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Very Interesting Freddie

Discussion in 'Off Topic Threads' started by Trappy12, Dec 7, 2008.

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  1. Trappy12

    Trappy12 Active Member

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    AP IMPACT: How Freddie Mac halted regulatory drive

    *
    WASHINGTON – When the Washington Nationals played their first-ever baseball game in the nation's capital in April 2005, two congressmen who oversaw mortgage giant Freddie Mac had choice seats — courtesy of the very company they were supposed to be keeping an eye on.

    Efforts to tighten government regulation were gaining support on Capitol Hill, and Freddie Mac was fighting back. The baseball tickets for home opener were means of influence.
    According to confidential company documents obtained by The Associated Press, Reps. Bob Ney, R-Ohio, and Paul Kanjorski, D-Pa., spent the evening in hard-to-obtain seats near the Nationals dugout with Freddie Mac executive Hollis McLoughlin and four of Freddie Mac's in-house lobbyists.
    Kanjorski declined comment through a spokeswoman. Ney ultimately served a federal prison term after pleading guilty to trading political favors for a golf trip to Scotland, other gifts and campaign donations in the Jack Abramoff lobbying scandal.
    The Nationals tickets were bargains for Freddie Mac, part of a well-orchestrated, multimillion-dollar campaign to preserve its largely regulatory-free environment, with particular pressure exerted on Republicans who controlled Congress at the time.
    Internal Freddie Mac budget records show $11.7 million was paid to 52 outside lobbyists and consultants in 2006. Power brokers such as former House Speaker Newt Gingrich were recruited with six-figure contracts. Freddie Mac paid the following amounts to the firms of former Republican lawmakers or ex-GOP staffers in 2006:
    _Sen. Alfonse D'Amato of New York, at Park Strategies, $240,000.
    _Rep. Vin Weber of Minnesota, at Clark & Weinstock, $360,297.
    _Rep. Susan Molinari of New York, at Washington Group, $300,062.
    _Susan Hirschmann at Williams & Jensen, former chief of staff to House Majority Leader Tom DeLay, R-Texas, $240,790.
    Freddie Mac's chairman and chief executive, Dick Syron, and McLoughlin, senior vice president for external relations, used Clark and Weinstock extensively, Weber said in an e-mail Friday.
    "I personally met with the CEO several times and with Hollis and his team regularly," Weber said in the e-mail. "Clark and Weinstock worked effectively and intensely for Freddie Mac under Dick Syron and Hollis McLoughlin."
    The tactics worked — for a time. Freddie Mac was able to operate with a relatively free hand until the housing bubble ultimately burst in 2007.
    Now Freddie Mac and its sister company, Fannie Mae, are in financial collapse and under government control. Congress is investigating how it all happened. Lawmakers have planned a hearing Tuesday.
    The records obtained by the AP reflect growing concern within Freddie Mac over a chorus of criticism from Republicans worried that Freddie Mac and Fannie Mae had grown too big. The two companies owned or guaranteed over $5 trillion in mortgages.
    The Bush administration and Federal Reserve Chairman Alan Greenspan were sounding the alarm about the potential threat to the nation's financial health if the fortunes of the two mammoth companies turned sour. They did eventually, when they took on $1 trillion worth of subprime mortgages and when their traditional guarantee business deteriorated. Commercial banks regarded Freddie Mac and Fannie Mae as competitors and were anxious to pick up business that would result from scaling back the two companies.
    Pushing back, Freddie Mac enlisted prominent conservatives, including Gingrich and former Justice Department official Viet Dinh, paying each $300,000 in 2006, according to internal records.
    Gingrich talked and wrote about what he saw as the benefits of the Freddie Mac business model.
    Dinh wrote a legal analysis of private property rights that viewed a hypothetical government-enforced sale of Freddie Mac assets as constitutionally suspect.
    In 2005, Freddie Mac hired political consultant Frank Luntz, a Washington fixture whose specialty is choosing the right buzz words to achieve a particular goal. The records AP obtained do not cover 2005 and Freddie Mac refuses to confirm that it brought Luntz on board. But four people familiar with events at Freddie Mac at the time confirmed the Luntz hire. All four spoke on condition of anonymity, saying they fear reprisals if their names were revealed. Luntz did not respond to efforts to contact him through his office.
    The AP previously described, in October, how Freddie Mac thwarted efforts to bring a tough regulatory bill sponsored by Republican Sens. Chuck Hagel of Nebraska, John Sununu of New Hampshire, Elizabeth Dole of North Carolina and John McCain of Arizona to a full Senate vote.
    At a meeting days after Hagel's bill went to the full Senate, Syron and McLoughlin berated the company's in-house lobbyists for failing to keep Hagel's bill corralled in committee, said the four people familiar with events at Freddie Mac at the time.
    Freddie Mac shifted into high gear, secretly paying a Republican consulting firm, Washington-based DCI Group, $2 million to kill Hagel's legislation. The covert lobbying campaign targeted Republican senators in 2005-06.
    According to the newly obtained records, DCI's deployment was part of a broader campaign that targeted mainly Republicans on Capitol Hill.
    The internal Freddie Mac documents show that 17 of the lobbying firms and consultants paid in 2006 were specifically directed to focus on Republicans and four on Democrats, with varying targets for the rest.
    McLoughlin hired his own personal political strategist, Republican consultant Harry Clark, paying Clark's firm $440,494 in 2006 out of McLoughlin's executive office budget, according to the records obtained by AP.
    Even the office that served as the sole source of federal regulation over Freddie Mac was targeted.
    Lobbyist Geoffrey P. Gray was paid $240,000 in 2006 to focus in part on the Office of Federal Housing Enterprise Oversight, according to the records.
    Last week, Gray did not return calls to his office. On Friday, Freddie Mac declined to comment. A lawyer for Syron, one of the scheduled witnesses at Tuesday's congressional hearing on the collapse of Freddie Mac and Fannie Mae, did not return a phone call seeking comment.
    Syron has left the company. McLoughlin remains in his post at Freddie Mac.

    Found this very interesting...thoughts?
    -Trappy
     
  2. Delbert

    Delbert TS Member

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    My thought is that I've never seen such a long paragraph. Not much chance that I'd ever read one that long since I'd fall asleep before I finished it.
     
  3. halfmile

    halfmile Well-Known Member

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    Oh, gee crooked government. How original. they already owned Dodd and Frank.

    Go copy and paste an answer to our problems instead of stuff that we already know.

    HM
     
  4. BIGDON

    BIGDON Well-Known Member

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    And YOUR point is???

    Don
     
  5. Laudygirl

    Laudygirl TS Member

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    You expect AP to write a simular piece on how our Dem. Congressman were involved? Pick the 4 names in that article that tried to do the right thing, 1 did not run for re-election, 2 were defeated and the other is a RINO.
     
  6. chuckles

    chuckles Member

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    President Bill Clinton put Barney Frank in charge of
    FMAC and FMAE in 1997 and explictily told Barney to get the poor folks into houses, do whatever you have to...

    Barney made some buddy buddy appointments and that started the Mortage No Doc fiasco which culminated in the Sub Prime Debacle...

    Now Barney is in charge of the oversight committee to get it all straightened out...

    We all remember Barney don't we, the Congressman caught giving Hand Jobs and Blow Jobs to and from Congressional paiges in Congress, on the Hill in the 1980's...all he got was a slap on the wrist and sores on his lips...

    I think America works "In Spite of Itself"....

    regards
     
  7. Recoil Sissy

    Recoil Sissy Well-Known Member

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    chuckles:

    I think you're confusing Barney Frank with Gerald Studds. Like Frank, Studds was a U.S. Representative from the People's Republic of Mass. Studds was censured by the House of Representatives in 1983 for an admitted sexual relationship with an underaged congressional page.

    During the House investigation, Studds and the former page publically stated that their's was a consentual relationship. At that time of the acts and in the jurisdiction where it occurred, consentual sex between an adult and a minor his age was not a crime.

    Studds was easily re-elected in 1984 and every subsequent election until he voluntarily left office in 1993.

    Barney Frank wasn't accused of sex acts with congressional pages. However, it was widely reported that Barney's gay lover ran a gay house of prostitution out of Barney's D.C. residence. Frank's fellow house members thought that was just a little tacky and gave him stern talking to.

    Any additional comment on my part would violate the rules of the board.

    sissy
     
  8. halfmile

    halfmile Well-Known Member

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    Barney Frank's lover and housemate was one Herb Moses, Ececutive director for product initiative at Fannie Mae.

    He was packing fudge with the guy at the same time he was voting on Fannie Mae issues.

    A clear conflict of interest. I would say send him to prison, but he would like it.

    Trappy was just trying to take a slap at some Republicans, too bad it didn't work.

    HM
     
  9. Bocephas

    Bocephas Well-Known Member

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    Trappy,Good point.
    The repulicans will follow the Sheep to slaughter.

    Bo
     
  10. JBrooks

    JBrooks TS Member

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    The Less-Than-Honorable Barney Frank
    Third-Floor Men's Room
    United States House of Representatives
    District of Columbia/Venezuela/Cuba

    Dear Sir/Madam/Both,

    I am writing to you to recommend a fine young man for a position,(whatever is your favorite), as a Congressional Page in your office. Trappy 12, has developed a putrid liberal mind well-equipped with moral equivalency and advanced Bush Derangement Syndrome.

    He, like all good Democrats, think government is the answer for everything. I'm sure that if he is exposed to your, shall we say, unique mentoring, he will come to appreciate how liberal idealism can lead to a life of privilege and luxury without actually ever working.

    His only drawback is that he is Caucasian. However, I am hoping that you now have at least the beginnings of a reverse affirmative action program so that Caucasian kids can also dream of someday growing up to be President.

    Thank you for your time. I know it is valuable based upon how many people are paying you off.

    Sincerely,
    JBrooks
     
  11. Trappy12

    Trappy12 Active Member

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    JBrooks...eh! Wrong!
    I believe that is only the people who are able to change this country for the better, though the government does need to guide us towards the right path as we are too selfish as a species to better the country over ourselves.
    -Trappy
     
  12. JBrooks

    JBrooks TS Member

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    "the government does need to guide us towards the right path"

    ROFLMAO!

    Realllly dumb statement.
     
  13. AJ100

    AJ100 TS Member

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    "Well it is in your joy that I regret that I am going to have to be leaving this site. It is my decision to leave as a member tracked me down, as well as my coach and made a call to him saying that I had made anti-gun statements. I had made one anti-gun statement during my duration, near the very beginning of my stay at this site and it was me saying that "I don't believe that everyone should be able to walk around with an assault weapon." This quote is not direct, I don't have the exact message, I just know it was somewhere along these lines. Well that was a few years ago now, and views have changed. I was rather naive and ignorant to the reasoning behind assault weapons, but now I know. I was also accused of name calling. It is unfortunate as that is exactly what I stay away from, and try to keep my posts and constructive as possible. Though they are typically not looked upon in a good light, I do not make personal attacks, yet that was unfortunately said. I apologize to those I offended, it was definitely not my intent. All in all I have learned a lot, and appreciate those who gave me encouragement, as it is all a part of my learning process in life. I also appreciate those who did not give me encouragement, but made constructive posts none the less. I wish I didn't have to leave, but it is just my decision since I have now become a bit more public, and I do not want the attention. Thanks to all, -Trappy" May 28, 2008

    Tom(AJ100)


    [​IMG]
     
  14. grunt

    grunt TS Supporters TS Supporters

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    Maybe Barney did Clinton while he was the Prez.
     
  15. Paladin

    Paladin Well-Known Member

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    Apparently liberals learn deceit at an early age,,or maybe they are taught it in,,,"government" school.
    Trappy isn't honest enough to tell the FANNIE story, but here is just the start of it.


    "Lawmaker Accused of Fannie Mae Conflict of Interest

    WASHINGTON — Unqualified home buyers were not the only ones who benefited 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."
     
  16. Delbert

    Delbert TS Member

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    "the government does need to guide us towards the right path as we are too selfish as a species to better the country over ourselves"

    If this is what they're teaching in the schools today, we need to do away with schools.
     
  17. halfmile

    halfmile Well-Known Member

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    Straight out of the puke handbook.

    HM
     
  18. Recoil Sissy

    Recoil Sissy Well-Known Member

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    "... too selfish as a species to better the country over (op. cit.)
    ourselves.-Trappy"

    Remarkably dumb even for a dull child.

    sissy
     
  19. Recoil Sissy

    Recoil Sissy Well-Known Member

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    687EELL:

    Young or old is a distinction without a difference. At any age a dullard is still a dullard.

    sissy
     
  20. Trappy12

    Trappy12 Active Member

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    So you guys think that statement was dumb, yeah I got that. Nobody has come up with a reason why it is dumb. Is there anyone that would care to explain? I'm all ears.
    -Trappy
     
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