World Net Daily has an informative article about the relationships of several Obama advisers to the Fannie Mae and Freddy Mac failures. It is found here.
Fannie Mae, Freddie Mac execs now offering advice to Obama
Senator’s links to mortgage giants also include campaign contributions
By Jerome R. Corsi
…”Campaign contributions from Fannie Mae and Freddie Mac made to Barack Obama may backfire if the Democratic presidential hopeful wages an aggressive campaign to cast blame on rival John McCain and the Republicans in Congress for the mortgage-related losses that forced the U.S. Treasury to take over the quasi-governmental mortgage giants…
… records back to 1989 reveals Obama in his three complete years in the Senate is the second largest recipient of Freddie Mac and Fannie Mae campaign contributions, behind only Sen. Christopher Dodd, D-Conn….
…In contrast, McCain warned of the coming mortgage crisis as he pressed in 2005 for regulatory reform of Fannie Mae and Freddie Mac….
…McCain pointed out Fannie Mae’s regulator had stated the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal….
The bill passed the House but was never brought up for a vote in the Senate, largely because of Democratic opposition to change in the Fannie Mae and Freddie Mac regulatory structure that remained in place until the Treasury takeover two weeks ago…
…
In the aftermath of the U.S. government takeover, attention has focused on three Democrats with close ties to Obama who served as Fannie Mae executives: Franklin Raines, former Clinton administration budget director; James Johnson, former aide to Democratic Vice President Walter Mondale; and Jamie Gorelick, former Clinton administration deputy attorney general.
All three Obama-related executives earned millions in compensation from Fannie Mae.
Johnson earned $21 million in just his last year serving as Fannie Mae CEO from 1991 to 1998; Raines earned $90 million in his five years as Fannie Mae CEO, from 1999 to 2004; and Gorelick earned an estimated $26 million serving as vice chair of Fannie Mae from 1998 to 2003, according to author David Frum, a fellow at the American Enterprise Institute.
All three have been involved in mortgage-related financial scandals…
…Gorelick, as Fannie Mae vice chairman, received a bonus of $779,625, despite a scandal in which employees falsified signatures on accounting transactions to manipulate books to meet 1998 earning targets. The moves, in turn, triggered multi-million-dollar bonuses for top executives….
…Gorelick was embroiled in another controversy over an alleged conflict of interest when a 1995 memo she authored as deputy attorney general surfaced while she was a member of the 9/11 commission.
The memo, which became known as the “Gorelick Wall,” appeared to establish barriers that barred federal anti-terrorist criminal investigators from accessing various federal records and databases that may have assisted them in their criminal investigations…
...Raines and several other Fannie Mae top executives were ordered in a civil lawsuit to pay nearly $31.4 million for manipulating Fannie Mae earnings over a period of six years to trigger their massive bonuses….
…Raines currently advises Obama on housing policy.
…Johnson was appointed to head Obama’s vice presidential selection committee, until a controversy concerning an alleged $7 millions in questionable real estate loans he received on favorable terms from failed sub-prime mortgage lender Countrywide Financial surfaced and forced him to step down….
Comment by ZachJonesIsHome: Once again the Media is neglecting this information and neglecting Sen. McCain’s reformer role in 2005! Media is AWOL 90% of the time.
Obama’s campaign is shameful. The Media’s behavior is shameful. What about the allegations that Obama used cocaine and engaged in consensual gay sex with Larry Sinclair in November of 1999? Will the MSM stop taking sides in the election and do their jobs? Will they investigate Mr. Sinclair’s allegations? Will they dig into Obama’s past as hard as they have jumped on Sarah Palin and her 17 year old daughter? Will they look deeply into Obama’s relationships with William Ayers, Rev. Wright, Tony Rezko, Acorn, and all the rest? Will they look into the Democratic involvement in Fannie Mae and Freddy Mac failures? Will they report the roles of Obama’s advisers truthfully? Unfortunately, the answer is No.
To find information the media is not telling the public, go to:
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