Democrats Won’t Talk About Freddie And Fannie In The Hearings: “The reason we haven’t scheduled hearings on these two institutions and haven’t requested documents from either is because their demise isn’t someone else’s fault — it’s ours, and we don’t want to own up to it.”

Democrats Won’t Talk About Freddie And Fannie In The Hearings: “The reason we haven’t scheduled hearings on these two institutions and haven’t requested documents from either is because their demise isn’t someone else’s fault — it’s ours, and we don’t want to own up to it.”

October 7, 2008 10:14 AM
Posted By:Pam
Filed in: Economy, Election ’06, Election ’08, Eye on the Left, National News, Subprime Crisis

“Chairman Waxman’s refusal to hold hearings to examine their role says a lot about where the Democrats’ priorities lie.”

Democrats aimed their harshest attacks at deregulation and CEO pay, using former Lehman Chairman and Chief Executive Officer Richard Fuld as an example during a recess hearing of the House Oversight and Government Reform Committee.

Chairman Henry Waxman (D-Calif.) also released internal documents showing Lehman’s compensation committee recommended $20 million in “special payments” to three departing executives on Sept. 11, four days before the firm filed for bankruptcy.

Republicans, for their part, launched a campaign to pin the financial meltdown on Fannie Mae and Freddie Mac, and attacked Waxman for not holding a hearing to dig into the now-nationalized mortgage giants.

“Any hearing on oversight that does not begin with Fannie and Freddie and [former Fannie Mae CEO] Franklin Raines will be a sham,” said Rep. John Mica (R-Fla.). “This is like investigating a train robbery and only talking to the dining car stewards.”

Ed has this video and adds “Christopher Shays ripped the Oversight Committee for its refusal to investigate Congress itself”:

“The reason we haven’t scheduled hearings on these two institutions and haven’t requested documents from either is because their demise isn’t someone else’s fault — it’s ours, and we don’t want to own up to it.”

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: