Just who is the agent of reform?

In 2005 bill was proposed that very well could of staved off the Fannie/Freddi Mac debacle that has subsequently sent the markets, and other financial institutions, tumbling. A co sponsor was one John Sydney McCain. THE FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005. Mac rose to the floor - 3 years ago now - and gave the following speech encouraging passage of the bill:

Mr. President, this week Fannie Mae's regulator reported that the company's quarterly reports of profit growth over the past few years were "illusions deliberately and systematically created" by the company's senior management, which resulted in a $10.6 billion accounting scandal.

The Office of Federal Housing Enterprise Oversight's report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae's former chief executive officer, OFHEO's report shows that over half of Mr. Raines' compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.

The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator's examination of the company's accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.

For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac--known as Government-sponsored entities or GSEs--and the sheer magnitude of these companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005 to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation.

We could discuss how prophetic Mac was back then. How he attempted to get legislation enacted. How he recognized a problem and tried to correct it and protect the people he has spent his life serving. But lets just make a couple quick points regarding America's choice for president, shall we? This bill was quickly squashed in early 2006 when Democrats took over. That charge was led by Sen Chris Dodd (D) Connecticut. Dodd was the #1 recipient of campaign donations from Freddie and Fannie Mac during this time period, 2004 to 2007. Do you know who was #2? And I hope the Richter's of the world whom are inspired by high handed talk and empty rhetoric, are listening. Barak Hussein Obama was the #2 recipient from 2004 to 2007 of monies from Freddie and Fannie Mac. Franklin Raines, the villain above - he headed Obama's VP search committee and to this day holds the position in the Obama campaign of "Senior Economic Advisor." And just for sh*ts and giggles I would add that a Mr. Johnson is another "Senior Economic Advisor" within the Obama camp ... he was CEO of Lehman Brothers.

So, just who is ready to lead? Just who has the vision and ability to recognize needs for reform? You tell me Richter's of the world. You tell me why there are no congressional hearings being called with Raines, Obama and Dodd being dragged in under sworn testimony. This is AT LEAST as important as steroids in baseball wouldn't you say? Barry Bonds didn't cost me or you billions in tax dollars, Barry Obama did. How about if I add that MCCain hasn't requested a single ear mark in his entire career? 26 years. And that Barak, since his election in 2004, has requested over 1 billion in federal ear mark dollars - also known as pork barrel spending - for the state of IL. That's over 1 million dollars for every day he has been a US Senator, including today. Again I ask you .... who is the agent of reform? Is this what they mean by "change?"