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Fannie and Freddie’s Blank Check Will Further Fuel America’s Rage

Posted by Larry Doyle on December 28, 2009 8:38 AM |

I remain incensed at the sheer arrogance and brazen demeanor of the Obama administration providing a blank check on Christmas Eve to cover future losses of the failed institutions Fannie Mae and Freddie Mac. Given the fact that this check has been issued, America deserves to know what exactly it is covering. Over and above a full and total exposition of these government sponsored entities, America is in a position to demand certain retributions. Let’s bang the drum and demand some answers, including:

1. The current valuations of all of Freddie’s and Fannie’s holdings so America can fully evaluate those holdings relative to market prices.

2. The current fees being paid for all services rendered.

3. An independent audit.

4. Why aren’t these stocks delisted immediately? To allow stock in these entities to continue to trade is a total mockery of a legitimate market.

5. Clawback all bonus payments rendered to Franklin Raines, James Johnson, and Leland Brendsel, the executives at Fannie and Freddie who truly plundered these institutions.

6. Immediately extinguish Freddie’s and Fannie’s contingency liabilities to Wall Street firms.

7. How are we to know and appreciate that this blank check is not merely a conduit to deliver slush funds and hush money to every favored friend of the administration?

8. Any market analyst who favorably opines on the housing market in light of this blank check is hereby rendered a total jackass.

Our pursuit of real truth, transparency, and integrity in our political and financial system took a major hit with the issuance of this blank check.

While America signs the check, we must make sure that each and every individual affiliated with this process co-signs the check.

If those in Washington and Wall Street are wondering what is fueling America’s rage, this blank check is nothing short of the Exxon Valdez.

Comments, color, constructive criticism always appreciated.


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