The Corner

One Brilliant Harvard Law School Grad Grills Another…

From the 2005 Fannie Mae/Freddie Mac hearings, which sort of sums up the entire mess we are in:

Rep. Frank: Let me ask [George] Gould and [Franklin] Raines on behalf of Freddie Mac and Fannie Mae, do you feel that over the past years you have been substantially under-regulated?

Mr. Raines?

Mr. Raines: No, sir.

Mr. Frank: Mr. Gould?

Mr. Gould: No, sir. . . .

Mr. Frank: OK. Then I am not entirely sure why we are here. . . .

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