Skip to content

Cuomo’s massive failures as AG on corruption; WSJ-Audit Faulted Cuomo’s HUD Overhaul; Cuomo lit sub-prime meltdown fuse;

October 24, 2010

ANDREW CUOMO THINKS HE CAN ANSWER FOR HIS MASSIVE FAILURES BY ATTACKING CARL PALADINO AND HIS STAFF

ANSWER TO THE FACTS, JOSH VLASTO – IT’S TIME TO PUT UP OR SHUT UP.

FACT: Steven Rattner was given immunity from criminal action in the pension fund kickback scandal. New York Times 1JUN10, http://www.nytimes.com/2010/06/02/business/02sec.html?_r=2

FACT: Andrew Cuomo accused Pedro Espada of “siphoning money from a charity”, a crime that is “especially reprehensible.” Yet, there is no criminal action pending against Senator Espada; only a civil action that would entail no jail time. New York Times 20APR10, http://cityroom.blogs.nytimes.com/2010/04/20/espada-accused-of-using-nonprofit-for-personal-gain/

FACT: Assemblyman Vito Lopez has stolen millions in public funds through his patronage empire in Brooklyn. Yet Andrew Cuomo calls him ‘my good friend’ and has taken no action against him; because he needs the New York City Democratic machine to drive turnout. New York Daily News 5OCT10, http://www.nydailynews.com/blogs/dailypolitics/2010/10/maybe-andrew-cuomo-wasnt-that.html

FACT: Andrew Farkas was caught stealing $7.6 million in HUD funds that was supposed to be used for maintenance of housing for poor people. Village Voice 29AUG06, http://www.villagevoice.com/2006-08-29/news/andrew-cuomo-s-2-million-man/

FACT: Cuomo called Farkas a ‘slum lord’, said the action against him was the ‘biggest in HUD history’, and that Farkas was ‘using HUD for his personal ATM’, all indisputable quotes not included in a New York Times whitewash on the subject by in-the-tank David Halbfinger. Village Voice 29AUG06, http://www.villagevoice.com/2006-08-29/news/andrew-cuomo-s-2-million-man/

FACT: Farkas was allowed by Cuomo to return less than he stole and admit no wrongdoing, permitting Farkas to go on milking HUD programs and flip his low-income housing portfolio for $910 million. Village Voice 29AUG06, http://www.villagevoice.com/2006-08-29/news/andrew-cuomo-s-2-million-man/

FACT: Farkas gave Cuomo $1.2 million after Cuomo left office, and over $900,000 in campaign contributions. In Buffalo, that’s called a bribe. Village Voice 29AUG06, http://www.villagevoice.com/2006-08-29/news/andrew-cuomo-s-2-million-man/

FACT: Cuomo has announced no action in the scandal surrounding the Aqueduct Bid rigging scheme involving the Governor, the Secretary to the Governor, the Senate Temporary President, the Senate Democratic Leader, the Secretary to the Senate, a former Senator, a gaming company executive, consultant to the Democratic Senate Campaign Committee Hank Sheinkopf, Governor Paterson’s top aide and the chairman of the state racing and wagering board – all Democrats. These men were caught in an exhaustive investigation by State IG Joseph Fisch – why does Andrew do nothing? New York Daily News 21OCT10, http://www.nydailynews.com/ny_local/2010/10/21/2010-10-21_inside_deals_secret_lobbying_marked_the_aqueduct_slot_machine_operator_process_r.html


Wall Street Journal -Audit Faulted Cuomo’s HUD Overhaul

NY POLITICS – OCTOBER 23, 2010
By JACOB GERSHMAN

Andrew Cuomo points to his time as Housing and Urban Development secretary as a prime example of how he’s made government more efficient and effective. But federal auditors say Mr. Cuomo oversaw a “poorly planned” overhaul of personnel that bulked up HUD’s public outreach but undermined the agency’s enforcement efforts.

During the gubernatorial debate on Monday, Mr. Cuomo touted his four-year record at HUD, saying he “shrunk government” and promising to do the same in Albany if elected governor. “The question in this race is who can actually do it. Who can get it done,” he said.

While the number of full-time employees at HUD declined under his watch, Mr. Cuomo also added hundreds of high-paid positions as part of his “Community Builders” program, which came under withering criticism from HUD’s veteran field staffs, federal auditors, and Republican lawmakers in Washington.

“The concept was not unreasonable. But it was very poorly implemented and the consequences were pretty near disastrous,” said Robert Paquin, a former regional director of Community Planning and Development in HUD’s Boston office.

Read the rest at the Wall Street Journal:
http://online.wsj.com/article/SB10001424052702303738504575568713427382050.html

 

Cuomo lit sub-prime meltdown fuse

As US Secretary of Housing, Andrew Cuomo set Federal Housing Goals that required FannieMae and FreddieMac to purchase hundreds of millions of dollars of bad sub-prime mortgages.

IT WAS CUOMO who lowered lending standards.

IT WAS CUOMO who eliminated down payments.

IT WAS CUOMO who offered 105 percent financing.

IT WAS CUOMO who pushed sub-prime mortgages containing a two percent increase in interest rates, guaranteeing they would crash.

IT WAS CUOMO who cost taxpayers $2.4 trillion and the value of our 401k’s when the sub-prime mortgage market collapsed.

As The Village Voice correctly reported in 2008: Cuomo “turned the Federal Housing Administration mortgage program into a sweetheart lender with sky-high loan ceilings and no money down, and he legalized what a federal judge has branded ‘kickbacks’ to brokers that have fueled the sale of overpriced and unsupportable loans. Three to four million families are now facing foreclosure, and Cuomo is one of the reasons why.”

When the ultra-liberal Village Voice blames Cuomo for lighting the fuse on the sub-prime mortgage meltdown, even mainstream media reporters sit up and listen:
http://www.villagevoice.com/2008-08-05/news/how-andrew-cuomo-gave-birth-to-the-crisis-at-fannie-mae-and-freddie-mac/

Advertisements

Comments are closed.

%d bloggers like this: