Urbin Report

Wednesday, October 08, 2008

democrats avoiding questions about Freddie & Fannie

Not surprising since the failure of Freddie Mac & Fannie Mae is pretty much 99.99% their fault.

Ed Morrissey picks a good analogy for their "search for the guilty."

Democrats have begun a search for the culprit in the financial collapse in a manner somewhat akin to the OJ Simpson search for Nicole Brown and Ron Goldman’s murderer.

More details from The Hill.
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.”

The democrats are going to try to conduct a "witch hunt" on Wall Street in order to draw attention away from their own guilt in this mess.