John McCain on the Senate floor May 25, 2006, discussing the Federal Housing Enterprise Regulatory Reform Act Of 2005. Maybe he was telling us something ?
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.
This bill (109th Congress S.190) never became law. It is still sitting in committee, Dodd’s committee.
We should have followed McCain then, and we should follow him now.
Hey, I’m ready to post my thoughts on this very issue…and my sidebar indicates this post!
I’ve been scooped!!!!
Great point, great research, and one hell of a way to point out McCain’s leadership on the matter. And finally…..what better way to illustrate why the American People should kick the democratic elements who’ve run Congress to the curb.
Thanks. I came across this working on another post with some real juicy tidbits, such as how Fannie Mae subprime exposure increased 10 fold in the late 90s under Clinton and Cuomo. Hope to have this finished in a couple of days..
Rock on, man. And then spread the news far and wide. It’s one of McCain’s strongest points, right now. If taken in full context by the democrats, it cannot be contested ..
“If taken in full context by the democrats….”
Good luck with that.
Excellent post. These FM tools are the exact type of greedy bastards my last post refer to.
i like how after years of being the dunce of the republican party, all of a sudden McCain is and always has been some kind of warrior-generous in your guys’ eyes.
if we should have listened to him back then, it goes without saying that we shouldn’t have been listening to you!
ha!
you now what would be really sweet? If McCain started acting like the kind of candidate y’all hoped would get the nomination! You know, the Thompson/Tancredo ticket.
How about McCain gets up on stage tomorrow and gives a speech, just in time for the evening news, saying that the feral government shouldn’t be questioning the free market, and only evil socialists would think that the government should step in to prevent millions of people from loosing their homes, insurance, and life savings.
you’d need a lot of “lipstick wearers for Palen” signs at that rally to distract people from that!!
hahahahaha!
Fair criticism. Answering it will require more than one post but I hope to have one post up soon.
Joe,
Why bother, SPMM just make a snarkey remark and then disappear. The guy specializes in drive by’s. Hey, we need to set up a neighborhood watch!!
Since SPaMM mentioned foreclosures, let’s look at Obama’s plan :
What ? A drop in home price causes foreclosure ? Only when the homeowner is a speculator, and walks away when the price drops. Obama’s plan will bail speculators out also ?
A homeowner who buys a house they know they can’t afford is an innocent homeowner ?
Federal income taxes, on the sale of the home ? Surprise ! Is the exclusion going away ?
By what authority can the Feds waive state and local taxes ?
Partially paid for by increased penalties ? Hmm,I wonder where the other funding is going to come from..
The collection of penalties can often require several months or years of litigation.
http://www.barackobama.com/issues/economy/EconomicPolicyFullPlan.pdf
Since puft has been back from India he/she/it appears to have had a stroke and unable to make sensible nonsense. Also seems to have changed location. I smell carp!
SPMM, you won’t read this, because it will hurt your feelings, and we all know that a democrat’s most cherished posession is their feelings.(So much that they actually use them to overrule common sense….)
John McCain has been a huge thorn in Bush’s side for 8 years. That is why I was delighted with the choice from DAY ONE. I, unlike some here, didn’t need Palin to convert me (She’s a super-duper multi-layered choice, BTW
…Conservative, but also a shaker and a mover when somebody is screwing with the people of a town or a state. Now, she’ll take on the status quo of the US Administration.)
If anybody should be made to lose their homes and salaries, it’s the jackasses who have treated Fannie Mae and Freddie Mac like their personal playground and bank for the last ten years.
Look at the damned quote. JUST like the Surge in Iraq, the man called it VERBATIM two years before it fell. Dodd, Obama and a whole slew of others helped vote it down. What the fall of the market means is even more Republican votes to get rid of a do-nothing Congress comprised of a majority of democratic losers who ignored McCain when it really, really mattered.
Jacob, you’d have to start paying me if you want me to take the time to respond to every dumb thing that gets posted, such as the above series of ad hominem attacks. anyway, someone who gets shot in a drive by is just as dead! booyakashaka!
B.M. : in what sense was your first paragraph relevant to the discussion?
“What the fall of the market means is even more Republican votes to get rid of a do-nothing Congress comprised of a majority of democratic losers who ignored McCain when it really, really mattered.” -B.M.
“I don’t know much about the economy…” -John McCain
ACT, you’re pretty consistent in your inability to understand things. hmmm
Joe,
cool
SPMM,
I will pay you double what I used to pay you. OK?
SPMM,
As for the drive by’s, you used to be fun to argue with.
Spanky, the first paragraph explains liberals so that everyone gets the picture before I continue to tell you what the FACTS are….and why you respond to them the way you did.
“I don’t know much about the economy…” -John McCain
See?
What he “doesn’t know” about the economy is exactly what he foretold two years before it’s fruition, slick. I don’t see any prophetic rhetoric from “The One” of this magnitude.
I do see “The One” trying to hide the fact that he’s the #2 “top earner” on FM’s payout, though.
[...] John McCain also discusses Mr. Raines Here [...]
BM:
please.
See Jacob? I can’t be bothered with this kind of nonsense! I don’t expect you to admit it, but deep down you know that’s a pointless post!
ah, remember the good ol’ days, when you’d talk about DNA and the definition of “Human” and Jack would wax philosophical about left handedness being caused by brain damage?
Please what?? Please STOP?
Difuse it with facts, or STFU. Your move, slick.