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March 26, 2009
Regulation and Oversight Emanuel Style
Posted by Tina
We’ve been told that “deregulation” under Republicans and lack of proper oversight under GWB was responsible for failures and the economic meltdown. If that’s true, how to resolve this small paragraph:
** Before its portfolio of bad loans helped trigger the current housing crisis, mortgage giant Freddie Mac was the focus of a major accounting scandal that led to a management shake-up, huge fines and scalding condemnation of passive directors by a top federal regulator. One of those allegedly asleep-at-the-switch board members was Chicago's Rahm Emanuel—now chief of staff to President Barack Obama—who made at least $320,000 for a 14-month stint at Freddie Mac that required little effort. *** Emanuel's Freddie Mac involvement has been a prominent point on his political résumé, and his healthy payday from the firm has been no secret either. What is less known, however, is how little he apparently did for his money and how he benefited from the kind of cozy ties between Washington and Wall Street that have fueled the nation's current economic mess. – Chicago Tribune **
It would seem that regulations were fine but one of the democrats at the helm wasn’t interested in following the regulations. What good are regulations when unethical political gamers refuse to play by the rules?
Posted by Post Scripts at March 26, 2009 4:46 PM