Forty: Paulson's Pity for FNM, FRE

In an interview this morning with Leesman on CNBC, Paulson said he "felt sorry" for the managements and directors at FNM and FRE. Paulson steadfastly refused to say one critical word about the two entities, and instead blamed the corporate charters approved by Congress decades ago.

Of course there is a nominal case to be made for this "no living person is to blame" argument. But for crying out loud, Hank, don't tell us you feel sorry for a bunch of multi-millionaires who rode the gravey train until the last stop. That was probably about the dumbest political remark of the decade, right up there with "I didn't inhale."

I think this just goes to show that just because a guy works at Goldman Sachs doesn't mean he's all that smart.