Nothing. What position does he hold now? Hedge fund manager. Cramers opinion means more at this point in the game. It would not surprise me if some of the banks do not seek him out for damages. You can add Barney Frank to that short list of idiots out of power.
The remarks of the former Treasury secretary who helped place the GSEs under "Conservatorship" further exposed the issue to the public for an open debate. Nobody denies the share of responsibility of the GSEs in the housing bubble that caused the current recession and nobody denies the GSEs need "overhaul", reforming, etc. But, what about the banks? Did they do any better in the whole financial crisis? If they had been clean and had not passed on bad mortgage loans to GSEs, they would not have been demanded to pay huge amounts of settlement money or buy back bad loans from GSEs. Then, take Goldman Sachs for example. Paulson was its CEO before coming to head the Treasury. That bank was near bankruptcy in 2008 and survived only through a multiple billion bail-out from Warren Buffet. And only recently a former Goldman Sachs trader was reported to admit guilty to a fraud concerning a 83 billion affair. Banks or GSEs, each has its own problem and they all need reform and "overhaul", but such reforms or re-organization should be done in a way that is best for the recovery of US economy and hence best for the nation as a whole.