Barney Frank finally admits he got his boyfriend a job at Fannie Mae

[Recliner Pilot 61]

Frank is one of the worst scum in DC. He put his lover into a job at Fannie Mae and let them run amock. Shitstain Jr. ignored Bush administration warnings on Fannie and Freddy and gave us the current housing crisis.

 

Dude needs to be in jail.

 

 

So Slobbering Barney Frank finally admitted helping Herb Moses get a job at Fannie Mae during the early 1990s. Who was Herb Moses? Hunky Herb was Barney’s boyfriend at the time. Why does it matter? Because Barney Frank was on the committee that regulated Fannie Mae at the time he helped his lover get the job … and then for the next few years when Herb Moses was one of the Fannie Mae executives pushing the very Fannie Mae loan guarantee programs that led to our housing and mortgage crisis, while escaping rigorous oversight from Congress. A conflict of interest? Hell ya! But not according to Slobbering Barney Frank. He says, “If it is (a conflict of interest), then much of Washington is involved (in conflicts). It is a common thing in Washington for members of Congress to have spouses work for the federal government. There is no rule against it at all.”

 

Working for the federal government, fine. But serving on the Congressional committee that oversees your lover’s job? In 2003, the Bush administration proposed altering the regulation of GSEs like Fannie Mae and Freddie Mac. Barney Frank had this to say at a hearing of the Financial Services Committee on the subject:

I want to begin by saying that I am glad to consider the legislation, but I do not think we are facing any kind of a crisis. That is, in my view, the two government sponsored enterprises we are talking about here, Fannie Mae and Freddie Mac, are not in a crisis. We have recently had an accounting problem with Freddie Mac that has led to people being dismissed, as appears to be appropriate. I do not think at this point there is a problem with a threat to the Treasury….

 

Now, we have got a system that I think has worked very well to help housing. The high cost of housing is one of the great social bombs of this country. I would rank it second to the inadequacy of our health delivery system as a problem that afflicts many, many Americans. We have gotten recent reports about the difficulty here.

 

Fannie Mae and Freddie Mac have played a very useful role in helping make housing more affordable, both in general through leveraging the mortgage market, and in particular, they have a mission that this Congress has given them in return for some of the arrangements which are of some benefit to them to focus on affordable housing, and that is what I am concerned about here. I believe that we, as the Federal Government, have probably done too little rather than too much to push them to meet the goals of affordable housing and to set reasonable goals. I worry frankly that there is a tension here.

 

The more people, in my judgment, exaggerate a threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the Treasury, which I do not see. I think we see entities that are fundamentally sound financially and withstand some of the disastrous scenarios. And even if there were a problem, the Federal Government doesn't bail them out. But the more pressure there is there, then the less I think we see in terms of affordable housing.

 

Ouch, Barney.

 

Remember, though … you are supposed to believe that it was Wall Street greed that caused the financial crisis. A congressman protecting the job of his lover couldn’t possibly have had anything to do with it ---- even if he did manage to block reform.

 

Link to story on lover's job:

 

http://news.bostonherald.com/news/politics/view/2011_0526frank_knocked_on_his_fannie_rep_admits_to_helping_lover_land_job_at_mortgage_giant_in_91/

 

Link to Congressional Hearing quote:

 

http://www.taxfoundation.org/blog/show/23617.html

 

http://www.boortz.com/weblogs/nealz-nuze/2011/may/27/revisiting-barney-frank/

[supermike80 1,285]

Who cares.

[BudBro 117]

Who cares.

clearly, nobody. nobody cares that the most attention being paid at fannie and freddie was to see who could get whos gay lover a cushy job and kick back bonus monies while the program was going into the tank. gwb warned about it and was dismissed. franklin raines made over $100 mil in bonus money for overseeing a project that has sunk an entire economy...and we're not done with it yet. how do you get a bonus when the company loses catrillions of dollars? barney frank, chris dodd, franklin raines, the whole bunch, should be in federal prison right now.

 

yeah, who cares. nothin to see here.

[Recliner Pilot 61]

Obama won't be outdone by ol' Marble Mouth.

 

 

 

The Obama administration's approval of $34.4 million for six top officials, with little or no market guidance, is raising new questions about the inner workings of the failing mortgage giants. John Solomon and Julie Vorman, of the Center for Public Integrity's iWatch News, report.

 

Over the last two years, the Obama administration has approved a whopping $34.4 million in compensation to the top six executives of the financially troubled Fannie Mae and Freddie Mac mortgage giants, and lacks the necessary protections to ensure such compensation is even warranted.

 

The largesse flowed to the six executives even though the two companies they run struggle to staunch billions of dollars in losses, remain in government conservatorship, and must compensate taxpayers for assuming the companies’ liabilities during the mortgage crisis. To compensate taxpayers, Fannie and Freddie are tapping Treasury Department funds to pay required 10 percent dividends each quarter to the U.S. government.

 

 

http://www.thedailybeast.com/blogs-and-stories/2011-05-26/fannie-freddie-execs-paid-34-million-after-billions-in-losses/?cid=hp:mainpromo8#