Obama, the second largest recipient of Fannie Mae and Freddie Mac campsign contributions (second only to doddering Dodd) is shtupped his corrupt cronies with golden parachutes.
OBAMA AGAINST SEVERANCE FOR FANNIE MAE FREDDIE MAC EXCEPT HIS FRIEND JIM JOHNSON Digital Press (hat tip Daryl)
UPDATE: Fannie Mae and Freddie Mac problems started by democrat administration personnel. Two Senators receive more campaign contributions from Fannie Mae and Freddie Mac than all others from 1989-2008.
Number 1 - Senator Chris Dodd, former 2008 Democrat candidate for President. Number 2 - Senator Barack Obama, current 2008 Democrat Nominee for President. How did Barack Obama do this after only 4 years as a Senator?
The Politico is reporting; “Jamie S. Gorelick, deputy attorney general in the Clinton administration and a chief policy adviser to Hillary Rodham Clinton, is rumored to be a possible attorney general in an Obama administration. She was vice chairman of Fannie Mae and sat on its board of directors.”
Remember when Barack Obama stood up for his Vice Presidential Search Committee member Jim Johnson? It was June 2008 and Jim Johnson had to resign because of a “controversy” about his time at embattled Countrywide Mortgage. It was not important that Jim Johnson received loans at a below market rate.
It was also largely ignored that Jim Johnson was former CEO of Fannie Mae. It seems that the CEO’s of Freddie Mac and Fannie Mae were cooking the books. The CEO’s have been inflating yearly earnings to receive their annual bonuses! They would then amend the earnings statements later in the year.
Not a single CEO missed their annual bonuses.
This directly affects the perception of Barack Obama’s Judgment!
Barack Obama should be calling out his friend and all of the CEO’s for the illegalities they have committed. The Enron executives are in jail! Remember Ken Lay? (Deceased)
This will not happen because CEO’s like Franklin Raines, former CEO for Fannie Mae are protected by the Democrat Party. It helps when your a close adviser to Barack Obama.
Business Week reported in January 2005:
“On Labor Day, he was a favorite to be Treasury Secretary should John Kerry win the White House. At yearend, he had left under a cloud. The charmed career of Franklin D. Raines — a poor kid from Seattle who climbed through Harvard and a Rhodes Scholarship to become White House budget director and CEO of Fannie Mae (FNM ) — crashed to a halt on Dec. 21. That was six days after the Securities & Exchange Commission’s top accountant declared that mortgage giant Fannie misstated earnings for 3 1/2 years, leading to an estimated $9 billion restatement that will wipe out 40% of profits from 2001 to mid-2004.”
Amazing how the Democrat officials never get the full arm of the law. This Democrat, Raines, would have been rewarded with Treasury Secretary, he was already White House Budget Director under former President William (Bill) Jefferson Clinton. Instead his settlement nets him $114,000 a MONTH!! From us, the taxpayers.