Welcome Guest [Log In] [Register]
Welcome to The New Coffee Room. We hope you enjoy your visit.


You're currently viewing our forum as a guest. This means you are limited to certain areas of the board and there are some features you can't use. If you join our community, you'll be able to access member-only sections, and use many member-only features such as customizing your profile, sending personal messages, and voting in polls. Registration is simple, fast, and completely free.


Join our community!


If you're already a member please log in to your account to access all of our features:

Username:   Password:
Add Reply
Barney Frank - Conflict of Interest?; Boyfriend worked at Fannie Mae
Topic Started: Oct 6 2008, 04:31 PM (366 Views)
George K
Member Avatar
Finally
Lawmaker Accused of Fannie Mae Conflict of Interest

Quote:
 
WASHINGTON —  Unqualified home buyers were not the only ones who benefitted from Massachusetts Rep. Barney Frank’s efforts to deregulate Fannie Mae throughout the 1990s.

So did Frank’s partner, a Fannie Mae executive at the forefront of the agency’s push to relax lending restrictions.

Now that Fannie Mae is at the epicenter of a financial meltdown that threatens the U.S. economy, some are raising new questions about Frank's relationship with Herb Moses, who was Fannie’s assistant director for product initiatives. Moses worked at the government-sponsored enterprise from 1991 to 1998, while Frank was on the House Banking Committee, which had jurisdiction over Fannie.

Both Frank and Moses assured the Wall Street Journal in 1992 that they took pains to avoid any conflicts of interest. Critics, however, remain skeptical.

"It’s absolutely a conflict," said Dan Gainor, vice president of the Business & Media Institute. "He was voting on Fannie Mae at a time when he was involved with a Fannie Mae executive. How is that not germane?

"If this had been his ex-wife and he was Republican, I would bet every penny I have - or at least what’s not in the stock market - that this would be considered germane," added Gainor, a T. Boone Pickens Fellow. "But everybody wants to avoid it because he’s gay. It’s the quintessential double standard."
A guide to GKSR: Click

"Now look here, you Baltic gas passer... "
- Mik, 6/14/08


Nothing is as effective as homeopathy.

I'd rather listen to an hour of Abba than an hour of The Beatles.
- Klaus, 4/29/18
Online Profile Quote Post Goto Top
 
ivorythumper
Member Avatar
I am so adjective that I verb nouns!
Is that the same boyfriend who was running a male prostitution ring out of Barney's condo?
The dogma lives loudly within me.
Offline Profile Quote Post Goto Top
 
George K
Member Avatar
Finally
ivorythumper
Oct 6 2008, 07:51 PM
Is that the same boyfriend who was running a male prostitution ring out of Barney's condo?

No.
A guide to GKSR: Click

"Now look here, you Baltic gas passer... "
- Mik, 6/14/08


Nothing is as effective as homeopathy.

I'd rather listen to an hour of Abba than an hour of The Beatles.
- Klaus, 4/29/18
Online Profile Quote Post Goto Top
 
Horace
Member Avatar
HOLY CARP!!!
The equivalence of politics and money is elegantly proven by observing the social circles politicians run in. Poth politics and money distill down to power and they will never be separable.
As a good person, I implore you to do as I, a good person, do. Be good. Do NOT be bad. If you see bad, end bad. End it in yourself, and end it in others. By any means necessary, the good must conquer the bad. Good people know this. Do you know this? Are you good?
Online Profile Quote Post Goto Top
 
Jolly
Member Avatar
Geaux Tigers!
Barney Frank is so far down the toilet for Freddie and Fannie, he's past the point of no return...
The main obstacle to a stable and just world order is the United States.- George Soros
Offline Profile Quote Post Goto Top
 
Horace
Member Avatar
HOLY CARP!!!
Horace
Oct 6 2008, 05:15 PM
The equivalence of politics and money is elegantly proven by observing the social circles politicians run in.  Poth politics and money distill down to power and they will never be separable.

Apropos, here's a snip from a news story about the hearings with Fuld, the Lehman CEO:

Quote:
 
Waxman released e-mail correspondence from June 2008 in which Fuld dismissed the suggestion from executives at a Lehman subsidiary that the company's top people forgo bonuses to "send a strong message to both employees and investors that management is not shirking accountability for recent performance."

Fuld wrote, "Don't worry — they are only people who think about their own pockets."

The suggestion came from executives at Lehman's money management subsidiary, Neuberger Berman, who also were recommending that Lehman spin off its business to insulate its employees — and their bonuses — from Lehman's sagging stock price and from "management mistakes."

George H. Walker, President Bush's cousin and a member of Lehman's executive committee, breezily shot down the ideas, according to the e-mails.


Gee what a coincidence that a cousin of the president lives under a money spigot. :rolleyes2:

The degree to which the country is f'cked by the finance sector is staggering.

Funny thing is, the serfs have bought into this idea that it's evil and weak to be "jealous" of "success" so nobody cares.

People should start thinking just one level down from that on the level of value added vs compensation.

By that simple measure, all of our money is stolen - literally - by the finance sector, by the bushelfull.

I wonder whether, at the end of they day, the real wealth of middle class serfs is more siphoned by taxes or by the financial sector. What a fascinating question that would be to have answered.
As a good person, I implore you to do as I, a good person, do. Be good. Do NOT be bad. If you see bad, end bad. End it in yourself, and end it in others. By any means necessary, the good must conquer the bad. Good people know this. Do you know this? Are you good?
Online Profile Quote Post Goto Top
 
Daniel
Member Avatar
HOLY CARP!!!
Horace
Oct 6 2008, 08:00 PM
Horace
Oct 6 2008, 05:15 PM
The equivalence of politics and money is elegantly proven by observing the social circles politicians run in.  Poth politics and money distill down to power and they will never be separable.

Apropos, here's a snip from a news story about the hearings with Fuld, the Lehman CEO:

Quote:
 
Waxman released e-mail correspondence from June 2008 in which Fuld dismissed the suggestion from executives at a Lehman subsidiary that the company's top people forgo bonuses to "send a strong message to both employees and investors that management is not shirking accountability for recent performance."

Fuld wrote, "Don't worry — they are only people who think about their own pockets."

The suggestion came from executives at Lehman's money management subsidiary, Neuberger Berman, who also were recommending that Lehman spin off its business to insulate its employees — and their bonuses — from Lehman's sagging stock price and from "management mistakes."

George H. Walker, President Bush's cousin and a member of Lehman's executive committee, breezily shot down the ideas, according to the e-mails.


Gee what a coincidence that a cousin of the president lives under a money spigot. :rolleyes2:

The degree to which the country is f'cked by the finance sector is staggering.

Funny thing is, the serfs have bought into this idea that it's evil and weak to be "jealous" of "success" so nobody cares.

People should start thinking just one level down from that on the level of value added vs compensation.

By that simple measure, all of our money is stolen - literally - by the finance sector, by the bushelfull.

I wonder whether, at the end of they day, the real wealth of middle class serfs is more siphoned by taxes or by the financial sector. What a fascinating question that would be to have answered.

Yep.
Offline Profile Quote Post Goto Top
 
jon-nyc
Member Avatar
Cheers
George K
Oct 6 2008, 08:31 PM
Conflict of Interest?

I would certainly say so.
In my defense, I was left unsupervised.
Online Profile Quote Post Goto Top
 
ZetaBoards - Free Forum Hosting
Enjoy forums? Start your own community for free.
« Previous Topic · The New Coffee Room · Next Topic »
Add Reply