Remember, Obama is second on the list for to recipients of campaign cash from Fannie and Freddie. He is right belowchairman Dodd. I can't remember, but posted it not too long ago, Biden I think is in the top 4. Also remember Raines former CEO (100 million dollar) was put in charge of finding the VP pick. Eventhough he stepped down, he is still Obama's Senior Economic Advisor. Obama also has a lot of former lobbist from them on his team. http://www.freerepublic.com/focus/f-news/2084424/posts
FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005 (Bill pdf )[/align]The United States Senate
May 25, 2006
Statement by John McCain 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. 28[/color]29 90, 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.
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John Adams “The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence.”
Ronald Reagan: 'Everybody that is for abortion has already been born'
"I never said I was worth it. I only said I wouldn't do it for less " William F. Buckley Jr.
No problem, Enron contributed heavily to Bush/Chenney.
And Enron was PROVEN to have engaged in criminal activity - not just the victim of a recession.
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"I would not support repeal of Roe vs. Wade, which would then force women in America to [undergo] illegal and dangerous operations."¯ Senator John McCain
Source: Ron Fournier, Associated Press Aug 24, 1999
No problem, Enron contributed heavily to Bush/Chenney.
And Enron was PROVEN to have engaged in criminal activity - not just the victim of a recession.
FYI, it was the Bush Administration that took Enron down and prosecuted the Senior management. Furthermore, the hanky panky was being done under the watch of the Clinton Administration.
__________________
John Adams “The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence.”
Ronald Reagan: 'Everybody that is for abortion has already been born'
"I never said I was worth it. I only said I wouldn't do it for less " William F. Buckley Jr.
Yep, nowhere in the article does McCain get partisan and link Obama to the implosion - unlike some posters here who vainly try to twist the collapse into somehthing Obama had a hand in.
McCain was very non-partisan and called for the problem to be fixed, and specifically cited abuses during the 2004-2005 cycle of lobbying.
Good comments by McCain here - I applaud him.
Twisting this back on Obama is dishonest at best.
McCain knows better.
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"I would not support repeal of Roe vs. Wade, which would then force women in America to [undergo] illegal and dangerous operations."¯ Senator John McCain
Source: Ron Fournier, Associated Press Aug 24, 1999
No, I twist it back on Obama as to having no clue. Besides that, Obama loves to attack McCain's ties to Big Oil as if he doesn't have them. Then again, Big Oil isn't in need of a bail out, there are no major shortages right now. On the other hand, not only was Obama clueless to the looming problem, he has the very Enron style crooks on his team. Raines, Johnson and a few others. Why isn't he joining McCain in calling for an investigation? Could it have something to do with his ties to the implosion?
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John Adams “The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence.”
Ronald Reagan: 'Everybody that is for abortion has already been born'
"I never said I was worth it. I only said I wouldn't do it for less " William F. Buckley Jr.
McCains quote above says it best. I stand by what he said. If you can't handle that, then it's your problem, not mine.
Read your own quote young grasshopper - McCain has it right on this one.
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"I would not support repeal of Roe vs. Wade, which would then force women in America to [undergo] illegal and dangerous operations."¯ Senator John McCain
Source: Ron Fournier, Associated Press Aug 24, 1999
Who was the one who saw the train wreck?
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.
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