Skip to comments.House Ethics closes Countrywide probe without taking action
Posted on 12/28/2012 12:42:26 PM PST by ColdOne
The House Ethics Committee has decided to close its investigation into preferential mortgages doled out under a controversial VIP program without taking any action.
The panel said it was not taking any action on members who received more affordable mortgages under the program, instituted by the now-defunct Countrywide Financial because while allegations surrounding the program and lawmakers involved "serious matters," they largely fell outside its jurisdiction.
For example, many of the allegations pertain to actions outside the Ethics Committee's statute of limitations greater than three Congresses ago and many of those accused are no longer working in Congress either as members or staffers.
(Excerpt) Read more at thehill.com ...
The statute of limitations extends to ethics now.
Stand back and ponder that sentence in silence.
They dragged their feet and ran out the clock. Yeah, this sure make me feel more confident about government honesty.
Just declare themselves above the law and get it over with
‘no controlling legal authority’, as Manbearpig used to say.
‘most ethical administration ever’, as Pelousy used to say.
“Countrywide Financial” - now there’s a bitterly ironic title.
That's just what happened in de facto.
In 2007 the CEO of Countrywide had a salary of $140 million dollars, the highest in the industry. In 2008 as the banking/mortgage crisis was heating up, he decided to only take about $100 million salary. Of course, he also had large amounts of company stock. IN 2009 Countrywide was dead. I guess the marked DOES work, sometimes. [Source: Forbes CEO Compensation for those years.]
Its more than Obamaland - its America-land.
Countrywide gave benefits to Congressmen, and Congressmen wrote the rules that allowed countrywide to sell crap mortgages to GSE’s like Fannie and Freddie, whose losses are covered by taxpayers. Bank of America bought Countrywide for $4 billio, and will wind up losing possibly $40 billion on the deal, while the US Gov’t bails them Bank of America with TARP, and the Federal Reserve also bails them out with zero interest rates and buying questionable debt for their its account. It is in the interest of all of America’s ruling class for this problem to disappear as quietly as possible.
Obama is now just sitting atop the pile of corruption that is the Wall Street-Govt nexus, hoping to push things in his favor - but the structure was built long before him.
Sorry, mean to say the MARKET does work sometimes. Incidentally, in 2008 it was still the highest salary in the industry, although Goldman Sachs was right up there with its top 3 executives all with salaries above $65 million. This lead the stockholders to vote that spring for a “stockholder advisory on executive compensation.” This is the best way to deal with overpaid executives. Engage the stockholders’ concern for self preservation.
The same “ethics committee” that refused to endorse their own report on MF Global because it faulted Corzine?
surprise/no surprise ping
ColdOne: “ (from the article) For example, many of the allegations pertain to actions outside the Ethics Committee’s statute of limitations greater than three Congresses ago and many of those accused are no longer working in Congress either as members or staffers. “
Now let’s see :
Countrywide scandel - that led to the housing market and financial collapse ..
“Fast and Furious” .. ( 18 1/2 months investigation )and an attempt for “Executive Privliledge”
“Benghazi Murders” .. ( 27 days delay before conducting a 7 hour investigation ) and a key witness has delayed testimony for three weeks while recouperating from an alledged concussion
And now we learn that the “Ethics Commision” has a statute of limitations .....
Its one giant hog trough in Washington. They don’t even pretend that much to give a damn anymore. Feign outrage, investigate for a while, put it on the back burner then say there is nothing to be done.
“ The statute of limitations extends to ethics now.
Stand back and ponder that sentence in silence.”
I think they found too many skeletons in their own closet.
IF: Democrats involved with the sleaze.
THEN: No convictions.
It’s that simple.
Why wait for any results of an “investigation”.
It’s more of an “inbred-estigation.”
House Ethics - Oxymoron.................
I’m well aware of that.
Obama is definitely a symbol of what is going on in 2013.
Now there is an Oxymoron and a joke and a laugh.
As Will Rogers said many many years ago, “We have the best government money can buy.”
He said that at least 85 years ago and nothing has changed.
Well, it has gotten worse.
Soap box has failed
Jury box has failed
Ballot box has failed
Not much is left.
So true...houses for everyone, all across the fruited plains, compliments of you and I.
yes- but the chairman of the committee is a Republican...just another example of the GOP fighting like little girls...
In mid 1998 I had to jump through flaming hoops to qualify for a construction/permanent (CP) loan from Countrywide for the house I wanted to build. Shortly thereafter in 1998 the qualifications suddenly loosened up and my loan was promptly approved. The day after the house was built and the deal closed in mid 1999, Countrywide sold my mortgage to Fanny Mae. Based on my experience, mid 1998 is when Countrywide opened the floodgates and began dumping all their loans on Fanny Mae. This whole fuster cluck commenced then.
“First kill all the lawyers...”...Shakespere
Who said the 4-corner offense is dead ?
Other than most Conservatives, the Republican Party is merely an auxiliary of the Democrat Party.