Monday, March 24, 2008

Dear Senator Dodd...(FNM; FRE)

As Chairman of the Senate Committee on Banking, Housing and Urban Affairs are you sick unto death of these "capitalists of convenience"?

For example, what the hell is the mis-(mal) capitalized Fannie Mae doing paying out One Billion Four Hundred Million dollars in dividends on common stock?

This idea that it's okay to privatize the profits while socializing the potential losses is incomprehensible.

It seems to me that one of your aides might know the cell phone number of someone with the power and authority to shake some of these B.S. artists up a bit.

How 'bout the OFHEO throwing a ten-year clawback on stock and option grants?

I understand you need the GSE's to reliquify the system fast, before the public realizes that the emperors actually have no clothes, and start hunting bankers for sport, but when do we say enough is enough?

Here's a story from 24/7 Wall Street:
The Perverse Ethics Of Wall St., Countrywide (CFC) Refugees Turn Vultures

"There are no second acts in American lives"--F. Scott Fitzgerald

Several former Countrywide (NYSE: CFC) executives are starting a new company, with the support of financial company Blackrock (NYSE: BLK) to buy troubled mortgages. These are, in all probability, the same managers who oversaw the subprime lending to people who could not afford their mortgages in the first place. It might appear to be irony, but it would be more appropriate to call it the kind of lapse in ethical behavior which so endears Wall St. to mainstream America....

Here's the rondo from Mozart's Horn Concerto No. 2.
Music to hunt bankers by.


Your climate change ideas were the most honest out of either party, what were you thinking?