Just another yawner about the role Phil Angelides played in suppressing information during the bank “crisis”.
Paul Sperry writes…
“From the opening gavel, Angelides, a Pelosi crony appointed by the former speaker, declared ex-Countrywide Financial CEO Angelo Mozilo “off limits” in the investigation. He failed to call to testify the subprime lender who was the largest source for private mortgage-backed security tranches used to create CDOs for nine of the 10 largest CDO underwriters on Wall Street. Why?
Mozilo was not only a big Democrat donor, but employed Pelosi’s son as a Countrywide broker and sales manager.
And if Mozilo were allowed to testify, the public might learn the inconvenient truth that HUD pressured him to originate nearly $800 billion in toxic loans (later sold to Fannie and Freddie) to meet “fair lending” pledges he signed under HUD’s little-known Best Practices Initiative “to help wipe out discriminatory practices in mortgage lending.” This, of course, would have undercut the commission’s “predatory lending” story line.
Angelides, former chair of the California Democratic Party (a position omitted from his commission bio), also failed to grill under the klieg lights — as he did Wall Street bankers — former HUD Secretary Andrew Cuomo and Fannie CEO Franklin Raines, who together plunged Fannie into the subprime market.
At the time, Cuomo was running for Democratic governor of New York, and Raines was advising President Obama. Their testimony decidedly would not have been good optics.
Midway through the inquiry, Angelides suppressed a report by a former chief Fannie credit officer documenting how in 2008 more than two-thirds of the 27 million subprime and other high-risk mortgages in the financial system were on the books of Fannie, Freddie, FHA and other entities controlled by the government.
When Commissioner Peter Wallison tried to include the data in a 100-page dissent to the cooked majority report, Angelides censored all but eight pages of it. The dissent, which blamed federal housing policy for the crisis, was excluded almost in its entirety from the copy of the final report made available for purchase in bookstores.
Several months before the report was published — and while the investigation was still active — Angelides gave state pension-fund officials a sneak preview of the commission’s findings at a closed-door meeting hosted by a law firm that employed a Democrat commissioner and Angelides’ hand-picked chief investigator.
Several of their Robbins Geller partners spoke at the September 2010 private event held in Laguna Beach, Calif. Robbins Geller, which is suing several major banks on behalf of public-employee pensions, gave more than $255,000 in political contributions to Angelides.”
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You will not find ANY information like this in most (or dare I say, ANY) of our Black news sites. Instead, folks immediately jumped to creating a race boggieman as a distraction to what was really going on behind the scenes. This article is just one part of a bigger puzzle. But only those who are too lazy will not even bother including this into their worldview. Instead, they will stick to their scripts and keep it moving.
