And let’s not forget Barack himself! This is the first portion of mandatory reading. I am posting just a teaser, but please take the time to read the info and email the link to everyone in your address book. (H/T Ace)
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.
Continue reading and please email the link!
Dan at Protein Wisdom has these must read links:
A Glaring Omission
In the WaPo’s otherwise useful overview of what went wrong with Fannie and Freddie, a curious omission: the four biggest recipients of Fannie and Freddie’s congressional largesse–Dodd, Kerry, Obama and Clinton–are nowhere mentioned, unless one clicks on a :
GOP Screwing Up
ABC’s malicious editing of the Palin interview deserves the coverage it’s getting, but . . .
Meanwhile, Rangel’s skating on his interesting ways and means; the story about :
Country First
From the WaPo:
Taxpayers face a tab of as much as $200 billion for a government takeover of Fannie Mae and Freddie Mac, the formerly semi-autonomous mortgage finance clearinghouses. And Sen. Christopher Dodd, the Democratic chairman of :
World Threatens Harshness
So you can understand my pessimism. But it’s now combined with a rising frustration. I watch as the Democrats stumble, uncertain how to take on Sarah Palin. :
ACORN! Why did Fannie and Freddie make so many unsound loans?
Because Obama’s buddies in ACORN pressured them to. And then (as the video in a previous post noted) Fannie’s CEO called Barack Obama a member of the “family” and thanked him for pressuring him to make unsound loans.
Which you now have to subsidize.
And Barack Obama’s Finance Chair, Penny Pritzker, has a “special place” in engineering the sub-prime meltdown:
“The [sub-prime] financial engineering that created the Wall Street meltdown was developed by the Pritzkers and Ernst and Young, working with Merrill Lynch to sell bonds securitized by sub-prime mortgages,” Timothy J. Anderson, a whistleblower on financial and bank fraud, told me in an interview.
“The sub-prime mortgages,” Anderson said, “were provided to Merrill Lynch, by a nation-wide Pritzker origination system, using Superior as the cash cow, with many millions in FDIC insured deposits. Superior’s owners were to sub-prime lending, what Michael Milken was to junk bonds.”
This entire scandal has the Democrats’ fingerprints all over it. And Obama’s right in the middle! People need to work for the American Dream. It was never a promise it was a goal. People need to work hard, save money, have good credit and make good choices in order to achieve the dream. That dream has turned into our NATIONAL NIGHTMARE!
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ACORN is aradical bunch of hooligans they invaded congressional HQ few years ago waving food trays AND ACORN IS A NUT AND THEY ARE ALL A BUNCH OF SOCLIALISTS NUTS WHERES CHIP AND DALE?;;)=p~
Well stated, my friend. I just wish it did not have to be true. There is nothing we can do with a spineless republican party. Did you see one, ONE, investigation coming from our side? Neither did I. *sigh* (GRRRR)
Yea, McCain and his economic advisor Phil Gramm have NOTHING to do with this deregulated meltdown! LOL!!:d
Democrats created the Fannie Mae and Freddie Mac problems years ago, in a well intentioned but failed effort to allow low income groups to buy houses. They stopped ALL eforts at reform until it was too late. Now they are trying to blame Bush, McCain and Republicans, everyone but themselves. That’s the Gods truth and here is the proof:
http://strategicthought-charles77.blogspot.com/2008/09/democrats-created-fannie-mae-and.html