Skip to comments.McCain Needs to Cut This Commercial, Immediately (Video: Obama member of Fannie Mae "Family")
Posted on 09/18/2008 4:27:17 AM PDT by mondonico
Video of Fannie Mae official telling Obama and others of Fannie Mae problems; referring to Obama as member of Fannie Mae "Family".
Franklin Raines, CEO of Freddie Mac is one of his financial advisors and headed up his VP selection team.
This cannot be posted enough!
Three thoughts: the ad should be cut today; the AIG bailout will cost each taxpayer $248.; and I understand the heads physically rolling in the French Revolution more each day.
Sadly, him ignoring the RATS has been the GOP plan for the last 8 years.
It’s “familia”. It’s the Chicago way.
Both are culpable. McCain has also taken donations from these organizations and Davis has lobbied on their behalf for the de-regulation that allowed them to deal in sub-prime loans. Aside from that McCain supported Phil Gramm's co-sponsorship of the de-regulation legislation that set the conditions for this crap.
Obama and the dems may have the love, affection and lion's share of donations from these two organizations, but McCain and Davis are both dirty as well on this and they know it.
Change and Reform. Not. "Country First"- Bulls*&t.
Raines was CEO of Fannie Mae, not Freddie Mac.
From Business Week, Jan 2005...
THE WORST MANAGERS OF 2004: Franklin Raines [CEO] Fannie Mae
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.
Supporters of Raines, 55, insisted that he wasn't culpable for Fannie's misuse of obscure accounting standards. But that argument didn't wash. Raines was in charge in 2001, when Fannie chose to create what the SEC dryly called "its own unique methodology" to calculate the earnings impact of its trillion-dollar portfolio of derivatives. Raines gave Chief Financial Officer J. Timothy Howard free rein and tolerated "weak or nonexistent" financial controls, according to a scathing report issued in September by the Office of Federal Housing Enterprise Oversight, Fannie's regulator.
Worse, the CEO failed to manage the scandal. When sibling Freddie Mac's accounting first came under fire in mid-2003, Raines's arrogant insistence that Fannie was above reproach spurred OFHEO to do a white-glove examination. And when that uncovered the improper bookkeeping, Raines insisted on an SEC review, which he maintained would vindicate Fannie. "Frank was supposed to be the great political risk manager," says independent banking analyst Bert Ely in Alexandria, Va. "Instead, he compounded the problems."
When Fannie's board balked over ousting Raines, OFHEO forced its hand. Raines described his exit as an "early retirement' that was self-initiated and says that it shows he was accountable for the SEC findings. Fittingly, Raines -- a man who built a $54 billion behemoth with his mastery of behind-the-scenes politicking -- went down spinning.
"In June 2008 Wall Street Journal reported that Franklin Raines was one of several politicians who received below market rates loans at Countrywide Financial because the corporation considered the officeholders 'FOA's'--'Friends of Angelo' (Countrywide Chief Executive Angelo Mozilo). He received loans for over $3 million while CEO of Fannie Mae.  Franklin Raines is currently one of Barack Obama's chief economic advisers."
So it could be said that a community organizer organizes donations for his campaign form unlikely sources.
No, McCain got a grand total of $20,000 from Fanny/Freddy PACs; Obama, with NO seniority, got $165,000, second only to Chris Dodd.
Furthermore, McCain TRIED to address the problem in 2005; the Democrat Congress blocked him.
Finally, Freddy/Fanny has been a piggy bank for Dem apparatchiks as they go in and out of government. Exhibit A: Jamie Gorelick — the Clinton justice department official who set up the wall that prevented the FBI from “connecting the dots” on 9/11 and who then covered it up as a 9/11 Commission member, landed a plum position and reaped MILLIONS from Fannie/Freddie.
This really is a winner for McCain.
There’s an ad all in itself. I would think by now team McCain has about a billion emials telling to go after obama on this issue. I think they’ll start this weekend on the talk shows. Hopefully I’m right. If not it’s a major blunder on McCain’s part because he can destroy obama with this issue.
Everybody in D.C. is dirty on this one, including McCain.
Actually it was Jim Johnson, the former Fannie Mae CEO, who was the chairman of the Obama's VP selection committee until he was let go after a Wall Street Journal report that he had received loans worth $1.7 million from the troubled subprime lender, Countrywide Home Loans, through a special arrangement with the companys CEO.
I disagree. My opinion is based on the reported facts. What’s yours based on?
I just saw your tagline. I suspect you’re not, and never will be, a McCain supporter.
How’s that “writing in conservatives” strategy working for you?