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Does Barney Frank Want to Regulate Fannie & Freddie?

In the fall, when the scope of the financial meltdown was made manifest to the American people, various conservatives pundits, bloggers and even some mainstream journalists reminded us how reluctant leading Democrats had been of regulating Fannie Mae and Freddie Mac, the government-sponsored enterprises (GSE), at the heart of the mess?

While those Democrats, led by House Financial Services Committee Chairman Barney Frank, decried Republican deregulation as the cause of the meltdown, they ignored their own past efforts (successful, I might add) to block Republican legislation increasing the regulations on and providing additional oversight over the GSEs.

Today, Michelle Malkin asks a question related to the Democratic defense of those quasi-public enterprises, well, now I guess they’re fully public since the federal government took them over last fall.  She has “no problem with limiting the executive pay and bonuses of corporations that take billions in taxpayer-funded bailout money,” and asks:

Where are the limits on Fannie and Freddie corruptocrats’ executive pay? Have those been passed yet? Are they equal to the limits on private executives’ pay?

Why, I wonder, isn’t Barney as eager to regulate the pay of Fannie and Freddie executives?  Is it that he has a higher regard for government employees than he does for those in the private sector?  Or might there again be further conflicts of interest?

(H/t:  Reader Peter Hughes)



  1. I think you put your finger on a central issue here. When Senator Daschle owes $123k in taxes, it seems to me he is making more money than I could ever dream of. If we’re going to limit executive pay, I would say the place to start would be in DC.
    BTW: I love your blog!

    Comment by Carolynp — February 4, 2009 @ 2:10 pm - February 4, 2009

  2. Dashel has made over $5 million since he was booted out of the Senate 4 years ago.
    There needs to be an expose on the fact that the country and the world quite frankly, would not be anywhere near this financial mess had it not been for the fannie and freddie subprime mess. It’s very simple. And GPW hit the nail on the head. The past 6 years when Republicans became aware of the potential mess that was brewing and wanted to regulate it before it all blew up……the Democrats led by Frank, Dodd and company prevented it. Simply because it was their constituents who were getting sub prime mortgages, mortgages they couldn’t, in the real world qualify for at all. Plus Dodd and others were getting sweetheart mortgage deals themselves as a “friend of Angelo”, then Countrywides CEO. It stinks. This isn’t that hard for the average American to understand. Someone needs to explain it in an hourlong tv docudrama.
    Without the help of the MSM coverup, creeps and crooks like Dodd and Frank would have been run out of town on a rail long ago.

    Comment by Gene in Pennsylvania — February 4, 2009 @ 3:42 pm - February 4, 2009

  3. Democrat tax cheat Dashle’s obligation is now over $140,000.00

    Comment by Gene in Pennsylvania — February 4, 2009 @ 3:44 pm - February 4, 2009

  4. Freddie and Fannie are being protected by a massive Democrat Party cover-up. There will be no real examination of their role in the stock market crash, because they have bought and paid for the people who are in charge of protecting the public trust. Chief among them is Barney Frank.

    The fact is, Barney is chomping at the bit to get Freddie and Fannie right back on track giving homes away and sticking the public with the rotten loans. The Democrats are considering a federal government bank that will buy up the junk and eat it. This new “bank” can only be funded by higher taxes or by running junk scrip off the Treasury printing presses and backed by the resulting inflation that will cost the general society for generations to come.

    Comment by heliotrope — February 4, 2009 @ 4:56 pm - February 4, 2009

  5. You know, the corruption thing at Fannie and Freddie went far, far beyond the executives, the Congressional members feeding at the trough or Democrats in general. Under Clinton, Fannie had 2-3 “FannieMae Foundation” reps in each state to act as political henchmen and conduits to native Democrat organizations… in Michigan, we had 3 and each was paid in excess of $145,000 salary, a staff of 3-4 professionals, awesomely plush offices, etc. Each year, those henchmen came together and nominated 15-20 upcoming or rising stars in the housing, non-profit advocacy or community development arena to join 5-8 local govt officials for a 4 wk “training session” at Harvard Kennedy School’s Joint Housing Center… which, in the 17 yrs the program was running, consisted of a 90 minute clasroom experiences 3x/wk followed by lots of fun activities around Boston… including 4 days out in P-town, all expenses paid. It was a boon-boondoggle of the most booniest proportions.

    At Fannie and Freddie proper, we had upwards of 11 Michiganders, usually just run out of some housing govt office, land at Fannie, the Foundation or Freddie as senior execs and draw down salaries in excess of $175k. It was always viewed as a boondoggle for Democrats and, if you had some self-respect, you stayed away from that trash.

    Democrats protecting that cesspool? Come on, get real.

    Comment by Michigan-Matt — February 5, 2009 @ 1:42 pm - February 5, 2009

  6. Crooks don’t have trouble sleeping they think(Frank,Dodd,Schummer,Pelosi) that we are all rubes.

    Comment by Becky Black — February 9, 2009 @ 6:29 pm - February 9, 2009

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