Straight or gay, it's still wrong and unethical to sit on the House Banking Committee that oversees Fannie Mae when you're schtupping an executive of Fannie Mae.
Critics are crying “conflict of interest” over Democratic Rep. Barney Frank’s live-in relationship with Fannie Mae executive Herb Moses while Frank was on the House Banking Committee.
Moses was Fannie Mae’s assistant director for product initiatives from 1991 to 1998.
He was also openly gay Frank’s live-in boyfriend during that time, while the Massachusetts lawmaker was on the committee that had jurisdiction over government-sponsored Fannie Mae, Fox News’ Bill Sammon reported.
Now that Fannie Mae is at the center of the recent financial meltdown, the relationship is coming under increased scrutiny.
“It’s absolutely a conflict,” said Dan Gainor, vice president of the Business & Media Institute.
“He was voting on Fannie Mae at a time when he was involved with a Fannie Mae executive. How is that not germane?
“But everyone wants to avoid it because he’s gay. It’s the quintessential double standard.”
A top Republican House aide told Fox News: “He writes housing and banking laws and his boyfriend is a top exec at a firm that stands to gain from those laws? No media ever take note?”
Frank and Moses met in 1987 and lived together in Washington, D.C., until they split up in 1998.
National Mortgage News disclosed that Moses “helped develop many of Fannie Mae’s affordable housing and home improvement lending programs.”
Critics charge that such programs led to the mortgage meltdown and the recent government takeover of Fannie Mae, according to Fox News, which noted that Fannie Mae and its financial cousin Freddie Mac “are blamed for spreading bad mortgages throughout the private financial sector.”
In 1994, Frank thwarted efforts by President Clinton’s Department of Housing and Urban development to impose new regulations on Fannie Mae.
Insider Report from Newsmax.com
Bloggers have been reporting this for quite a while now and the MSM remain out to lunch on the story. Business & Media Institute wrote a good review Sep 24 in which writer Jeff Poor points out the obvious double standard of the media.
Are journalists playing favorites with some of the key political figures involved with regulatory oversight of U.S. financial markets?Barney is very lucky he's a gay Democrat. Otherwise, as a fat cat white political dude, he would have been attacked like a big purple dinosaur at a kids birthday party. And justifiably, too. Maybe Barney needed was a "wide stance" to get press attention.
MSNBC’s Chris Matthews launched several vitriolic attacks on the Republican Party on his Sept. 17, 2008, show, suggesting blame for Wall Street problems should be focused in a partisan way. However, he and other media have failed to thoroughly examine the Democratic side of the blame game.
Prominent Democrats ran Fannie Mae, the same government-sponsored enterprise (GSE) that donated campaign cash to top Democrats. And one of Fannie Mae’s main defenders in the House – Rep. Barney Frank, D-Mass., a recipient of more than $40,000 in campaign donations from Fannie since 1989 – was once romantically involved with a Fannie Mae executive.
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