Lawmaker Goes After Ex-Fannie CEO Over Loan Deal

From AP:

WASHINGTON (AP) — A Republican lawmaker is accusing the former chief executive of mortgage finance company Fannie Mae of being dishonest in testimony before Congress about discounts he received on his home loan.

Rep. Darrell Issa of California released documents Wednesday that he said showed former Fannie CEO Franklin Raines received special treatment in 2003 when he refinanced with Countrywide Financial Corp.

Countrywide, a lender at the center of the mortgage meltdown, was sold to Bank of America Corp. last year and has been the focus of allegations that it gave favorable loan terms to lawmakers and other key officials in Washington.

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To Catch A (Tax) Thief

U.S. Treasury Secretary Tim Geithner
Karen Bleier / AFP / Getty

From The New York Post:

There was Treasury Secretary Tim Geithner, boldly testifying Tuesday before Rep. Charlie Rangel's Ways & Means Committee - promising that the Obama administration intends to propose "a series of legislative and enforcement measures to reduce . . . tax evasion and avoidance."

Did he look Chairman Rangel in the eye when he said this?

Can he look himself in the eye at the shaving mirror each morning?

A crackdown on "tax evasion and avoidance"? Oh, the irony.

Only after he was nominated to Treasury did Geithner pay some $40,000 in taxes he blew off while working for the International Monetary Fund from 2001 to 2004.

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10 Percent Of Georgia state Legislators Are Late Filing Or Paying Their State Taxes

Woody Marshall, The Telegraph - Georgia State Sen. Robert Brown.

Brown Says He Hasn’t Filed Federal, State Taxes In 2 Years -- Macom.com

ATLANTA — Nearly 10 percent of Georgia state legislators are late filing or paying their state taxes, and state Sen. Robert Brown is apparently among them.

Brown, D-Macon, said Wednesday he’s not sure whether he actually owes the state or federal government any money because he hasn’t filed tax returns. He said he’s gotten extensions, but he declined to give more information or say for what years he received filing extensions.

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House Turns Back all For PMA Probe

From The Politico:

The House on Thursday night turned back another call to investigate the PMA Group, a once-powerful lobbying firm whose offices were recently raided by the FBI and which has close ties to Pennsylvania Rep. John P. Murtha (D).

Twenty-one Democrats, including nine freshmen, voted to proceed with debate on the measure offered by Arizona Rep. Jeff Flake (R) calling for an investigation of the lobbying firm. Most of the Democrats represent fiscally conservative districts.

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My Comment: I call this protecting your own. Congress has no interest in embarrassing Murtha.

Sen. Dodd Yet To Declare Bid For 2010

From Yale Daily News:

By all accounts, Connecticut Sen. Chris Dodd is vulnerable.

With 20 months until he is up for re-election, Dodd has yet to announce whether he will seek another term. And the five-term senator’s prospects are by no means positive — he is suffering in the polls and is recovering from political scandal. But the uncertainty regarding Dodd’s candidacy transcends his career alone; many Democrats are anxious about the political ramifications of his delay.

“Chris Dodd’s poll numbers are of concern,” Secretary of the State Susan Bysiewicz ’83, a Democratic candidate for Governor, said in a telephone interview with the News this week. “I am also concerned about the Republicans getting a head start in the race.”

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My Comment: He is still going to run, and he will win simply because there are no "real" opponents running against him.

Kudlow is looking at the environment and the possibility of running against Sen. Dodd .... and he will be a good and viable candidate .... but I doubt that he will commit.

Report: Wall Street Spent $5 Billion For Political Influence

From CBS News:

A group called Wall Street Watch is out with a report that finds that “Wall Street investment firms, commercial banks, hedge funds, real estate companies and insurance conglomerates made $1.7 billion in political contributions and spent another $3.4 billion on lobbyists” between 1998 and 2008.

The report, "Sold Out: How Wall Street and Washington Betrayed America," concludes that the contributions were “aimed at undercutting federal regulation” and ultimately “led directly to the current financial collapse.”

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My Comment: This is a must read article. Money and influence walking hand in hand.

Congress Finds Another Place To Boost Spending: Congress

From McClatchy Newspapers:

WASHINGTON — Congress wants to boost spending on itself by nearly 11 percent this year, an increase that's part of a massive spending bill that has smaller increases for most agencies that deal with public health, education, energy, and other domestic needs.

The congressional budget, which the Senate is considering this week as part of a $410 billion fiscal 2009 spending bill, is higher than the 8 percent overall boost for most domestic programs.

As a result, Congress now appears well on track to approve spending $4.4 billion on itself, up from $3.97 billion last year.

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My Comment: In a middle of a recession, when money is tight .... they just want to spend.