Chris Dodd, Barack Obama and Joe Biden are the largest recipients from failed Fanny Mae and Freddy Mac. The Seattle Times reported Obama’s top financial adviser and former Clinton budget director, Franklin Raines, was sued by the federal government in 2006 for manipulating earnings as CFO at Fannie Mae and pocketed $91 million over a six-year period. The Bush administration, as well as federal regulators, have called for tighter regulations on Fannie and Freddy since 2002. In 2005, John McCain co-sponsored legislation to increase congressional oversight on Fannie and Freddy. Each time it was congressional Democrats like Barney Frank and Chris Dodd who blocked increasing regulations. They wanted to continue the Democrats sub-prime, low-cost affordable housing programs (welfare). Why aren’t these people being investigated?
It is ironic that the Democrats are siding with Bush on this bailout. Why are the Democrats, who have controlled congress for the last two years, not calling for hearings or a special prosecutor to see who is responsible? Because it is the Democrats who are most responsible!
John Vail, Whitefish
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