|
Do as I say and not as I do?
James Johnson, the exec in charge of running Fannie in the 90's, was slipperier than an eel. He was adroit in both politics and business, and the way he packaged Fanny to appear vs what it actually was is outrageous. Johnson profited well from his deceits. The man should be in prison. Instead, he now sits on the board of directors for Goldman Sachs. (Occupy Wall Street, anyone?)
When I read the book I mentioned above, "Reckless Endangerment," the thought also occurred to me that Johnson and his criminal corporate pals had pulled the wool over Frank's eyes just as they had fooled so many others.
The thing is that Barney Frank was chairman of the House Financial Services Committee, a powerful committee charged with the oversight of all America's housing and financial services sectors. That's a lot of outfits to keep an eye on, but Fannie and Freddie were big enough and important enough that SOMEONE should have been watching what they were up to. No one was.
This all happened on Barney Frank's watch and his favorite proteges were well rewarded by Johnson and Fannie for Frank's vigorous support.
|