Sunday, July 31, 2011
Saturday, July 30, 2011
"Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.
The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at FreddieMac.
The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.
For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac–known as Government-sponsored entities or GSEs–and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.I urge my colleagues to support swift action on this GSE reform legislation.".............Wow, yet another doltish Republican talking sense. Incredible!!
Friday, July 29, 2011
Thursday, July 28, 2011
Wednesday, July 27, 2011
Tuesday, July 26, 2011
Considering that Bette Davis, Katharine Hepburn, Greta Garbo, Marlene Dietrich, Joan Crawford, Louise Brooks, Barbara Stanwyck, Gloria Swanson, Jean Harlow, and Carole Lombard all made their initial splashes in either the late 1920s or early 1930s, it's sometimes easily forgotten that the biggest female star of all during that era was Norma Shearer. Shearer, folks, was the "it-girl" back then, the very first super-star at MGM, and, along with Ms. Garbo, one of the very few actresses of that generation to make the quantum leap from silent features to talkies. The women received a total of six Oscar nominations and won the Oscar in 1930 ("The Divorcee"). Shearer was also one of the very first famous women to ever pose naked. Bada-bing-bada-boom, in other words.
Monday, July 25, 2011
Sunday, July 24, 2011
Saturday, July 23, 2011
Not only was Gene Tierney one of the beautiful women in Hollywood, damned if the damsel wasn't one hell of a damned good actress to boot. Her performances in "Laura", Leave Her to Heaven", "Heaven Can Wait", and "The Razor's Edge" are, IMHO, amongst the very best of that time period....Of course, if it wasn't for that God damned overbite......