What should be criminal is the Democratic friends and fat cats protection racket run by the Fannie Mae and Freddie Mac overlords. While political operatives have raked in tens of millions of dollars in directors' fees and lavish compensation packages, the government-sponsored lenders have bled billions and will soak up an estimated $400 billion in bailout funds. Financial journalist Gretchen Morgenson reported this week that Frank "was very aggressive and really tough" on Fannie critics after the corrupt institution "rolled out the red carpet" for his ex-lover. After his friend with crony benefits broke up with him, Frank remained a dogged Fannie defender.
Sneering at financial reformers before a 2003 House hearing, Frank asserted: "I want to begin by saying that I am glad to consider the legislation, but I do not think we are facing any kind of a crisis. That is, in my view, the two government-sponsored enterprises we are talking about here, Fannie Mae and Freddie Mac, are not in a crisis. ... I do not think at this point there is a problem with a threat to the Treasury."
Not that such spectacular bad judgment and lack of foresight should be any surprise coming from a politician whose early career was punctuated by a formal reprimand for using his office to fix another lover/prostitute's parking tickets and lying about his criminal probation history. As a cocky Frank said at the time of that scandal: ''I think members of Congress rise or fall on their own individual records.'' Eventually, yes.