“Like a lot of my Democratic colleagues I was too slow to appreciate the recklessness of Fannie and Freddie. I should have heeded the concerns raised by their regulator in 2004. Frankly, I wish my Democratic colleagues would admit when it comes to Fannie and Freddie, we were wrong.”

Representative Artur Davis (D-Alabama).  Kudos to Representative Davis for courage.

About mmjdiary

Professor Marianne Jennings is an emeritus professor of legal and ethical studies from the W.P. Carey School of Business at Arizona State University, retiring in 2011 after 35 years of teaching undergraduate and graduate courses in ethics and the legal environment of business. During her tenure at ASU, she served as director of the Joan and David Lincoln Center for Applied Ethics from 1995-1999. In 2006, she was appointed faculty director for the W.P. Carey Executive MBA Program. She has done consulting work for businesses and professional groups including AICPA, Boeing, Dial Corporation, Edward Jones, Mattel, Motorola, CFA Institute, Southern California Edison, the Institute of Internal Auditors, AIMR, DuPont, AES, Blue Cross Blue Shield, Motorola, Hy-Vee Foods, IBM, Bell Helicopter, Amgen, Raytheon, and VIAD. The sixth edition of her textbook, Case Studies in Business Ethics, was published in February 2011. The ninth edition of her textbook, Business: lts Legal, Ethical and Global Environment was published in January 2011. The 23rd edition of her book, Business Law: Principles and Cases, will be published in January 2013. The tenth edition of her book, Real Estate Law, will also be published in January 2013. Her book, A Business Tale: A Story of Ethics, Choices, Success, and a Very Large Rabbit, a fable about business ethics, was chosen by Library Journal in 2004 as its business book of the year. A Business Tale was also a finalist for two other literary awards for 2004. In 2000 her book on corporate governance was published by the New York Times MBA Pocket Series. Her book on long-term success, Building a Business Through Good Times and Bad: Lessons from Fifteen Companies, Each With a Century of Dividends, was published in October 2002 and has been used by Booz, Allen, Hamilton for its work on business longevity. Her latest book, The Seven Signs of Ethical Collapse was published by St. Martin’s Press in July 2006 and has been a finalist for two book awards. Her weekly columns are syndicated around the country, and her work has appeared in the Wall Street Journal, the Chicago Tribune, the New York Times, Washington Post, and the Reader's Digest. A collection of her essays, Nobody Fixes Real Carrot Sticks Anymore, first published in 1994 is still being published. She has been a commentator on business issues on All Things Considered for National Public Radio. She has served on four boards of directors, including Arizona Public Service (1987-2000), Zealous Capital Corporation, and the Center for Children with Chronic Illness and Disability at the University of Minnesota. She was appointed to the board of advisors for the Institute of Nuclear Power Operators in 2004 and served on the board of trustees for Think Arizona, a public policy think tank. She has appeared on CNBC, CBS This Morning, the Today Show, and CBS Evening News. In 2010 she was named one of the Top 100 Thought Leaders in Business Ethics by Trust Across America. Her books have been translated into four different languages. She received the British Emerald award for authoring one of their top 50 articles in management publications, chosen from over 15,000 articles. Personal: Married since 1976 to Terry H. Jennings, Maricopa County Attorney’s Office Deputy County Attorney; five children: Sarah, Sam, and John, and the late Claire and Hannah Jennings.
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3 Responses to “Like a lot of my Democratic colleagues I was too slow to appreciate the recklessness of Fannie and Freddie. I should have heeded the concerns raised by their regulator in 2004. Frankly, I wish my Democratic colleagues would admit when it comes to Fannie and Freddie, we were wrong.”

  1. Dennis R. Lisonbee says:

    One of the founding principles of the United States was outlined in the Declaration of Independence. It was the concept there is a higher power, something bigger than us, a creator that we were accountable to. The beautiful melody of the Declaration is the freedom our creator endowed us. It is a musical theme woven into all our founding documents. The right to make our own decisions, independent of government or kings or despots. The protection of those rights from those who would deny them by physical force or destroy them by devious seduction is the core of the Constitution.

    This principle of a higher power and personal responsibility made the U.S. unique among nations. It made the people unique among people. Unfortunately the concept of accountability and standing up and taking responsibility for our failures is a character trait seems to be no longer found in the vocabulary of American culture. Excuses that hide the truth seem to be the core of almost every news story today. If the reporter is in your political camp, you get a pass. Bring up accountability and that same reporter will drag you through the mud of public shame.

    To make matters worse, our institutions of higher learning have taught us the ability at rhetoric trumps character and accountability. It is all about the art of “What is, is.” The exception seems to be Representative Davis. Bless you congressman!

    But where are the others? There is a consequence to be suffered for what we have done. A final price must be paid, a payment extracted. Where is the leadership that will guide us through the trial so that we might learn from our mistake? Since only one has stood up and faced the music and no one is hearing the tune, will the consequence be the loss of the light on the hill, the Republic of the United States of America?

  2. Rich says:

    Well, said, Dennis!!!


  3. Michael Taylor says:

    We have so much to be grateful for those who will satnd up for the ideas of our Founding Fathers and the integrity of the great US Constitution. We need more leaders who will hold us to the concepts of freedom found in the greatest legal document ever conceived for the safe expression of our god given rights.

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