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« A question for the president-elect | Main | 400 in China publish ‘Charter 08’ call for democracy »

December 12, 2008

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Neo
I also wish to inform members of the Committee of another troubling incident, which I now choose to make public. About a year ago, I corresponded with the Director’s office making inquiry about the levels of executive compensation at the enterprise for the top twenty executives. This is information that had not been made public previously. In a matter of days, Fannie Mae had engaged the services of Mr. Ken Starr for the purpose of informing my staff and committee council of the potential consequences of making that information public. It was made clear that civil legal actions would be filed if the information were to be released. At that time, I made the decision not to release the data since there was no clear relevance to the reform effort underway, not out of concern for any litigation that might be filed. The realization that the disclosure of this information was so sensitive to the Enterprise never fully impacted me, until I read the Director’s report. Now I understand why the Enterprise was so anxious not to have public disclosure of compensation of an entity that was created by the Congress, and supported by the taxpayer.
Congressman Richard Baker Chairman, Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises “The OFHEO (Office of Federal Housing Enterprise Oversight) Report: Allegations of accounting and Management Failure at Fannie Mae” -- October 6, 2004

http://financialservices.house.gov/archive/hearings.asp@formmode=detail&hearing=338.html

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