The Wall Street Journal has the story: "Countrywide Financial Corp.'s 'friends of Angelo' program provided sweetheart loans to key banking players in Washington, D.C. They included former Fannie Mae chief executive Jim Johnson, Senate Budget Committee Chairman Kent Conrad (D., N.D.) and Senate Banking Committee Chairman Christopher Dodd (D., Conn.)... In a free market, businesses take risks and reap either profits or losses. But markets only work when businesses are held accountable for their bad decisions. The message this proposed legislation sends to the market is clear: Big lenders like Countrywide who make bad bets can count on generous bailouts-- and responsible renters, homeowners and taxpayers who pay their bills on time can count on getting stuck with the tab."
Rico says this is why you need to throw the bastards out periodically, so they don't get used to playing with our money...
18 June 2008
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