Does it ever seem to stop? This week we saw the former Chairman of Fannie Mae, Jim Johnson, have to resign as a member of the Obama VP vetting team because of preferential loan terms at a certain mortgage lender. Now we are finding out this week that apparently there was a group at this lender who were Friends of Angelo (the Chairman of the lender).
Now we hear that Sen. Chris Dodd, who has been leading the charge regarding this loans that crashed the subprime market to where it is today, is the recipeint of one of these "Friends of Angelo" loans. And of course his staff spokesman is saying that the Senator wasn't aware of any special aspects of the loan. Yeah, sure!
I think we need to change quickly the reporting requirements of the elected officials of this country. The system that the Members of the House of Representatives and the Members of the Senate for reporting their personal finances is not working.
I think that self-regulation of elected officials is not working and we need to see a different standard to keep these people a lot more honest.
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