No tax money going there? No political appointees? Federal Reserve private? Just where do they get the authority to hand out $85 billion a month to banks and WS?<quoted text>
Dodd/Frank did not go far enough and is full of holes like Swiss Cheese.
Fanny and Freddie was a privately own company.
Something like the Federal Reserve.
Frank Raines - 25 People to Blame for the Financial Crisis - TIME
The mess that Fannie Mae has become is the progeny of many parents: Congress, which created Fannie in 1938 and loaded it down with responsibilities; ...
dek Photo Illustration; Raines: Jason Reed / Landov; Jupiter
The mess that Fannie Mae has become is the progeny of many parents: Congress, which created Fannie in 1938 and loaded it down with responsibilities; President Lyndon Johnson, who in 1968 pushed it halfway out the government nest and into a problematic part-private, part-public role in an attempt to reduce the national debt; and Jim Johnson, who presided over Fannie's spectacular growth in the 1990s. But it was Johnson's successor, Raines, who was at the helm when things really went off course. A former Clinton Administration Budget Director, Raines was the first African-American CEO of a Fortune 500 company when he took the helm in 1999. He left in 2004 with the company embroiled in an accounting scandal just as it was beginning to make big investments in subprime mortgage securities that would later sour. Last year Fannie and rival Freddie Mac became wards of the state.
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