The Corner

Sunlight on Fannie and Freddie

I have a piece today wherein I submit a humble proposal for how we get to the bottom of what happened with the current financial crisis: 

There’s only one way to make sure that there is some accountability in the current financial crisis. Americans need to insist on absolute transparency.

Now that Fannie Mae and Freddie Mac’s failures have forced the federal government to put both into conservatorship — costing taxpayers some $200 billion — Americans, who now own the two entities, are entitled to know what role the government-sponsored enterprises (GSEs) played in creating this mess. 

The public needs to see every relevant scrap of paper: every balance sheet, expense report, and executive pay stub — and most importantly, every lobbying contract, memo related to meetings with lawmakers and anything else related to their dealings with Congress. 

I have a feeling that that many in Congress are running scared from what would be revealed.

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