Categorized | Economy, Legal, Politics as Usual

IndyMac Bankrupted For Failing Pay Protection Money

In the Washington Examiner, Tim Carney has a priceless column entitled “IndyMac forgot to pay protection money.”  Liberal Senator Charles Schumer triggered a massive bank failure at IndyMac by scaring depositors into making a run on the bank.  Ironically, Schumer and his political allies, Congressman Barney Frank and Senator Chris Dodd, have whitewashed financial problems at another shaky financial institution that poses a much bigger danger to our economy, the fraud-ridden government-backed mortgage giant Fannie Mae.  The federal government is now planning to bail out Fannie Mae at a cost of billions of dollars.  Why was IndyMac’s treatment so different from Fannie Mae’s?  Carney explains that Fannie Mae has been run by a succession of liberal power-brokers, and its PAC has given lots of money to lawmakers to block any reform of its risky practices.  Liberal lawmakers like Schumer, Dodd, and Frank opposed any reform of Fannie Mae, and helped spawn the mortgage crisis by pressuring lenders into making risky loans in the name of “diversity” and “affordable housing.”



This Post has 15 Responses


Trackbacks/Pingbacks

  1. [...] leaders behind those bills, such as Barney Frank, Chris Dodd, and Charles Schumer, have long blocked vital reforms of Fannie Mae, which helped spawn the mortgage crisis, even as Fannie Mae and the liberal power-brokers who run [...]

  2. [...] transferred to another committee run by the corrupt Michael G. Oxley, who worked in tandem with liberal stalwart Barney Frank to cover up the abuses at Fannie Mae and kill any reform [...]

  3. [...] will bail out the mortgage giant Fannie Mae, which has used intimidation and deceit, and spent millions of dollars on high-priced lobbyists, to thwart efforts to rein it in, even after its management engaged in a massive accounting scandal [...]

  4. [...] into withdrawing a veto threat so that this boondoggle will become law.  The bill will benefit liberal lawmakers, like Barney Frank and Chris Dodd, who helped spawn the mortgage crisis by pressu… to people with bad credit, in the name of “affordable housing” and [...]

  5. [...] signing the bill, Bush knuckled under to Congressional leaders like Barney Frank, Charles Schumer, and Chris Dodd, who used the bill to fund left-wing special interest groups that support them, and to further [...]

  6. [...] In “The Harry Reid Protection Racket,” the Washington Examiner yesterday explained how Senate Majority Leader Harry Reid flouted Senate rules to get the bloated mortgage bailout bill, which rips off taxpayers, passed by the Senate.   Flouting ”two centuries of parliamentary tradition requiring that all Senate bills be open to amendments,” Reid used bogus amendments to drown out real ones, in order to prevent lawmakers from even voting on amendments to protect taxpayers, such as Senator Jim DeMint’s amendment to limit lobbying by the government-backed mortgage giants Freddie Mac and Fannie Mae, who are the biggest beneficiaries of the bailout.  [...]

  7. [...] the dangers to taxpayers and our economy of Fannie & Freddie, and the need for reform, while liberal lawmakers have blocked needed reforms of Fannie & Freddie at every turn, while actually expanding its ability to gamble at taxpayer [...]

  8. [...] at taxpayer expense, to enrich their managers and shareholders.  Fannie and Freddie were protected by liberal lawmakers, even as Fannie engaged in massive accounting fraud and political bullying.  At Instapundit, [...]

  9. [...] current bailout), Fannie’s well-paid lobbyists easily defeated those reform proposals by paying off liberal lawmakers and bullying critics.  And the Administration did nothing to end federal obsessions with [...]

  10. [...] the corrupt management of the Government-Sponsored Enterprises, Fannie Mae and Freddie Mac, which gave him and his liberal allies enormous campaign contributions, bullied political opponents, and encouraged lenders like Countrywide Financial to make risky [...]

  11. [...] and embezzlement, but it has avoided any punishment due to its links to liberal lawmakers like Senator Chris Dodd, Congressman Barney Frank, and Senator Charles Schumer.  ACORN is engaged in massive fraud in battleground states like Florida.  (Election rules are [...]

  12. [...] mortgage giants, Fannie Mae and Freddie Mac, which helped spawn the mortgage crisis.  Liberal Congressional leaders turned a deaf ear to his pleas for reform, blocking reform legislation and claiming that the leadership of the [...]

  13. [...] and Freddie Mac played a big role in spawning the mortgage crisis.  Lawmakers like Barney Frank blocked crucial reforms that might have reined them in.  Now, Frank is trying to change the subject, claiming that critics [...]

  14. [...] and Freddie Mac played a big role in spawning the mortgage crisis.  Lawmakers like Barney Frank blocked crucial reforms that might have reined them in.  Now, Frank is trying to change the subject, claiming that critics [...]

  15. [...] that there were many companies who weren’t on the up and up. Frank Raines, Barney Frank and Chuck Schummer knew of one in particular. Barney apparently had a romance with one of the executives while he [...]

  • Popular
  • Most Comments
  • Most Emails