Wednesday, December 29, 2004
FANNIE MAE SCANDAL: HUH?
Most people haven't paid much attention to the financial scandal at "FANNIE MAE", a semi public home mortgage agency. There is quite alot there. It's comparable to Enron, but former chairman Frank Raines is a democrat, so it gets soft-pedaled by the liberal media. This is the story that won't die; it has continued to resurface each time it gets to the next predictable level. Thanks to a Clinton era law, Raines had to personally certify the false earnings statements that are now being restated to the tune of $9 Billion. That's alot of scratch to falsely vouch for. Now after five years screwing up with taxpayer and private money, he is set to receive $1.3 mil a year for life. Oh, and free health and dental care(for life), just in case he can't afford it. The good news is that if you haven't seen this in the media yet, you still might. I'm sure that you will see something about this when the guy gets indicted for his actions, or convicted. People say "it doesn't really affect me, why should I care"? Because these guys are defrauding you and me, the very taxpayers they are supposed to be helping. This is typical of government programs, from the rot in education to the "ponzi scheme" called social security. More on that in later posts.