Fausta's Blog

American and Latin American Politics, Society, and Culture

September 18, 2008 By Fausta

Obama’s Fannie Mae

Via Ace:

Ace also links to Franklin Raines’ Criminal Enterprise and Barack Obama, His Accomplice

>As an executive at Fannie Mae, Franklin Raines illegally coerced his employees to falsify accounting facts so he’d get a maximum bonus.  The government-backed firm used Enron-like fraud, in part at Raines’s orders, to create the largest bail-out in US history. Raines had the whistleblower fired.  From the Heritage Foundation:

In 2004, after a tip from a whistle blower who was later fired, the Office of Federal Housing Enterprise Oversight (Ofheo) issued a report finding that the government-sponsored entity Fannie Mae had engaged in Enron-like accounting machinations that allowed Fannie to overstate its earnings and underestimate the risk the company faced. The accounting wizardry Fannie engaged in was designed so that Fannie could meet profit targets tomaximize bonus payments to company executives like Clinton administration deputy attorney general Jamie Gorelick and Carter administration assistant director for domestic policy Franklin Raines.

From the ACU:

Following his tenure in Democrat Bill Clinton’s White House as Budget Director, Raines returned to Fannie Mae where he served as Chairman and Chief Executive Officer prior to being forced out over accounting fraud allegations that federal authorities claimed were used to pad his own pocket with tens of millions of dollars in un-earned bonuses on top of his multi-million dollar pay. Raines and other top executives drew multi-million dollar salaries at Fannie Mae for many years.

Although he claimed no wrong doing, Raines agreed to settle the suit with the federal government just this year and agreed to pay back a few million of the near $50 million it had been alleged he obtained illegally through bonuses not due from Fannie Mae.

Now, this criminal is Barack Obama’s campaign adviser.  Only one member of Congress, Barney Frank, Chris Dodd, received more kickbacks from Raines’s Fannie Mae cronies than did Barack Obama – over $120,000 in bribes.
…
Remember Countrywide?  According to BusinessWeek Obama’s financial adviser, Raines, was responsible for its demise, too:

The Countrywide project deemed, “friends of Angelo”or FoA, standing for Friends of Countrywide Chief Executive Angelo Mozilo, apparently provided special loan rates for connected officials. These included Raines, James Johnson (a Democratic party activist and adviser to Sen. Barack Obama who was named to a panel to help choose Obama’s Vice Presidential running mate), Democrat Chairman of the Senate Banking Committee, Senator Christopher Dodd, and the chairman of the Senate Budget Committee, Democrat Kent Conrad.

Fannie Mae and Freddie Mac control almost 50 percent of all mortgages in the United States.  They were started by Democrats, protected by Democrat, funded by Democrats, and absorbed into the government proper at the behest of their paid hacks in the Democrat party.  Conservatives have advocated the demolition of these twin towers of corruption, fraud, and bribery for decades.  But Democrats blocked every attempt to even hold hearings on corruption in Fannie Mae and Freddie Mac.

More, much more to come…

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Filed Under: Barack Obama, business, Democrats, economics, economy, Election2008, politics Tagged With: Fannie Mae, Fausta's blog

Comments

  1. Yehudi says

    September 18, 2008 at 3:25 pm

    Fausta, you forgot Penny Pritzker.

  2. Pat Patterson says

    September 19, 2008 at 1:24 am

    Yehudi-When I saw that name, Penny Pritzker, on some Obama news release I, stupidly in turns out, simply thought she shared the same last name with the Pritzker family. I guess like a lot of things it’s only the Republicans that do things for the money while the Democrats have only the most beneficient and modern attitudes towards the acqusition of the luchre.

  3. Jaime Andres says

    September 20, 2008 at 7:41 am

    I find it entertaining how spin doctors like you guys work.
    Sure Obama got more donations than anyone else except Dodd from Fannie Mae employees. Employees.
    But who got the most from Fannie Mae directors, Lobbyists, etc? People in actual power at Fannie Mae? McCain.

    So basically the average worker with no control over decisions in Fannie Mae wanted Obama, and those who made all the failed decisions wanted McCain.

    Funny how the truth comes out.
    Thanks CNN for being honest in their research.
    http://politicalticker.blogs.cnn.com/2008/09/19/fact-check-did-obama-profit-from-fannie-and-freddie/

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