Why should the taxpayers have to bail out Jamie Gorelick & her cronies at Fannie Mae for their Enron accountin

In 2004, after a tip from a whistle blower who was later fired, the Office of Federal Housing Enterprise Oversight (Ofheo) issued a report finding that the government-sponsored entity Fannie Mae had engaged in Enron-like accounting machinations that allowed Fannie to overstate its earnings and underestimate the risk the company faced. The accounting wizardry Fannie engaged in was designed so that Fannie could meet profit targets to maximize bonus payments to company executives like Clinton administration deputy attorney general Jamie Gorelick and Carter administration assistant director for domestic policy Franklin Raines.

For years, conservatives have been critical of how Fannie, and Freddie Mac, have leveraged their government-sponsored advantages (including exemptions from state and federal taxes, lower capital requirements, and the ability to borrow at rates well below those paid by private companies), to create a co-monopoly in the housing finance sector. When Fannie鈥檚 accounting scandal came to light in 2004, conservatives pushed hard for reforms to phase out Fannie and Freddie. Led by former Walter Mondale and Barack Obama campaign adviser James Johnson, Fannie and Freddie pushed back hard, raising millions of dollars for members of the relevant oversight committees and opening up 鈥淧artnership Offices鈥?that funneled money into various housing projects in districts of key members of Congress.

http://blog.heritage.org/2008/07/14/morn...

because Dems take care of their friends who get rich even though they harm America.

WOW!

That proves how corrupt this congress is.

Liberals are typical liberals.

Say one thing do the exact opposite.

We should not bail them out, in fact they should all be sent to jail. Everything you say is true and the only way to stop this would be to limit the ability of congress to take money from Lobbyists, many who are wives, sons and relatives of Senators. Congress works for the big business who pays them well. Congress passes laws that harm we the people. They give themselves big raises every year for doing nothing.
Bush is no angel either, he made those new bankruptcy laws that have really hurt the poor struggling middle class. What Fannie Mae has done to the students who took out student loans is criminal and there isn't anything that can be done. Students will have to pay high interests rates because they are locked in for life. There is no way out of it either, they can never be discharged for any reason, not through sickness, disability, old age, blindness they will owe until they are dead.