EppsNet Archive: AIG Bailout

Thomas Jefferson on the Financial Meltdown

ALBANY, N.Y. (AP) — If anyone could emerge from the AIG bonus debacle looking good, it could be New York Attorney General Andrew Cuomo. — “NY’s Cuomo wins praise for pursuing AIG on bailout” Cuomo. KWOH-moh. Italian, I suppose. I have no personal animosity toward Mr. Cuomo, but despite his favorable write-ups in the press, he is certainly no hero in these matters. Americans have short memories. Even members of the press — or “the media,” as you now call them — who should provide context and perspective, have short memories. Set the Wayback Machine to 1995. Bill Clinton is president and Henry Cisneros, the Housing and Urban Development (HUD) secretary, institutes a requirement that 42 percent of the mortgages financed by government-sponsored entities (GSEs) Fannie Mae and Freddie Mac serve low- and moderate-income families. Things only got worse under Cisneros’ successor, Andrew Cuomo: Cuomo raised that number to 50… Read more →