Should Congress Be 'Perp-Walked'?

Investors Business Daily ^ | October 2, 2008 | unattributed

[prairiebreeze]

A federal grand jury in New York is probing the accounting shenanigans at Fannie Mae and Freddie Mac.

~~snip~~

Remember the early 2000s, when companies such as WorldCom, Enron, Tyco and Xerox suddenly and spectacularly were revealed to have been cooking their books?

Remember the glee expressed by Washington politicians, especially Democrats, as they watched CEOs and their underlings get perp-walked out of their buildings and into federal custody?

~~snip~~

Here's how James B. Lockhart III, head of the Federal Housing Enterprise Oversight, described the two companies back in 2006, before the meltdown occurred:

"The result of (Fannie's and Freddie's) rapid growth unconstrained by market forces and a weak regulator was years of mismanagement, flagrant earnings manipulation, and systems-and-controls problems. Managements of both companies were forced out, earnings were misstated by an estimated $16 billion, fines exceeding one-half billion dollars were imposed, and remedial costs will exceed $2 billion."

Yet Congress did nothing.

~~snip~~

And what happened to Fannie's and Freddie's top executives, almost all with deep ties to the Democratic Party? Did they get perp-walked to prison? (snip)

No. Jim Johnson, former Walter Mondale aide, became head of Barack Obama's vice presidential search committee. Franklin Raines, who headed Fannie from 1998 to 2004, the years of its worst excesses, pocketed nearly $100 million in pay and bonuses from Fannie. He, too, became an adviser to Obama.

Other Fannie-Freddie alumni did equally well. Rep. Rahm Emanuel has been front and center in crafting a new rescue bill. Ex-Clinton Justice official Jamie Gorelick careens from career catastrophe to catastrophe, and still gets top jobs.

~~snip~~

There's lots of evidence that the two mortgage giants had become little more than taxpayer-guaranteed front companies for Democrats, who used them to reward supporters with cheap loans and to provide jobs for out-of-work politicians.

[prairiebreeze]

There's lots of evidence that the two mortgage giants had become little more than taxpayer-guaranteed front companies for Democrats, who used them to reward supporters with cheap loans and to provide jobs for out-of-work politicians.

I had to edit as about 175 words. It's worth a click on the link to read the piece.

[OpusatFR]

I’d say what I think, but it would probably get me in loads of trouble.

Blindfolds comes to mind.

[frogjerk]

There's lots of evidence that the two mortgage giants had become little more than taxpayer-guaranteed front companies for Democrats, who used them to reward supporters with cheap loans and to provide jobs for out-of-work politicians.

This should be the number one talking point for the GOP starting today.

[rivercat]

As a minimum, anyone in a leadership role in banking, commerce, housing, majority or minority should be forced to resign from the house or senate.

[spodefly]

I would gibe up everything I own (aside from a sleeping bag and a change of cloths) to see Jaimie Gorlick in a prison jumpsuit and cuffs being walked off to a supermax federal facility.

[fella]

Do not vote for an incumbent. Vote them out and keep voting them out until one term is the norm. It's the only way to keep this corruption from happening

[fella]

Do not vote for an incumbent. Vote them out and keep voting them out until one term is the norm. It's the only way to keep this corruption from happening

[BigSkyFreeper]

It’d be nice, but it won’t happen.

[xDGx]

long walk off a short pier...

[WOBBLY BOB]

we can only hope.

**Fannie,Freddie disclose subpoenas,investigations**

http://ap.google.com/article/ALeqM5gTS1CPMMgKdY2xTl8IYWGjOXERjAD93GV6JG0

WASHINGTON (AP) — Adding to their woes, mortgage finance giants Fannie Mae and Freddie Mac are facing a federal grand jury investigation into their accounting practices.
The mortgage finance companies said Monday that a federal grand jury in New York is investigating accounting, disclosure and corporate governance issues at Washington-based Fannie and McLean, Va.-based Freddie.
more at ap.google.com ...

[WOBBLY BOB]

Norm Coleman voted for it. Franken opposes it.

I choose not to vote for either.

[pallis]

Congress should be purged, flushed down the crapper of history, scrubbed clean, and made ready for the next participants. Repeat until we get it right.

[Dr. Ursus]

Careful,President Obama will not allow any dissent on the
“Long March.”

[prairiebreeze]

Yeah, it’d be nice....

Maybe a few mid-management level schmucks will take the fall somewhere along the way, that’d be my guess. A couple of aides here and there.

May be a lot of money will flow toward that grand jury, who knows any more?

Most of the country has a confidence crisis alright.....a confidence crisis toward the government!

[softengine]

"This should be the number one talking point for the GOP starting today. "

This should be the number one talking point for every single citizen in this nation. Sadly, every issue is brought to our attention, and subsequently debated, from the standpoint of political affiliation. The fiscal meltdown we are seeing now, indeed, has responsibility that crosses party lines. Until we release the immature need to tie failure to one or the other party, while obtusively ignoring objective root cause analysis, we will continue to devolve as a world power, and as a society.

That said, OMG - is Jamie Gorelick some kind of human bad penny? Unbelievable.

[auboy]

YES

[alice_in_bubbaland]

Hmmmm....I like that visual!

I would also add Janet Reno to the perp walk procession.

[AFreeBird]

based on headline only.

HELL Frick'n YES!

How'd I do?

[BigSkyFreeper]

The only reason I don’t see any of it happening is most of the judges on the bench are liberals, the investigating agencies are littered with liberals, and Democrats control Congress.

[prairiebreeze]

That too.