Thursday, April 14, 2005

Another Enron? Maybe bigger!

April 12: Why haven't we heard anything on TV about the Fannie Mae scandal that have been mounting since last year? This could be much worse than the Enron fiasco. Dan Gainor with the New York Post has this to say.

Charles Gasparino, a reporter for Newsweek who has covered the story, gave his theory on CNN's "Newsnight" last December. Gasparino called Fannie Mae a "politically correct company," and added, "I mean, they do all the things that, let's face it, liberal journalists like, like put home mortgages out there for poor people. And so right now, beating up on Fannie Mae is kind of politically incorrect."

Whatever the reason, the network news is AWOL on an enormous story that threatens one of the largest companies in the nation — a company with implied guarantees of support from the federal government and our tax dollars. In other words, if Fannie Mae has problems, not only does it hurt the mortgage market, but all of us might have to share the bill.

I'm sure we will be posting more about this.

Hat tip: Michelle Malkin

Update: The story is starting gain attention in the blogosphere. See today's post over at GOP Bloggers.