GSE Main Events Timeline
GSE Bullshit Summary
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Don’t take my word for it though. Read the opinions of these most highly esteemed
journalists, analysts and lawyers who have all come out with compelling articles that
are critical of government GSE actions. Here are just a couple dozen of them
Does all this GSE nonsense scare you? It should!
Do we all really want to just go with the secret plan hatched up by a few
politicians and bankers as they whistle past the housing finance graveyard?
This will be the government screw up in which about 70 ethical or legal violations took place over the course of the 7 year deceivership. I mean, how many situations do you know of where someone can commit 70 acts of chicanery in their profession and still be taken seriously? There really is no metaphor for all of this that comes even close. This is its own new metaphor that will endure for centuries to come and anyone that ever compares anything to it will be laughed off the stage for exaggerating their circumstance.
This whole thing is kind of like the gov official who writes a book on how he cooked the books of a company and forced an unnecessary takeover by rolling CEO heads all while pre-announcing said takeover in a private bank insider boondoggle conference. You know, it's the one where the Treasury and regulator get involved by passing leaked notes to each other on how they would proceed on a takeout to zero out shareholders by delisting the stock, selling off its business, settling hard core bank fraud cases for nickels on the dollar and expropriating 100% of the GSE profits. Remember? They then recruited an ex-countrywide subprime mortgage guru to write the GSE reform legislation with details on how to kill off the GSEs and gift the business to the banks at the expense of the taxpayers while pimping the plan in public that it will benefit the taxpayer even though the taxpayer loses their GSE common stock investment and they will be gouged with higher mortgage rates for eternity? It’s that bill where the banks “recruited” a day trading politician who was on the senate banking committee to push this legislation to his senate buddies on a daily basis only to be later exposed himself for his fraudulent insider day trading tactics, many of which involve the shorting of the very GSEs in which he is trying to kill off via legislation. Oh yeah, and then there’s that part where a treasury official got caught lying under oath about the entire profit sweep and the DOJ lawyers tried to cover it up and the lawyer accidentally gave an incriminating doc to the Fairholme lawyer that was supposed to be hidden from the public at the “president’s request”. He realized later that he effed up and asked for it back, but he couldn’t ask for it back because there’s no record of the doc ever supposing to exist. Then there was the slew of revolving door bankers that moved back and forth so many times that one of them accidentally signed off docs on behalf of the government when he was supposed to be working in the private sector. He kept violating dozens of different codes of ethics and laws, but pawned it off as the “old and tired rule of law” while going to monthly picnics at the white house to pimp his plan of still giving the business to the banks after he’s already bungled over a dozen plans up already. So funny though, he just laughed it off and posted selfies of himself in the West Wing. He wasn’t laughing however after a NY Times front page article exposed everything he was doing. And did I mention the high-profile access journalist tasked with tainting the public view as a one sided Treasury/FHFA backer? You know, the on who supports insider trading and other “Reckless” tendencies and is the same guy who publicly ridiculed Gretchen Morgensen back in 2007 for her now correct call on the looming subprime mortgage meltdown.
There are just not enough b-movie horror flick actors available that can explain away this entire situation. At some point, someone has to just stop this atrocity and say enough. Who's it going to be for crying out loud? This is way beyond being a shareholder and has gone to a level of bullshittery that I will never again see in my lifetime. I am actually considering going Full-Millstein to give away a sizable portion of whatever is left of any share gains I have to the charity of choice of whomever cuts through the absurdity and ends this fiasco. It's just been an utter waste of time and resources for all involved. However, I am committed to the end as I just can't let bullshit have it's day of glory without throwing down the gauntlet. Talk to anyone that has dealt with this the last 7 years. We all see this with the same tenacity. This can not be left to wilt away to the detriment of society.
Please read up and go over the timeline section with relevant links. Read it over and raise your eyebrows with the rest of us. At minimum, it's a great outline of the crap heaved upon the GSEs. The GSE cynics have very short attention spans and they like to conveniently ignore this built up encyclopedia of truth.