the dems blocked every attempt to reform. they were protecting their money source.
On Sep 26, 10:04 pm, SgtUSMC <[EMAIL PROTECTED]> wrote: > You've probably forgotten that we had a Republican congress and a > Republican president in 2005. How the hell did McCain think this would > get by them? Or did he claim to support it knowing the Republicans > would never pass it? > > On Sep 26, 7:15 pm, mark <[EMAIL PROTECTED]> wrote: > > > With the financial sector in turmoil today, the media and the > > politicians have started throwing around blame with the same > > recklessness as lenders threw around credit to create the problem. > > Politically, the pertinent question is this: Which candidate foresaw > > the credit crisis and tried to do something about it? As it turns > > out, John McCain did — and partnered with three other Senate > > Republicans to reform the government’s involvement in lending three > > years ago, after an attempt by the Bush administration died in > > Congress two years earlier. McCain spoke forcefully on May 25, 2006, > > on behalf of the Federal Housing Enterprise Regulatory Reform Act of > > 2005 (via Beltway Snark): > > > 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. > > > In this speech, McCain managed to predict the entire collapse that has > > forced the government to eat Fannie Mae and Freddie Mac, along with > > Bear Stearns and AIG. He hammers the falsification of financial > > records to benefit executives, including Franklin Raines and Jim > > Johnson, both of whom have worked as advisers to Barack Obama this > > year. McCain also noted the power of their lobbying efforts to > > forestall oversight over their business practices. He finishes with > > the warning that proved all too prescient over the past few days and > > weeks. > > > It never made it out of committee. Chris Dodd, then the ranking > > member of the Banking Committee and now its chair, was in the middle > > of receiving preferential loan treatment from Countrywide Mortgage, > > one of the companies gaming the system in the credit crisis. > > Meanwhile, Barack Obama took hundreds of thousands of dollars from the > > lobbyists McCain mentions in this speech, making him the #2 recipient > > of Fannie/Freddie money: > > >http://hotair.com/archives/2008/09/17/mccains-attempt-to-fix-fannie-m... --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
