60 Minutes, 12.14.08
December 14, 2008 4:00 PM
Lesley Stahl speaks with House Financial Services Committee Chairman Rep. Barney Frank (D.-Mass.); Scott Pelley investigates the deepening mortgage crisis; Byron Pitts profiles USC football coach Pete Carroll; And Andy Rooney checks his mail.
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Leslie and the producers blew it. They did not say one negative thing about Barney and his congressional history. All they had to do was search YouTube and would have found a Cspan video from 2005 where Barney, then senior member of the House Banking and Finance Committee is shown saying..."there are NO problems at Fannie Mae".
This was the 2005 Congressional hearings after HUD's own audit group caught Franklin Raines (CEO of Fannie Mae) and his CFO 'cooking the books'. Seems Franklin and his buddies pushed some 2004 expenses into 2005, thereby inflating the 2004 earnings so as to trigger the executive bonuses! HUD"s on auditing group picked up on this action, wrote their audit report...Barney and Rep. Waters (Calif.) praised Franklin Raines, Fannie Mae and actually 'attacked' the supv. of the HUD auditing group and accuses him of 'stirring up' trouble!!@@??
60 mInutes, the producers and Leslie Stahl really blew it...another example of the mainstream media giving the liberals a free ride. They didn't have to spend hours searching Cspan video archives, other folks already did that and posted the videos on YouTube.
A few days ago a news story told of Fannie Mae losing over $25 Billion the 4Q2008. Almost half that total, some 12 Billion was lost in investments in DERIVATIVES!!!! What in the world is Fannie Mae doing 'investing' (gambling) in derivatives? The other half of their losses were from too much sub-prime real estate investments...their 'main business'!
Sure Barney, there are NO problems at Fannie Mae!!
wages to less then $200,000.00 a year.