans they bought for people below median income, I objected saying that this would be good neither for the borrowers who could not repay the loans nor for Fannie Mae and Freddie Mac.”


  5. #5
    Tavern Bartender
    Constitutionalist
    American's Avatar
    Join Date
    Mar 2006
    Location
    Virginia
    Last Seen
    Yesterday @ 10:49 AM
    Gender
    Lean
    Conservative
    Posts
    76,323

    Re: Barney Frank knocked on his Fannie

    The biggest share of the mortgage crisis sits squarely on the shoulders of Greenspan, who allowed low rates to continue far too long. This clown then had the nerve to blame Bush AFTER he retired from the FED. This is so laughable, since Bush has less power to make anything better than Greenspan (who played mortgage god for decades). I'm not completely sure about Frank, but there is no doubt he let **** slide by, to help the poor, that he should not have. You can't say Frank was blamefree in all this; he chaired the freaking committee.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

  6. #6
    Professor
    Bigfoot 88's Avatar
    Join Date
    Jan 2011
    Location
    Georgia
    Last Seen
    12-01-15 @ 06:31 PM
    Gender
    Lean
    Libertarian - Right
    Posts
    2,027
    Blog Entries
    1

    Re: Barney Frank knocked on his Fannie

    Don't make me think about Barney's fannie
    "I have never understood why it is "greed" to want to keep the money you have earned but not greed to want to take somebody else's money." -Thomas Sowell

  7. #7
    long standing member
    justabubba's Avatar
    Join Date
    Dec 2005
    Last Seen
    Today @ 07:38 PM
    Gender
    Lean
    Independent
    Posts
    36,155

    Re: Barney Frank knocked on his Fannie

    Quote Originally Posted by pbrauer View Post
    The damage to the U.S. and the world has nothing to do with Frank or Dodd, it's Wall Street and the investment banks where the blame lies.

    House Financial Services Committee

    Money quote:
    while you have pinpointed the real culprit
    barney and his DO committee deserve criticism for their very weak oversight of the quasi-federal secondary market holders
    here is a report which was issued in 2006:
    Summary of the Report
    • Fannie Mae senior management promoted an image of the Enterprise as one of the lowest-risk financial institutions in the world and as “best in class” in terms of risk management, financial reporting, internal control, and corporate governance. The findings in this report show that risks at Fannie Mae were greatly understated and that the image was false.
    • During the period covered by this report—1998 to mid-2004—Fannie Mae reported extremely smooth profit growth and hit announced targets for earnings per share precisely each quarter. Those achievements were illusions deliberately and systematically created by the Enterprise’s senior management with the aid of inappropriate accounting and improper earnings management.
    • A large number of Fannie Mae’s accounting policies and practices did not comply with Generally Accepted Accounting Principles (GAAP). The Enterprise also had serious problems of internal control, financial reporting, and corporate governance. Those errors resulted in Fannie Mae overstating reported income and capital by a currently estimated $10.6 billion.
    By deliberately and intentionally manipulating accounting to hit earnings targets, senior management maximized the bonuses and other executive compensation they received, at the expense of shareholders. Earnings management made a significant contribution to the compensation of Fannie Mae Chairman and CEO Franklin Raines, which totaled over $90 million from 1998 through 2003. Of that total, over $52
    million was directly tied to achieving earnings per share targets.
    Fannie Mae consistently took a significant amount of interest rate risk and, when interest rates fell in 2002, incurred billions of dollars in economic losses. The Enterprise also had large operational and reputational risk exposures.
    Fannie Mae’s Board of Directors contributed to those problems by failing to be sufficiently informed and to act independently of its chairman, Franklin Raines, and other senior executives; by failing to exercise the requisite oversight over the Enterprise’s operations; and by failing to discover or ensure the correction
    of a wide variety of unsafe and unsound practices.
    The Board’s failures continued in the wake of revelations of accounting problems and improper earnings management at Freddie Mac and other high profile firms, the initiation of OFHEO’s special examination, and credible allegations of improper earnings management made by an employee of the Enterprise’s Office of the Controller.
    Senior management did not make investments in accounting systems, computer systems, other infrastructure, and staffing needed to support a sound internal control system, proper accounting, and GAAP-consistent financial reporting. Those failures came at a time when Fannie Mae faced many operational challenges related to its rapid growth and changing accounting and legal requirements.
    Fannie Mae senior management sought to interfere with OFHEO’s special examination by directing the Enterprise’s lobbyists to use their ties to Congressional staff to 1) generate a Congressional request for the Inspector General of the Department of Housing and Urban Development (HUD) to investigate OFHEO’s conduct of that examination and 2) insert into an appropriations bill language that would reduce the
    agency’s appropriations until the Director of OFHEO was replaced.
    OFHEO has directed and will continue to direct Fannie Mae to take remedial actions to enhance the safe and sound operation of the Enterprise going forward. OFHEO staff recommends actions to enhance the goal of maintaining the safety and soundness of Fannie Mae.
    remember, this public report [not subject to fair use limitations] was issued in '06. well before the eventual financial meltdown. barney ****ed up. pure (well maybe not so pure) and simple
    only those who chose not to observe the obvious would not have recognized the deep problems at fannie mae




    http://www.fanniemae.com/media/pdf/n...PECIALEXAM.pdf
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

  8. #8
    Student Marshabar's Avatar
    Join Date
    Mar 2011
    Location
    United States
    Last Seen
    11-09-13 @ 10:38 AM
    Gender
    Lean
    Conservative
    Posts
    293

    Re: Barney Frank knocked on his Fannie

    Quote Originally Posted by pbrauer View Post
    The damage to the U.S. and the world has nothing to do with Frank or Dodd, it's Wall Street and the investment banks where the blame lies.

    House Financial Services Committee

    Money quote:

    Bankers couldn't have done it without political cover and pressure from Freak and Dudd.

  9. #9
    Sage
    PeteEU's Avatar
    Join Date
    Mar 2006
    Location
    Denmark
    Last Seen
    Today @ 02:54 PM
    Gender
    Lean
    Centrist
    Posts
    29,090

    Re: Barney Frank knocked on his Fannie

    Quote Originally Posted by Marshabar View Post
    Bankers couldn't have done it without political cover and pressure from Freak and Dudd.
    Got to love how the right protects their own.... "The Freak and Dudd" did not create the legal framework or basis for the whole problem.. that was your dear fellow conservatives during the Clinton administration..
    PeteEU

  10. #10
    Banned
    Join Date
    Oct 2010
    Location
    dimensionally transcendental
    Last Seen
    08-15-11 @ 04:31 PM
    Gender
    Lean
    Conservative
    Posts
    7,153

    Re: Barney Frank knocked on his Fannie

    Quote Originally Posted by pbrauer View Post
    The damage to the U.S. and the world has nothing to do with Frank or Dodd, it's Wall Street and the investment banks where the blame lies.

    House Financial Services Committee

    Money quote:
    “What happened subsequently,” continued Congressman Frank, “in the years the Republicans wish to ignore because they cannot defend what happened – is that the Bush administration pushed for even more subprime lending, Alan Greenspan refused to use congressional authority he’d been given in 1994 to regulate it, and the House Republicans blocked any efforts to legislate against it. In fact, as quoted in a story in the Bloomberg News, when the Bush administration ordered Fannie Mae and Freddie Mac to increase significantly the number of loans they bought for people below median income, I objected saying that this would be good neither for the borrowers who could not repay the loans nor for Fannie Mae and Freddie Mac.”
    you defend Frank... by quoting....Frank?

    Typical PB. Proving once again why you're never taken seriously here.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •