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July 21, 2008

FANNIE AND FREDDIE'S ENABLERS:

In the strange accountability of Washington, the same folks who put taxpayers on the hook for Fannie Mae and Freddie Mac are now demanding ransom to let taxpayers bail them out. It's as if Andy Fastow insisted that Enron shareholders pay his fines after his fraud cost them their life savings.

"I don't know how in good conscience you come up here and ask me to give unlimited lines of credit" to Treasury for Fannie and Freddie without giving Democrats something in return, Senate Banking Chairman Christopher Dodd (D., Conn.) told the Journal last week. Come again? This is the same Chris Dodd who long resisted tougher regulation while more recently handing Fan and Fred even more room to expand their risk-taking.

Not to mention getting a sweetheart "Friends of Angelo" mortgage deal. Hard to argue with this point: "In any other business, Mr. Dodd would be begging forgiveness." Or facing indictment.

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