Fannie Mae: Corker Fails To Disclose Millions In Income Since 2007

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Fannie Mae: Corker Fails To Disclose Millions In Income Since 2007 by Tim Pagliara, CapWealth Advisors
I’m extremely disappointed, too, that someone such as Senator Corker would be so sloppy about Congressional regulations designed to ensure transparency in our government and safeguard against conflicts of interest in our leaders.  

I’m sending you this article because you own Fannie Mae and/or Freddie Mac preferred shares. As you know, I’ve been working diligently for over two years–traveling to Capitol Hill, meeting with Congressional members and their staff people, talking to the media–to assert our legal rights as shareholders and make the case for why we should be paid. As you know, Senator Corker has been one of the most strident voices against us. How shocking, then, to read news such as this. Click here to read the article online and here to download a PDF of the article.

As you may recall, one of Corker’s objections to shareholders’ demands for fair treatment in the aftermath of the government’s conservatorship and why he’s helped push this into the courts was that the hedge fund industry was trying to pull a fast one–attempting to get rich at the expense of taxpayers. Yet, here we discover that the Senator himself has over $50 million in hedge funds–and despite being a powerful member of the Senate Banking Committee and chair of the Foreign Relations Committee, has misreported his earnings for eight years!

Back in October, Senator Corker rather infamously told Rick Santelli on CNBC “to short” Fannie Mae and Freddie Mac stocks. Besides that unprecedented and inappropriate advice, the Senator said something else rather telling. He said hedge funds were “doing what wealthy, connected people do … they’re at some point going to try to fleece the American people.” As it turns out, the Senator critically lacks some self-awareness and may in fact be just the kind of wealthy, connected shearer of the American public that he described.

I believe this revelation regarding the Senator’s long-running lack of compliance with Congressional regulations ought to temporarily disqualify him from participating in Senate Banking Committee proceedings. If you agree, I urge you to email Senator Isakson, chair of the Senate Select Committee on Ethics, and encourage him to conduct a thorough investigation into Senator Corker’s egregious reporting omissions. Click here for an online form for emailing Senator Isakson.



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