[OFB Cafe] Here's the truth.

[Fred A. Miller]

Now, boys and girls, as I said before....what has been claimed AGAINST
McCain was a lie. Here's the truth.

Fred

http://www.jerrypournelle.com/view/2008/Q3/view536.html#Wednesday

*****

See above for a link to information on Fannie Mae, Freddie Mac, campaign
donations, lobbying, and who got what. Note that there's plenty of blame
to go to both parties. Note also that is was the Democrats who opposed
stripping Fred and Fan of their lobbyists and other political powers.

For those interested in the campaign on this subject:

    Mr. President, this week Fannie Mae’s regulator reported that the
company’s quarterly reports of profit growth over the past few years
were “illusions deliberately and systematically created” by the
company’s senior management, which resulted in a $10.6 billion
accounting scandal.

    The Office of Federal Housing Enterprise Oversight’s report goes on
to say that Fannie Mae employees deliberately and intentionally
manipulated financial reports to hit earnings targets in order to
trigger bonuses for senior executives. In the case of Franklin Raines,
Fannie Mae’s former chief executive officer, OFHEO’s report shows that
over half of Mr. Raines’ compensation for the 6 years through 2003 was
directly tied to meeting earnings targets. The report of financial
misconduct at Fannie Mae echoes the deeply troubling $5 billion profit
restatement at Freddie Mac.

    The OFHEO report also states that Fannie Mae used its political
power to lobby Congress in an effort to interfere with the regulator’s
examination of the company’s accounting problems. This report comes some
weeks after Freddie Mac paid a record $3.8 million fine in a settlement
with the Federal Election Commission and restated lobbying disclosure
reports from 2004 to 2005. These are entities that have demonstrated
over and over again that they are deeply in need of reform.

    For years I have been concerned about the regulatory structure that
governs Fannie Mae and Freddie Mac–known as Government-sponsored
entities or GSEs–and the sheer magnitude of these companies and the role
they play in the housing market. OFHEO’s report this week does nothing
to ease these concerns. In fact, the report does quite the contrary.
OFHEO’s report solidifies my view that the GSEs need to be reformed
without delay.

    I join as a cosponsor of the Federal Housing Enterprise Regulatory
Reform Act of 2005, S. 190, to underscore my support for quick passage
of GSE regulatory reform legislation. If Congress does not act, American
taxpayers will continue to be exposed to the enormous risk that Fannie
Mae and Freddie Mac pose to the housing market, the overall financial
system, and the economy as a whole.

    I urge my colleagues to support swift action on this GSE reform
legislation.

    John McCain  May 25, 2006, on behalf of the Federal Housing
Enterprise Regulatory Reform Act of 2005

    The bill died in committee.

-- 
"While addressing the [GOP convention], Sarah Palin criticized
Barack Obama for not having enough 'specifics.' Obama was
reportedly angry about the claim, but didn’t say
exactly why." —Conan O'Brien