FLASHBACK: Ed Martin: “No Bailout!”

jarobins

Sunday, 5th October 2008 at 1:35 PM

 

The History of a Financial Disaster

1997
* Fannie Mae is a GSE (Govt. Sponsored Entity) regulated by Congress.
* Fannie Mae buys mortgages from other companies.
* It is backed by the taxpayers for all losses, but keeps all profits.

1998
* Banks begin making thousands of bad loans, 0 down, no documentation, for 120 percent loans from 1998 thru 2008.
* Executives at Fannie receive huge bonuses if loan targets are met.
* Franklin Raines and Jamie Garelick are appointed to run Fannie Mae.

2003
* President Bush proposes a new oversight committee to clean up Fannie Mae, but Democrats derail the effort.
* Rep. Melvyn Watt, (D-NC) Committee on Financial Institutions & Consumer Credit. stated, I dont see much other than weakening the bargaining power of poorer families to get affordable housing.

1999-2004
* Raines earns $100 million in bonuses.
* Garelick earns $75 million in bonuses.
* In 2001, Enron files for bankruptcy, congress investigates, Executives
Skilling & Lay go to jail, for fraudulent bookkeeping.
* Congress responds with the Sorbanes-Oxley Act, more heavy regulation of corporations.

2004
* An OMB investigation finds massive fraudulent bookkeeping at Fannie Mae.
* False numbers triggered executive bonuses every year.
* Congress holds no hearings, no one goes to jail, or is punished.

WHY NOT?

1995-2005
* Fannie Mae gives millions to Democratic causes, examples: Rainbow & ACORN.
* Fannie Mae pays millions to 354 congressmen and senators, from both parties.
* Who got the most money?

Top 4 recipients
#1 Sen. Christopher Dodd, (D-CT) Chairman of the Banking, Housing, & Urban Affairs Comittee
#2 Sen. Barack Obama, (D-IL) Federal Financial
Management Committee
#3 Sen. Chuck Schumer, (D-NY) Chairman of the
Finance Committee
#4 Rep. Barney Frank, (D-MA) Chairman of the House Financial Services Committee

2005
* Franklin Raines & top execs are forced to resign from Fannie Mae.
* They do not go to jail.
* There is no media perp. walk.
* They keep all of their bonuses
* They finally pay $31.4 million in civil fines.

2005
The Federal Housing Enterprise Regulatory Reform Act is sponsored by: Sen. John Mccain,
(R-AZ)Armed Services, & Commerce, Science, & Transportation

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.

2005
* None of the top 4 recipients support the legislation.
* The reform act is blocked by Democrats, never even making it out of committee.
* None of the politicians return any of the money, tainted by fraud.

2008
* Fannie Mae & Freddie Mac go bankrupt and the govt. takes them over completely.
* Lehman Brothers, goes bankrupt from investing in bad mortgages.
* AIG get $85 billion in loan guarantees, after insuring bad loans & projects. Taxpayers will ultimately pay BILLIONS.

2008
* Franklin Raines is now an advisor to the Obama Campaign which wants the govt. to take over more of the economy.
* Did government involvement in the mortgage market work out?
* How will even MORE government involvement make it better? Do you want to be Sweden?
* McCain favors revising regulations & loan standards, selling off Fannie & Freddie.

SOURCES
* Congressional Record, 5/25/06
* Hannity & Colmes, Fox News, 9/16-9/17/08
* Herald Tribune, 4/18/08
* New York Times, 9/13/03
* http://www. govtrack.com, 9/17/08 ”

Let’s all stop being bamboozled and reject Obama and Lacy Clay on November 4, to put Washington back on the side of everyday people, McCain/Palin!

Barrett

Tuesday, 7th October 2008 at 3:03 PM

 

Ed Martin is a bigger crook than anyone the government just bailed out. I can’t wait until his role in the Scott Eckersly case is fully exposed. He deserves to rot in jail for what he did to this young man.

hair regrowth

Tuesday, 23rd December 2008 at 12:12 PM

 

That’s great. That’s great video and he is really suffering from the bad financial crisis.