Then and Now

[SuperScout]

Several years ago, the accounting malpractices of Enron, WorldCom and a couple of other big name companies resulted in a severe hit on some folks 401k's, their means of livelihood, and others retirement portfolios. Public indignation was rampant, as well it should have been, and the investigations soon began, followed by felony indictments and in most cases, felony convictions. The perps were penalized - should have been pauperized - and most did serious jail time; only Ken Lay got easy by having a fatal heart attack before the steel door clanged shut behind him.

But what Enron, WorldCom and the other companies did pales into insignificata compared to the theivery of the perps at Freddie Mac and Fannie Mae. By 'cooking the books,' they arranged to have multi-million dollar bonuses paid for the "performance," all the while their respective companies were spirialing down into the financial toilet. Now, we shouild demand just as vigorous investigation as that which was done to Enron et al, and then have the perps frog-marched off to jail, and their financial estates pauperized. This scandal with Freddie Mac and Fannie Mae has villians, and we should demand to know who did what, how much they embezelled, and when can we get it all back.

[Boats]

I want to see rope's hanging in the halls of Congress with those dirt bags or look alikes getting the justice they deserve. I agree with your comments and would almost demand the same results as the priors. Cooking the books and shuffling the mortage accounts to other greedy speculators (who inturn moved them to others a profit) should all find it very difficult in the future. I know for a fact that my personal mortage to my house (prior to it being paid off) - was sold in blocks to 7 (yes 7) other mortage house's before it was paid.

Much of what is being reported is shedding a lot of light on why things were going on back then. The one Senator from the Dakota's impressed the hell out of the the last couple days and I really got a major education!!

The skimmer's are waiting the money drop from the FEDS and you know some of this will end up in the wrong hands as a reward for getting more of our tax dollars into the system.
I could just puke I'm so pissed off as our system and to those for letting these idiots get away with nearly wiping out our entire economy.

[Advisor]

I'm already starting to wonder what the next 'crisis' will be. We had the S&L debacle, Enron, & now the mortgage mess. Seems we the people can be bought off with a few show trials, sound bites, and double talk. Nothing has, or will change, until we get our so-called leaders and representatives by the short hair & pull until their hearts & minds follow.
We the people need to stay pissed off for the long term & refuse to be pacified by window dressing.

[SuperScout]

Spot on! Perhaps the first order of business is some form of fiscal responsibility. According to David Walker, Comptroller General of the United States, we ae heading for a financial collapse that makes this current 'crisis' pale into oblivion. Check out the following link:

All the entitlement programs, from Social Security to Medicare to the Prescription Drup Program will consume our entire national revenue, and every politician is playing the ostrich. All the aforementioned give-aways are nothing more than a form of the Ponzi scheme, and the ultimate suckers and victims will be our children and grandchildren. Both political parties are to blame, and a pox on both their houses.

Without drastic action, like getting back to the US Constitution as the basis for which we enact laws and obligate monies, our nation will collapse. My position is that if the Constitution doesn't specifically authorize an expenditure, then the bill or idea is thrown out automatically.

[DMZ-LT]

Auto industry is the next bailout

[darrels joy]

I started looking for the auto industry crap when they agreed with the new CAFE standards that they cannot meet with current technology.

Joy

[Seascamp]

Paradox, double dealing, slight of hand, hidden trap doors, smoke, springs, mirrors and all the credo of the ultra flim-flam man; AKA Rep. Franks. To hear him tell it, Fred n' Fan are ‘solid’, reality is the landslide began with the Franks demanded Fred n’ Fan’s super abundance of total risk or super high risk loans. Not likely he will be removed form his role as Fred n’ Fan oversight boss, no, not likely at all, and once Fred n' Fan get all flush with money it will be a repeat of the Franks flim-flam and outrageous demands, take two.

Scamp

[reconeil]

Must totally agree with everyone & everything posted here,...and especially in the
Outrage Department.

The only thing that I could possible add in regards to all Fraudulent Criminals Caught
unconscionably, cavalierly or royally screwing-over The U.S. Taxpayer so
terribly,...is in the respective severity of punishments meted-out such public thieves.

Such Civilian and/or basically non-oathtaking Private Sector Perps & Common Criminals
should merely be fined & jailed To The Maximum that The Law of The Land requires.

Whereas for all Public Trust Oathtaking Criminals, all fines & jailings should be DOUBLE
THE MAX, at minimum.

Plus & for both type scum, all monies received from Day One under false pretenses
from The U.S. Taxpayer should be reimbursed. No accrued interest penalties need be
included,...since We Americans in general aren't all that very greedy a people.

Neil

[SuperScout]

I would recommend keeping up the pressure on your respective reps, demanding a federal investigation of Freddie and Fannie. Under the New World Order that I would propose, PAC's would be outlawed, and no political contributions would be allowed. It's called bribery in my book, but has been repackaged, repainted and repeddled as something wondrous and lovely, keeping the legislative process afloat. My happy arse.

[Seascamp]

Ya know, Neil. Franks trumped two administrations that tried to rein in his excesses and serious conflicts of interest. Neither Clinton or Bush succeeded and now Franks is externalizing, mud balling and playing the victim role. All I can surmise is that Franks has some serious stroke and is impervious to criticism and a much needed federal investigation.

Some assert that Franks has an orientation King’s X and is untouchable. Maybe, but a bit of serious spade work and an ugly and far reaching corruption scenario will be uncovered; I’ll bet on that. The question on the plate is if or not the feds are going to hand out the shovels and start digging. Given the high and thick armor afforded Franks, I’d say it simply isn’t going to happen. Humpty dumpty sat on a wall……take two, coming up. And just guess who gets to be humpty dumpty.

And the rest goes; “Humpty dumpty had a great fall and all the King’s horses and all the King’s men couldn’t put humpty dumpty back together again”

Sure Lt. John, an Auto industry bailout is in the works. But just more useless Brownian motion and painted in a corner situation with no way out, I reckon. When process and product development have serious and significant punitive measures involved, then process and product development goes to all ahead slow or dead stop. It doesn’t take a brain trust to figure the snake eating tail relationship between the Auto Makers and the UAW. They are locked in a death dance and no small wonder the feds have to pony-up to keep the death dance going. No responsible funding institution is going to touch all that with the other guy’s ten foot pole. Too bad, but as Forrest Gump asserts;, “Stupid is as stupid does”.


Scamp