Friday, March 20, 2009

Bawney Fwank Goes After Fannie Mae and Freddie Mac Bonuses

I wonder whether this means his boyfriend owes some money?
Representative Barney Frank, chairman of the House Financial Services Committee, called on the regulator to "rescind the retention bonus programs at Fannie Mae and Freddie Mac."

In a letter to James Lockhart, director of the Federal Housing Finance Agency, Frank said the public "rightfully insists that large bonuses such as these awarded by institutions receiving public funds at a time of a serious economic downturn cannot continue."
Does anyone in the media dare ask how much his boyfriend made?
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.

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