madasiwannabe

Pathetic Display at Yesterday's Financial Hearings

Why isn't anyone asking him about his current employment? He sent the trains down the tracks and then left office to profit from the wreck. When it looked like it wouldn't happen, he got on TV and made sure it did. The companies he now consults for made Billions when the feds finally stepped in and took over the GSE's. Congress knew about it in January when they questioned the conflict of interest but for some reason has done nothing.

Congress doesn't want the truth to come out because of the number of people with their hand in the cookie jar. In 1999 then CEO of GS, Paulson convinced congress to pass a deregulation bill that caused the CDS market to explode. Paulson in 2005 convinced Cox to dismantle the CDS regulators Donaldson put in place. When the MBS/CDS market started to unwind and investment banks like GS started to implode, Paulson threw the GSE's under the bus. GS made a ton when LEH imploded, but stood to lose 20 Billion if AIG suffered the same fate. GS helped negotiate the loan for AIG to save their own skin.

Frank blocked legislation to contain the GSE's while his boyfriend worked as an exec at FNM. Go do a search on descrimination lawsuits against the GSE's in 2003/2004 and the congressional hearings. Then look at adjustments to GSE capital requirements, market share growth and sub prime exposure levels YOY... How could they grow exponentially at the same time the accounting scandals hit? Ask Chris Dodd... At the same time Countrywide started making sweetheart deals to members of several committees. At the same time, Countrywide became the biggest sub prime broker and Fannie Mae's biggest customer.

Look at the GSE's books very close and compare those statistics to the rest of the market. Their losses were actually very conservative compaired to the market, default rates were very 1/10th of WM and WB, their forclosed property holdings are 1/20th of the national total, but their holdings are half of the market. The week before they took over the spreads were actually down from previous weeks and stock prices were moving up. If they were in terrible shape and ready to collapse, why hasn't Paulson used one nickle of the 200 Billion congress authorized yet?

A lot of people have a lot to answer for and we the American people deserve to hear the truth, not after the election.... NOW!!!!