Publicado: 10-05-2008 09:06 AM
Barney Frank’s Homosexual Lover, Herb Moses, Was a Senior Executive at Fannie Mae
American Nonsense ^ | October 3, 2008
Chairman of the US House of Representatives Financial Services Committee, Barney Frank, is responsible for oversight of the US mortgage markets administered by government created entities, Fannie Mae and Freddie Mac. Barney’s partner and lover, Herb Moses was a senior executive at Fannie Mae:
“C’mon, he writes housing and banking laws and his boyfriend is a top exec at a firm that stands to gain from those laws?” A GOP aide told FOX News. “No media ever takes note? Imagine what would happen if Frank’s political affiliation was R instead of D? Imagine what the media would say if [GOP former] Chairman [Mike] Oxley’s wife or [GOP presidential nominee John] McCain’s wife was a top exec at Fannie for a decade while they wrote the nation’s housing and banking laws.”
Frank met Moses in 1987, the same year he became the first openly gay member of Congress. “I am the only member of the congressional gay spouse caucus,” Moses wrote in the Washington Post in 1991. “On Capitol Hill, Barney always introduces me as his lover.” According to National Mortgage News, Moses “helped develop many of Fannie Mae’s affordable housing and home improvement lending programs.”
Of course, such programs led to the mortgage meltdown that prompted last month’s government takeover of Fannie Mae and its financial cousin, Freddie Mac. The giant firms are blamed for spreading bad mortgages throughout the private financial sector and putting the country on the brink of financial meltdown.
Confressman Barney Frank Accused of Fannie Mae Conflict of Interest
Friday , October 03, 2008
By Bill Sammon
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 top GOP House aide agreed.
“C’mon, he writes housing and banking laws and his boyfriend is a top exec at a firm that stands to gain from those laws?” the aide told FOX News. “No media ever takes note? Imagine what would happen if Frank’s political affiliation was R instead of D? Imagine what the media would say if [GOP former] Chairman [Mike] Oxley’s wife or [GOP presidential nominee John] McCain’s wife was a top exec at Fannie for a decade while they wrote the nation’s housing and banking laws.”
Frank’s office did not immediately respond to requests for comment.
Frank met Moses in 1987, the same year he became the first openly gay member of Congress.
“I am the only member of the congressional gay spouse caucus,” Moses wrote in the Washington Post in 1991. “On Capitol Hill, Barney always introduces me as his lover.”
The two lived together in a Washington home until they broke up in 1998, a few months after Moses ended his seven-year tenure at Fannie Mae, where he was the assistant director of product initiatives. According to National Mortgage News, Moses “helped develop many of Fannie Mae’s affordable housing and home improvement lending programs.”
Critics say such programs led to the mortgage meltdown that prompted last month’s government takeover of Fannie Mae and its financial cousin, Freddie Mac. The giant firms are blamed for spreading bad mortgages throughout the private financial sector.
Although Frank now blames Republicans for the failure of Fannie and Freddie, he spent years blocking GOP lawmakers from imposing tougher regulations on the mortgage giants. In 1991, the year Moses was hired by Fannie, the Boston Globe reported that Frank pushed the agency to loosen regulations on mortgages for two- and three-family homes, even though they were defaulting at twice and five times the rate of single homes, respectively.
Three years later, President Clinton’s Department of Housing and Urban Development tried to impose a new regulation on Fannie, but was thwarted by Frank. Clinton now blames such Democrats for planting the seeds of today’s economic crisis.
“I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was president, to put some standards and tighten up a little on Fannie Mae and Freddie Mac,” Clinton said recently.
Bill Sammon is FOX News’ Washington Deputy Managing Editor.
Publicado: 10-05-2008 12:40 PM
Publicado: 04-07-2011 03:20 PM
Democrats Continue to Protect Fannie and Freddie
Little Fannie Mae and Freddie Mac are the most expensive spoiled brats in Uncle Sam’s enormous brood. They got their hands on the old man’s checkbook and credit cards, and used them to fund a wonderfully exciting game, in which they pretended ideology can override economic reality.
Like most exercises in make-believe, this one came to a jarring halt... leaving the housing market playroom in shambles, and the entire economic house creaking unsteadily. Even the neighbor’s houses in the global economy had some broken windows and dented mailboxes. It’s no exaggeration to say we will spend the rest of our lifetimes cleaning up the mess.
The Democrat Party is the insanely protective mother of these little terrors. It thwarted every attempt at oversight and reform during the Bush and Clinton presidencies. Democrat politicians brazenly lied about their financial status, and savaged anyone who suggested a closer look at their books.
The Democrats are still going to absurd lengths to protect Fannie Mae and Freddie Mac. On Tuesday, the Capital Markets and Government Sponsored Enterprises Subcommittee of the House Committee on Financial Services was set to vote on eight important reform bills, designed to bring greater restraint and transparency to these agencies, and protect the taxpayer money poured into their enormous bailouts. The Democrats responded with silly procedural games and delaying tactics, which put subcommittee chairman Scott Garrett (R-NJ) in mind of the embarrassing “fleebaggers” of Wisconsin.
“Americans have seen Democrats flee certain states and now we’re seeing Democrats in Congress use the same ploy,” said a frustrated Garrett. “Republicans are working to end the bailout of Fannie Mae and Freddie Mac, which has already cost taxpayers $150 billion. The American people want us to end the bailouts, and we hope the Democrats on the Committee will start taking this issue – and their responsibilities as legislators – seriously.”
Good luck with that, Representative Garrett! You’re talking about the party that thinks it can address our national budget crisis by launching an extensive campaign to demonize the guy who actually has some concrete ideas, Paul Ryan. If there is to be any discipline for the Democrats’ little angels Fannie and Freddie, the Republicans will have to be Super Nanny.
The reforms considered by the subcommittee would go a long way toward achieving that goal. Most Americans observing the debate would respond by saying, “Wait, we weren’t doing all of this already?” The eight bills would ensure Fannie Mae and Freddie Mac were subject to the same standards as other secondary mortgage participants; reduced the size of their portfolios from around $700 billion apiece to $250 billion each over the next five years; tied their guarantee fees to market conditions, to prevent them from disrupting the recovering housing market; increased oversight and reporting requirements; and sharply limited the ability of these government-sponsored enterprises to expand their activities or incur new debt.
Come on, admit it: you thought “wait, we weren’t doing all of this already?” when you hit each semicolon in the previous sentence.
The two reforms most likely to draw the attention of angry taxpayers are the Equity in Government Compensation Act, and the GSE Mission Improvement Act. The former cuts down on the multi-million dollar compensation packages for top executives at these bankrupt operations. The top six executives at Fannie and Freddie have collected a whopping $35.4 million in compensation since the taxpayer bailouts in September 2008. The GSE Mission Improvement Act repeals the ideologically imposed “affordable housing goals” that led Fannie and Freddie to destroy the housing market, by throwing huge loans to people who couldn’t possibly repay them.
Democrats ran from this burst of common sense like vampires fleeing the cross. And I do mean ran. They spent much of Tuesday night demanding frivolous quorum calls, then fleeing the committee chamber to make it impossible to establish a quorum. This turned the subcommittee into a slow-motion version of the closing credits from a “Benny Hill” episode. Committee Republicans even posted video of the hijinks on YouTube, which you can watch below. Warning: this video should not be viewed by people with heart conditions, high blood pressure, or tax liability.
These pointless delaying tactics managed to push the vote on the subcommittee's common-sense legislation back to today. Let’s hope it passes without any further temper tantrums from the Democrats. The last time taxpayers babysat for Fannie and Freddie, they used our best china for skeet shooting, drove our car into the swimming pool, and stuffed our cat into the microwave. Someone has to push their overbearing mother out of the way, and put these little brats into “time out” for a while.
Publicado: 04-07-2011 03:37 PM
Las elecciones en Wisconsin fueron un referendum sobre Walker
By Matthew Rothschild, April 6, 2011
Tuvimos elección en Wisconsin el martes.
La participación fue enorme para las elecciones de primavera, y todos los ojos estaban puestos en la carrera de la corte suprema estatal, que enfrentó a la justicia correspondiente, el conservador David Prosser, que está estrechamente vinculado con el Gobernador Walker, en contra de JoAnne Kloppenburg, una vieja amiga y vecina mía. Ella es una persona inteligente y amable y una experimentada asistente de AG, pero todavía no tenía algún reconocimiento.
Sorprendentemente, la carrera fue de cuello a cuello durante toda la noche e incluso mientras habló el ganador final no es muy claro y parece casi seguro que habrá un recuento.
Pero no se equivoquen: Se trata de un referéndum sobre el asalto de Walker sobre los trabajadores. lo mostrado en Kloppenburg debe dar a todos los manifestantes en Wisconsin una inyección enorme . Si no fuera por su activismo, Prosser habría dormido cómodamente en sus "laureles" en la noche de elecciones.
Kloppenburg fue ayudado también por una carrera competitiva en Madison a la alcaldía entre dos liberales: El alcalde Dave Cieslewicz y el legendario alcalde Pablo Soglin, que perdió ante Cieslewicz hace ocho años. El suyo era un contraste de estilos: Cieslewicz es más relajado, y cuenta con un maravilloso sentido autocrítico del humor; Soglin es más intenso, menos modesto, pero con tremenda pasión por la lucha contra la pobreza y el funcionamiento del gobierno de la ciudad. Y mientras Cieslewicz respondió rápidamente al asalto de Walker sobre los trabajadores públicos, y mientras el alcalde hábilmente renovó los contratos de la unión antes de que Bill Walker podrían entrar en vigor, muchos en el Madison pudieron haber sentido que necesitaban a alguien más agresivo, incluso más irascible que el alcalde Dave para tomar acción contra Walker, los Fitzgerald, y los hermanos Koch. El intenso debate cara a cara entre Cieslewicz y Soglin motivó la participación en el problema de Madison a un 54 por ciento de la población.
Walker debería tener cuidado. Kloppenburg recibió un total de 738.000 votos en el estado. Y allí sólo necesitan 540 mil firmas en una petición para remover a Walker.
Estoy seguro de que Walker y sus seguidores pueden hacer las cuentas.
Publicado: 04-07-2011 05:27 PM
Comienzan argumentos finales en juicio contra Posada Carriles
El Paso, Texas. -- La jueza de Distrito Kathleen Cardone instruyó formalmente el jueves a los miembros del jurado del juicio por perjurio contra Luis Posada Carriles sobre la forma en que debían aplicar la ley a los cargos en contra del acusado cuando comiencen las deliberaciones para llegar a un veredicto.
La jueza Cardone, que ha presidido el juicio de 13 semanas de duración, leyó las instrucciones de un voluminoso documento que incluía las instrucciones al jurado, los 11 cargos de los que se acusa al anticastrista y una planilla de veredicto.
Las instrucciones al jurado marcaron un hito en el lento juicio en contra del antiguo agente de la Agencia Central de Inteligencia (CIA), quien está acusado de mentirle a funcionarios inmigración sobre su presunta participación en una serie de atentados dinamiteros que tuvieron lugar en Cuba en 1997, así como también sobre la forma en que entró ilegalmente en Estados Unidos en el 2005.
Cardone le entregó las instrucciones al jurado poco antes de que los argumentos finales comenzaran e igualmente antes que las deliberaciones del jurado empezaran.
“Su veredicto debe ser unánime’’, le dijo la jueza Cardone a los jurados, que siguieron sus indicaciones y leyeron copias del mismo documento que la jueza leyó. “Si ustedes encuentran que el gobierno no pudo demostrar que el acusado es culpable sin lugar a dudas, entonces deben absolverlo’’, expresó Cardone al jurado. “Pero si por el contrario, creen que el gobierno demostró lo que quería sin ningún tipo de duda, entonces deben encontrar culpable al acusado’’.
Las siete mujeres y cinco hombres que integran el jurado, la la mayoría hispanos, fueron escogidos y han estado escuchando a los testigos desde el juicio se inició el pasado 10 de enero.
Publicado: 06-23-2011 02:33 PM
EL REGIMEN DE OBAMA ES EL MAS CORRUPTO DE LA HISTORIA AMERICANA.
LA EMPERATRIZ MICHELLE OBAMA DE NUEVO DE VACACIONES CON SU CORTE, ESTA VEZ POR AFRICA, MIENTRAS ROMPE RECORDS EL INDICE DE DESEMPLEO Y DE MISERIA EN U.S. Y SU CONSORTE REAL, EL EMPERADOR OBAMA SUME EL PAIS EN UNA DEUDA QUE ARRUINA EL PRESENTE Y EL FUTURO DE LAS GENERACIONES VENIDERAS.
OBAMA'S DEBT 62% OF GDP FROM 36% FOR LAST 40 YEARS
CBO says debt will reach 62 percent of GDP by year's end (from 36% for last 40 years)
Hill ^ | 6-23-11 | Michael O'Brien
The national debt will reach 62 percent of gross domestic product (GDP) by the end of this year, the nonpartisan Congressional Budget Office (CBO) said Wednesday.
The budget office said the debt will reach its highest percentage of GDP since the end of World War II. The jump is driven by lower tax revenues and higher federal spending in the recent recession.
By contrast, GDP has averaged "a little above" 36 percent per year over the past 40 years.
Obama got somewhat of a chilly reception from world leaders at the G-20 summit over the past weekend when he pressed them to continue with spending to bolster the global economy. Many nations in Europe and elsewhere have had to grapple with their own debt crises, and have been forced to enact tough austerity measures.
Republicans have been hammering away at the president and Democrats in Congress for their spending over the past year and a half, arguing that the stimulus act, healthcare reform law and other measures have done little more than exacerbate the nation's fiscal situation.
Publicado: 09-21-2011 02:51 PM
Barney Frank’s Racist Legacy-THE SUB-PRIME FINANCIAL CRISIS
By Daniel Greenfield On September 20, 2011 In Daily Mailer,FrontPage
While the worst financial crisis in the United States since the Great Depression was burning through businesses, jobs and credit like a forest fire, decimating the economy and leaving uncertainty in its wake—Barney Frank was looking around for oil to toss on the flames.
On September 16, 2009, the United States House Committee on Financial Services met to discuss the Community Reinvestment Modernization Act of 2009. Underneath that progressive name was the formula to take the entire subprime mortgage crisis and multiply it across as many financial institutions as possible.
Presiding over those hearings was Barney Frank, the congressman who had done so much to bring about the crisis while suppressing the reforms that might have headed it off—and CRMA 2009 displayed the same grandiose level of irresponsibility that had taken down the economy and it was backed by the same poverty pimps who had caused the disaster.
The original Community Reinvestment Act had been passed in the name of racial justice and that was the slogan under which proponents hoped to ram through its lunatic grandchild, the CRMA. But no one had suffered as much from the effects of the CRA and was as endangered by the CRMA as the people whom it was supposed to help.
The subprime mortgage crisis was a trillion dollar Ponzi scheme built on the backs of taxpayers with minorities as its catspaws. Mortgages were issued to unqualified lenders by government mandate at terrible terms, which were then transformed into Mortgage Backed Securities and Collateral Debt Obligations.
The Clinton Administration had turned Fannie Mae and Freddie Mac into factories for low income mortgages, purchased as securities with government subsidies. The year before the bubble burst, subprime mortgages made up over a third of CDO’s and 60 percent of subprime mortgages were being issued to African-Americans.
Organizations like ACORN agitated for more government intervention in the mortgage market, supposedly to make home ownership more affordable, while actually serving the interests of the predatory left-wing lenders who were making the loans, like the Sandlers.
The Sandlers invested millions into ACORN and made billions from adjustable rate mortgages in a government backed wealth transfer that was a masterpiece of crony capitalism as left-wing billionaires scored big, while the taxpayers and minority homeowners were left holding the bag.
Publicado: 09-21-2011 02:52 PM
No one had more responsibility to address the situation and no one did more to prevent anyone from noticing what was about to happen than Barney Frank who kept the lies going, while the Sandlers kept wheeling and dealing. And even once the crisis had arrived, his only solution was to toss more money into the pile.
The entire Ponzi scheme had been run on the pretense of helping minority homeowners, with the result that the median African-American household lost half its net worth in five years.
The progressives had convinced African-Americans to put their money into home ownership, they had regulated and subsidized the banks to make it as easy and pain free as possible, and defrauded them twice over, winning their political support with easy mortgages that got them to sink most of their net worth into home ownership.
When African-American net worth was invested four fifths into home equity, the rug was pulled out from under them. The results were devastating to those who could pay their mortgages and those who couldn’t. Subprime mortgages had been heavily marketed even to well-off minorities who didn’t need them. As home values fell, those who had the most at stake also had the most to lose.
African-American subprime losses may reach as high as a 100 billion, and as many as one in ten may be facing foreclosure. This is having a devastating effect on their already shaky pposition in the middle-class… and that is the perversely brilliant part of this scheme.
Not only did the left shamelessly loot the system by dressing up their crony capitalism as social justice, but they also profited from ripping off the very minority borrowers on whose behalf they were gouging taxpayers and banks—with the end result that the minorities who are their voting base are kept out of the middle-class and remain a reliable plantation vote with no hope for anything but government benefits.
Think of a con artist who uses his mark to rip off five other strangers, then rips off his mark, and tosses him a penny, to keep him on the leash for the next round of cons. This is what the left’s crony capitalism venture did. This is what Barney Frank was covering up for when he insisted; “I do not want the same kind of focus on safety and soundness … I want to roll the dice a little bit more in this situation towards subsidized housing.”
Barney Frank and friends weren’t rolling the dice for subsidized housing over safety because they genuinely cared about minorities– but because they cared about all the money flowing through the subsidized housing Ponzi scheme. And if that isn’t the crime of the century, that’s only because the century is still new.
The poverty pimps still weren’t done. Foreclosures had a ripple effect in minority neighborhoods as abandoned houses destroyed the property values of neighboring homes and turned back the clock on entire neighborhoods which had been moving forward. A slow African-American exodus began from northern blue states to southern red states as another layer of the scheme unrolled.
And there in the eye of the storm, Barney Frank, the Chairman of the House Committee on Financial Services, sat overseeing a three ring circus promoting the Community Reinvestment Modernization Act. The CRA had helped take down the economy and CRMA would extend the CRA’s provisions mandating low income lending by banks to every financial institution in America.
Frank who had bullied and covered up for the unholy marriage of banks, government and ACORN as long as he could– now wanted to extend the troika everywhere to consolidate the destruction of the African-American middle class for the benefit of the professional left. The subprime mortgage crisis was the new slavery and its end result is an African-American electorate more enslaved to the Democratic Party than ever before.
Publicado: 11-19-2011 06:53 PM
Tim Howard - Was the Chief Financial Officer of Fannie Mae. Howard "was a strong internal proponent of using accounting strategies that would ensure a "stable pattern of earnings" at Fannie. In everyday English - he was cooking the books. The Government Investigation determined that, "Chief Financial Officer, Tim Howard, failed to provide adequate oversight to key control and reporting functions within Fannie Mae,"
On June 16, 2006, Rep. Richard Baker, R-La., asked the Justice Department to investigate his allegations that two former Fannie Mae executives lied to Congress in October 2004 when they denied manipulating the mortgage-finance giant's income statement to achieve management pay bonuses. Investigations by federal regulators and the company's board of directors since concluded that management did manipulate 1998 earnings to trigger bonuses. Raines and Howard resigned under pressure in late 2004.
Howard's Golden Parachute was estimated at $20 Million!
Jim Johnson - A former executive at Lehman Brothers and who was later forced from his pposition as Fannie Mae CEO. A look at the Office of Federal Housing Enterprise Oversight's May 2006 report on mismanagement and corruption inside Fannie Mae, and you'll see some interesting things about Johnson. Investigators found that Fannie Mae had hidden a substantial amount of Johnson's 1998 compensation from the public, reporting that it was between $6 million and $7 million when it fact it was $21 million." Johnson is currently under investigation for taking illegal loans from Countrywide while serving as CEO of Fannie Mae.
Johnson's Golden Parachute was estimated at $28 Million.
WHERE ARE THEY NOW?
FRANKLIN RAINES? Raines works for the Obama Campaign as his Chief Economic Advisor.
TIM HOWARD? Howard is a Chief Economic Advisor to Obama under Franklin Raines.
JIM JOHNSON? Johnson was hired as a Senior Obama Finance Advisor and was selected to run Obama's Vice Presidential Search Committee.
IF OBAMA PLANS ON CLEANING UP THE MESS - HIS ADVISORS CERTAINLY HAVE THE EXPERTISE - THEY MADE THE MESS IN THE FIRST PLACE.
Would you trust the men who tore Wall Street down to build theNew Wall Street back up? I don't think so!
"Be who you are and say what you feel... Because those that matter ... don't mind ... And those that mind ... don't matter."
Hear now this, O foolish people, and without understanding; which have eyes, and see not; which have ears, and hear not.~Jeremiah 5:21
WHEN FDR WAS CRITICIZED FOR PUTING JOSEPH KENNEDY, PATRIARC OF THE CLAN KENNEDY, IN CHARGE OF THE STOCK AND EXCHANGE COMMISSION HE SAID THAT IT WAS A WISE DECISION: " IT TAKES A CROOK TO CATCH A CROOK."
BUT, IN OBAMA'S CASE HE CHOSE THE CROOKS TO ENRICH HIS CHICAGO MAFIA