Fannie Mae bad guys

[rideron]

Heres two names for ya:

Franklin Raines and Jim Johnson.

Google 'em together with "Fannie Mae" and "Obama" and see what ya get...

[Incorrigible1]

But associations mean nothing!

::cough Wright cough Ayers cough::

[Incorrigible1]

McCain, from a speech delivered today:

SENATOR McCAIN: "Two years ago I called for reform of this corruption at Fannie Mae and Freddie Mac. Congress did nothing. The administration did nothing. Senator Obama did nothing and actually profited from the system of abuse and scandal. While Fannie and Freddie were working to keep congress away from their house of cards, Senator Obama was taking their money. He got more, in fact, than any other member of congress except for the Democratic chairman of the committee that oversees them. And while Fannie Mae was betraying the public trust, somehow its former CEO had managed to gain my opponent's trust to the point where Senator Obama actually put him in charge of his vice presidential search. This CEO, Mr. Johnson, walked off with tens of millions of dollars in salary and bonuses. Guess for what. For services rendered to Fannie Mae. Even after authorities discovered accounting improprieties that padded his compensation.

Another CEO for Fannie Mae, Mr. Raines, has been advising Senator Obama on housing policy. This even after Fannie Mae was found to have committed, quote, extensive financial fraud under his leadership. Like Mr. Johnson, Mr. Raines walked away with, guess what, tens of millions of dollars. Senator Obama may be taking their advice and he may be taking their money but I want to tell you in a McCain/Palin administration, there will be no seat for these people at the policy making table. They won't even get past the front gate at the White House."

In fairness, McCain has received funds, too. Here's the top three receiving funds:

All Recipients of Fannie Mae and Freddie Mac Campaign Contributions, 1989-2008

Name Office State Party Grand Total Total from PACs Total from Individuals

Dodd, Chris S CT D $165,400 $48,500 $116,900

Obama, Barack S IL D $126,349 $6,000 $120,349

Kerry, John S MA D $111,000 $2,000 $109,000

The 33rd highest total received by a Senator:

McCain, John S AZ R $21,550 $0 $21,550

[bathory]

So McCain took their money and proceeded to be highly critical?

Integrity

[Incorrigible1]

So McCain took their money and proceeded to be highly critical?

Integrity

He didn't hire the head-rat as his advisor. How many bad choice associates is BHO granted?

[BlindMessiah]

He didn't hire the head-rat as his advisor. How many bad choice associates is BHO granted?

Seventy-seven

[Incorrigible1]

Seventy-seven

It seems he's only half-ways there. Maybe I'll vote for him!

[Lt_Ripley]

"I understand the economy. I was chairman of the Commerce Committee that oversights every part of our economy." --ignoring the fact that it is actually the Senate Banking Committee which is responsible for credit, financial services, and housing -- the very areas currently in crisis, CNBC interview, Sept. 16, 2008

On 11/19/93, McCain took to the Senate floor to support an early financial deregulation bill and decry what he called "the tremendous regulatory burden imposed on financial institutions." The guy who now claims to be the trustbusting Teddy Roosevelt back then lamented "the rapidly increasing regulatory burden imposed on banks is to cause them to devote substantial time, energy and money to compliance rather than meeting the credit needs of the community."

Ten years later, McCain was bragging to the Associated Press that "I have a long voting record in support of deregulation," and to CNN that "I am a deregulator. I believe in deregulation."

And, during this year's presidential campaign taking place in the shadow of financial meltdown, McCain was only months ago insisting on PBS that "we need less government [and] less regulation" and that "I'm always for less regulation."

and it's lack of regulation which led to the demise of Fannie Mae .

He started his political life in DC in the Keating Five scandal. McCain used his influence to deflect regulators from investigating Charles Keating's troubled S&L, Lincoln Savings. Thanks to McCain's involvement the US taxpayers ended up getting stuck with the $2.6 billion.

Fast forward to this campaign where McCain has relied on Phil Gramm, former Senator who set up the economic problems on Wall Street today and who now works for exclusive Swiss bank UBS. Gramm helped rescue a failing McCain campaign last year and McCain has repeatedly referred to Gramm as his economic brain and his rumored Treasury Secretary. Gramm has a long history of changing Wall Street rules, creating an "anything goes" atmosphere that never, ever, never includes regulation. So for McCain to suggest he is now in favor of regulation is a ridiculous assertion. Who honestly believes that 72 year old John McCain, without any history of encouraging regulations on Wall Street, can change and suddenly be in the lead on regulation? C'mon.

McCain's own campaign staffers are those special interests, a fact that casts doubt on both McCain's hiring judgment and his ability to pursue tough reforms of Fannie and Freddie.

Aquiles Suarez, listed as an economic adviser to the McCain campaign in a July 2007 McCain press release, was formerly the director of government and industry relations for Fannie Mae. The Senate Lobbying Database says Suarez oversaw the lending giant's $47,510,000 lobbying campaign from 2003 to 2006.

And other current McCain campaign staffers were the lobbyists receiving shares of that money. According to the Senate Lobbying Database, the lobbying firm of Charlie Black, one of McCain's top aides, made at least $820,000 working for Freddie Mac from 1999 to 2004. The McCain campaign's vice-chair Wayne Berman and its congressional liaison John Green made $1.14 million working on behalf of Fannie Mae for lobbying firm Ogilvy Government Relations. Green made an additional $180,000 from Freddie Mac. Arther B. Culvahouse Jr., the VP vetter who helped John McCain select Sarah Palin, earned $80,000 from Fannie Mae in 2003 and 2004, while working for lobbying and law firm O'Melveny & Myers LLP. In addition, Politico reports that at least 20 McCain fundraisers have lobbied for Fannie Mae and Freddie Mac, pocketing at least $12.3 million over the last nine years.

For years McCain campaign manager Rick Davis was head of the Homeownership Alliance, a lobbying association that included Fannie Mae, Freddie Mac, real estate agents, homebuilders, and non-profits. According to Politico, the organization opposed congressional attempts at regulation of Fannie and Freddie, along the lines of what John McCain is currently proposing. In his capacity of president of the group, Davis went on record in 2003 and insisted that no further reform of the lenders was necessary, in contradiction to his current boss's sentiments. "[Fannie and Freddie] are subject to an innovative and stringent risk-based capital stress test," Davis wrote. "The toughest in the financial services industry."

At a campaign rally Wednesday morning in Fairfax, Virginia, John McCain said that the heads of Fannie Mae and Freddie Mac ought to give back the millions of dollars they've earned. What about the lobbyists who helped Fannie and Freddie game the system? Maybe McCain can ask them — at the next campaign strategy meeting.

[Incorrigible1]

McCain's own campaign staffers are those special interests, a fact that casts doubt on both McCain's hiring judgment and his ability to pursue tough reforms of Fannie and Freddie.

Aquiles Suarez, listed as an economic adviser to the McCain campaign in a July 2007 McCain press release, was formerly the director of government and industry relations for Fannie Mae. The Senate Lobbying Database says Suarez oversaw the lending giant's $47,510,000 lobbying campaign from 2003 to 2006.

Resorting to plagiarism? Posting Mother Jones' blog as you own?

http://www.motherjones.com/mojoblog/archiv...ie_freddie.html