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« Report Details how Lobbyists & Politicians Caused our Nation's Financial Meltdown | Main | Whistleblower Harry Markopolos on Bernie Madoff and SEC »

March 05, 2009



Funny there is an article about Obama trying to reduce fraud, anyone else read any articles about blaggo?! If you pretend that this corruption just missed Obama, you are insane, and the liberal media will never show it anyways....


Well, then, kudos to George Bush for trying to reform Fannie Mae and Freddie Mac, too. From the Paper of Record, the NYT: September 11, 2003,

" The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry..."

And Bahney Fwank, D-Massachusetts, the ranking Democrat on the Financial Services Committee, first House member to come out of the closet voluntarily, and also the first member of the House to be censured for providing the apartment out of which a gay boyfriend ran a gay prostitution ring said, "These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."

Ron Russell

I agree, the government should keep closer tabs on contracts released to private companies there is a great deal of corruption. Obama, however seems to point the finger at private companies more than the finger at government corruption. Needs to be more of a balance.


Hi Russell,

OF COURSE he points the finger at private companies: they're the ones reaping the biggest benefits from the fraud. They don't just accidentally get caught up in it.

During the Bush years, executive agencies were notorious for turning a blind eye to contractor waste and fraud -- partly due to staffing cutbacks that President Bush had called for.

During the Bush years, our Justice Department was notorious for refusing to join whistle blower suits (esp. regarding Iraq-war contractors) despite solid evidence of False Claims Act violations.

I'm HOPING that it'll get better under Obama -- especially during these times that every tax dollar counts.

We'll see.


Hi Flower,

You're going to miss crucial info if you keep viewing our nation's political goings on like an R vs. D football game -- at which you must always defend the Rs.

Corruption is not limited by party labels.

Fact: the Bush Administration paid lip service to reforming Fannie and Freddie - -largely because big Wall Street players to which Bush was beholden had wanted Fannie to be able to take loans off their hands (e.g., Countrywide)

Fact: the Bush Administration pushed for a $40 billion increase in Fannie's ability to buy subprime loans.

Barney Frank -- gay or not -- called for the lowering of Fannie's subprime-loan buys while the Bush Adminsitration called for increaseas.

Frank also publicly called for the tightening up of restrictions on subprime lending.

I got the Frank stuff from his very detailed rebuttal re: a Wall Street Journal editorial.

The details are concrete enough (including dates) that you could easily search Google and see if Frank's sources reflect what he says they do.

I'm not suggesting that Frank does everything right, but he was right re: Fannie, Freddie and the subprimes.


HI Kyle,

I don't pretend anything. My eyebrows were raised high as mountains on my forehead when I learned about Blago.

That has NOTHING to do with my blog post, which is about the need for the executive branch to finally crack down on contractor fraud.

If you're a true fiscal conservative, then you should want the same -- because we taxpayers have lost tons of money due to contractor waste and fraud.

I hope that Obama does it. We'll see.

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