Wednesday, July 23, 2008

Freddie and Fannie on the Take. From Your Wallet.

To paraphrase the “Freecreditreport.com” commercials, you should have seen this commin’ at you like an atom bomb.

Here’s the WSJ’s Paul Gigot on the inherent corruption at Fannie and Freddie. One thing is clear – this level of fraud and deceit is completely bipartisan.

On an only-in-America note, there’s an effort to rehabilitate Franklin Raines.

No, really, I’m serious. This is a man, who, at best, presided over an entity engaging in accounting shenanigans that makes the Enron Gang look like a bunch of small time hoods trying to run a numbers ring in Grasmere, Idaho.

What’s even more amazing is that this effort is being made now, that the incompetence of Fannie and Freddie is poised to cost the taxpayers billions of dollars.