Barney Frank's BOYFRIEND Fannie Mae Exec

[USAmerican]

http://www.businessandmedia.org/printer/2008/...

Democratic House Financial Services Committee Chair promoted GSEs while former 'spouse' was Fannie Mae executive

By Jeff Poor
Business & Media Institute
9/24/2008 4:00:57 PM

Are journalists playing favorites with some of the key political figures involved with regulatory oversight of U.S. financial markets?



MSNBC’s Chris Matthews launched several vitriolic attacks on the Republican Party on his Sept. 17, 2008, show, suggesting blame for Wall Street problems should be focused in a partisan way. However, he and other media have failed to thoroughly examine the Democratic side of the blame game.



Prominent Democrats ran Fannie Mae, the same government-sponsored enterprise (GSE) that donated campaign cash to top Democrats. And one of Fannie Mae’s main defenders in the House – Rep. Barney Frank, D-Mass., a recipient of more than $40,000 in campaign donations from Fannie since 1989 – was once romantically involved with a Fannie Mae executive.



The media coverage of Frank’s coziness with Fannie Mae and his pro-Fannie Mae stances has been lacking. Of the eight appearances Frank made on the three broadcasts networks between Jan. 1, 2008, and Sept. 21, 2008, none of his comments dealt with the potential conflicts of interest. Only six of the appearances dealt with the economy in general and two of those appearances, including an April 6, 2008 appearance on CBS’s “60 Minutes” were about his opposition to a manned mission to Mars.



Frank has argued that family life “should be fair game for campaign discussion,” wrote the Associated Press on Sept. 2. The comment was in reference to GOP vice presidential nominee Sarah Palin and her pregnant daughter.“They’re the ones that made an issue of her family,” the Massachusetts Democrat said to the AP.

The news media have covered the relationship in the past, but there have been no mentions since 2005, according to Nexis and despite the collapse of Fannie Mae. The July 3, 1998, Reliable Source column in The Washington Post reported Frank, who is openly gay, had a relationship with Herb Moses, an executive for the now-government controlled Fannie Mae. The column revealed the two had split up at the time but also said Frank was referring to Moses as his “spouse.” Another Washington Post report said Frank called Moses his “lover” and that the two were “still friends” after the breakup.



Frank was and remains a stalwart defender of Fannie Mae, which is now under FBI investigation along with its sister organization Freddie Mac, American International Group Inc.(NYSE:AIG) and Lehman Brothers (NYSE:LEH)– all recently participants in government bailouts. But Frank has derailed efforts to regulate the institution, as well as denying it posed any financial risk. Frank’s office has been unresponsive to efforts by the Business & Media Institute to comment on these potential conflicts of interest.



While the relationship reportedly ended 10 years ago, Frank was serving on the House Banking Committee the entire 10 years they were together. The committee is the primary House body which along with the Office of Federal Housing Enterprise Oversight (OFHEO) has jurisdiction over the government-sponsored enterprises.

[USAmerican]

The red flags were raised long before the government bailed out the two GSEs in August 2008. The first egregious scandal involving Fannie Mae occurred in 2004. A 2004 Wall Street Journal editorial was first to point out claims in an OFHEO report that showed accounting malpractices by the GSE.

“For years, mortgage giant Fannie Mae has produced smoothly growing earnings. And for years, observers have wondered how Fannie could manage its inherently risky portfolio without a whiff of volatility, the Oct. 4, 2004, editorial,“Fannie Mae Enron?” said.“Now, thanks to Fannie’s regulator, we know the answer. The company was cooking the books. Big time.”

[Prospective Pax]

http://www.reason.com/news/show/129158.html

At the same time, Fannie Mae and Freddie Mac were going through a crisis. In 2003 and 2004, an accounting scandal was revealed. The two public-private partnerships were cooking the books to show phantom profits.

The Bush administration and its allies on the Hill pushed a strong bill to reform how these institutions operated. The measure came very close to passing, but Fannie and Freddie cut a deal.

[knotjammin2]

Back Door Barney needs to piss-off!! Warren represents a much larger majority than does Frank, and Warren has not pissed away trillions of dollars while sleeping with his boy friend that was making decisions that effect all Americans. Franks should be in jail!!! The people of this nation can only be backed up so far. Maybe Frank is sleeping with network executives. The network that won't go after him for blatant conflict of interest.

[USAmerican]

bump

USAmerican wrote:

The red flags were raised long before the government bailed out the two GSEs in August 2008. The first egregious scandal involving Fannie Mae occurred in 2004. A 2004 Wall Street Journal editorial was first to point out claims in an OFHEO report that showed accounting malpractices by the GSE.
“For years, mortgage giant Fannie Mae has produced smoothly growing earnings. And for years, observers have wondered how Fannie could manage its inherently risky portfolio without a whiff of volatility, the Oct. 4, 2004, editorial,“Fannie Mae Enron?” said.“Now, thanks to Fannie’s regulator, we know the answer. The company was cooking the books. Big time.”

[Donna]

If folks had known barney frank had intimate connections with fannie mae would they have still voted for him? seems new englad keeps dodd (special mtg favors from country wide/claimed no knowledge (lol)),kennedy (left mary jo in the car/saved himself/feigned ignorance but what is his iq?) the list of special interest groups who have profited as have the politicians on their lists. politicians who sit in the pockets of lobbyists and have lobbyists in their families (how did that happen?)politicians w/salaries most americans cannot imagine, medical care paid that most folks cannot afford. now there is a vote to allow illegals the stimulus jobs...bet they get them too. american companies who move overseas and give jobs to foreigners (do other countries do that...bet not) now unions want an 'open vote'....that will surely intimidate and cause problems. unions can be brutal. where is jimmy hoffa???? that is suicide for anyone who would vote against unions/union dues insanity is rampant...can we recall all politicians, limit their time in office (YES VOTE FOR THAT!!!)all we can do is vent. you can't complain to representatives/you can't reach them by normal means. all we can do is vent and pray. WE NEED GOD BACK IN SCHOOL, POLITICS (esp. there) and in our lives. a godless nation does not survive.