Democrats such as Barney Frank, Harry Reid, Chuckie Schumer and Chris Dodd actively resisted greater oversight of Fannie Mae and Freddie Mac. Now, with it all coming down around their - and our - ears, there finally will be some oversight.
The FBI is commencing investigations into Fannie and Freddie. Given that there was an ENRON style accounting scandal of deliberate fraud at Fannie Mae, given that Franklin Raines, Janet Reno and Jamie Goerlock pulled close to $200 million out of Fannie while leaving us a trillion dollar bill, it is about time that some oversight finally start to happen - and the fact that it is at the point of a gun is even better. It is years too late.