"These two entities—Fannie Mae and Freddie Mac—are not facing any kind of financial crisis," said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."Chris Dodd?
Just last week, Senate Banking Chairman Chris Dodd (D-CT), who has taken more money from Fannie and Freddie than any other politician, again defended Fannie and Freddie and advocated for their resurrection.Who will stop folks like Bernard Madoff? The SEC?
A U.S. House of Representatives panel plans to convene an inquiry in January into the failure of securities regulators to unearth an alleged $50 billion securities fraud by Wall Street veteran Bernard Madoff, a key lawmaker said on Wednesday. Madoff, a former Nasdaq Stock Market chairman, was arrested last week and charged with running a massive Ponzi scheme. He is accused of defrauding banks, investment funds, charities and wealthy individuals who invested in funds he controlled. The Securities and Exchange Commission has come under fire for not uncovering the scandal until senior employees of Madoff went to authorities.This stuff cannot be stopped. It doesn't matter who is in charge. It doesn't matter what the rules are. Human nature cannot be regulated. It cannot be engineered. It is what it is. We deal with it as it comes. We had a system that worked. At one time, we dealt with it pretty well. We are not dealing with it well now. I'm glad I saw my friends last weekend. It makes me happy to see them. They are really great people. They really are the best the world has to offer, but they are just as lost as all the rest. They don't get it. If they don't, nobody does. The best don't get it. There is no hope left.