Fannie Mae/Freddie Mac
       These government agencies have been blamed for many of the woes in the US housing industry.  And yet, little if any outrage has been expressed toward the accounting irregularities and chicanery of the management of these entities.  An investigation can be launched via one of three avenues.  Let's review...

       House Banking Committee - Of course the House Banking Committee provides oversight of this agency and they could call for a full investigation.  But, the committee chairman is Rep. Barney Frank.  And ironically, Mr. Frank had a homosexual relationship with one of the administrative heads of Fannie Mae.   The minute anyone raises a question about the relationship, Mr. Frank will start waiving the homophobe flag.  Don't look for him to launch any investigation.

    Senate Banking Committee - Senator Chris Dodd chairs this committee.  He's battling a whole set of ethical problems right now, not the least of which is the fact he took inordinate amounts of political contributions from Fannie Mae and Freddie Mac..  Dodd won't launch an investigation.

    Justice Department - The US Justice Department would be the only other agency that can bring an investigation or charges against Fannie Mae or Freddie Mac.  They've certainly been diligent in the past.  More than a dozen executives were prosecuted when Enron collapsed, but nary a glance has been cast to Fannie Mae and Freddie Mac.  And now we know why.  
    Rahm Emanuel is President Obama's Chief of Staff.  Having served the Clinton White House, Emanuel was appointed to the Freddie Mac Board, where he earned over $300,000 in a little over a year.  From today's Chicago Tribune.......

On Emanuel's watch, the board was told by executives of a plan to use accounting tricks to mislead shareholders about outsize profits the government-chartered firm was then reaping from risky investments. The goal was to push earnings onto the books in future years, ensuring that Freddie Mac would appear profitable on paper for years to come and helping maximize annual bonuses for company brass.

The accounting scandal wasn't the only one that brewed during Emanuel's tenure.

During his brief time on the board, the company hatched a plan to enhance its political muscle. That scheme, also reviewed by the board, led to a record $3.8 million fine from the Federal Election Commission for illegally using corporate resources to host fund raisers for politicians. Emanuel was the beneficiary of one of those parties after he left the board and ran in 2002 for a seat in Congress from the North Side of Chicago

Looks like Fannie Mae and Freddie Mac covered themselves nicely.  By comparison, Enron's failure was not accounting irregularities or incompetence.  Rather, they weren't well enough connected!

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Some great videos for viewing.

A member of the European Member of Parliament was chastising the inept actions of the British Government.  He could just have easily been making this speech about our US leaders.

This one is a great piece on the Stimulus Package presented in a very unique way.  Please take the time to view it.  (thanks to Paul G. for sending it)