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Look who’s advising Obama! Fannie Mae, Freddie Mac execs
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sirjohn
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sirjohn
9/19/08 12:38 AM (803 visitas)

Look who’s advising Obama! Fannie Mae, Freddie Mac execs

Senator’s links to mortgage giants also include campaign contributions

September 17, 2008

By Jerome R. Corsi


NEW YORK – 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.

A review of Federal Election Commission 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., the powerful chairman of the Senate banking committee. Dodd was first elected to the Senate in 1980.

According to OpenSecrets.com, from 1989 to 2008, Dodd received $165,400 in Fannie Mae and Freddie Mac campaign contributions, including contributions from PACs and individuals, followed by Obama, who received $126,349 in such contributions since being elected to the Senate in 2004.

In contrast, McCain warned of the coming mortgage crisis as he pressed in 2005 for regulatory reform of Fannie Mae and Freddie Mac.

“For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac – known as government-sponsored entities or GSEs – and the sheer magnitude of these companies and the role they play in the housing market,” McCain said on the floor of the Senate in 2005, speaking in favor of the Federal Housing Enterprise Regulatory Reform Act of 2005.

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.

As evidenced by the failure to pass the Federal Housing Enterprise Regulatory Reform Act of 2005, the Democrats in Congress have repeatedly fought back Republican Party efforts to reform the two mortgage banking giants.

Instead, Democrats in Congress have sought to preserve the quasi-governmental status of the mortgage giants, seeing Fannie Mae and Freddie Mac as places to locate former top Democratic Party operatives, where they have earned millions in compensation, despite a continuing series of financial scandals. Enron-like accounting manipulation, for example, boosted earnings to a level at which massive executive bonuses could be paid.

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.

In 1998, according to the Washington Post, 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.

According to the Associated Press, 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 was also forced in the settlement to give up Fannie Mae stock options valued at $15.6 million.

Last year, the Securities and Exchange Commission alleged Freddie Mac had engaged in accounting fraud from 2000 to 2002, imposing a $50 million fine on the company and on four executives fines for amounts ranging from $65,000 to $250,000.

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.

WND previously reported a panel chaired by Elena Kagan, dean and professor of law at Harvard Law School, speculated at the June two-day meeting of the American Constitution Society that Gorelick was a possible attorney general cabinet appointment if Obama should be elected president.

The decision by the U.S. Treasury to take over Freddie Mac and Fannie Mae could end up costing the U.S. taxpayer as much as $100 billion, although the extent of losses at the two giant mortgage companies remains to be determined.

According to the Wall Street Journal, Freddie and Fannie own or guarantee about $5.2 trillion worth of mortgages.

The riskiest loans held by Freddie and Fannie are known as “Alt-A” and sub-prime mortgages, worth about $780 billion, or about 15 percent of the total portfolio.

The federal government takeover of Freddie and Fannie passes to U.S. taxpayers the contingent liability for failures in the entire $5.2 trillion loan portfolio held by the two mortgage giants.

Over the past four quarters, Freddie and Fannie have suffered losses of about $14 billion, as the mortgage market has been hit by a wave of defaults and foreclosures not seen in the U.S. since the 1930s.

   

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Re: Look who’s advising Obama! Fannie Mae, Freddie Mac execs
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sirjohn
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sirjohn
9/19/08 11:32 AM (774 visitas)

THE MARKET IS UP BIG TIME IN SPITE OF ALL THE DEMOCRATS' EFFORTS TO DERAIL THE ECONOMY!!!

The Hyperbole Market — It’s the Worst
Rasmussen ^ | 9/17/08 | Debra Saunders

John McCain was right when he said Monday that despite the bad news about Lehman Brothers filing for bankruptcy and AIG trolling for help from Uncle Sam, “the fundamentals of our economy are strong.” As politicians running for the White House learn, honesty is a commodity best used sparingly on the campaign trail. Voters apparently believe that America is in a terrible recession — even though the gross domestic product grew at an annual rate of 3.3 percent last quarter and grew by some .09 percent in 2008’s first quarter. When the public is in full panic mode, McCain could take a lesson from Barack Obama, who is running ahead of the stampede.

On the campaign trail Wednesday, Obama bemoaned “the most serious financial crisis in generations.” He said the exact same words the day before. You can tell it’s the most serious financial crisis in generations because the unemployment rate is 6.1 percent — which, The Chronicle reports, represents a “five-year high.” When the unemployment rate was 5.7 percent in July, that was a “four-year high.” The Associated Press reports that the number of troubled banks is also at a “five-year high.” Five-year highs? These are the statistics that herald the worst financial crisis since the Great Depression?

Remember last month when oil, having hit the price of $145 per barrel, was the issue on which the election would hinge? Forget it. Oil is now selling at below $100 per barrel, but that bit of good news is buried in the deluge of doom-and-gloom reports.

“The most serious financial crisis in generations?”

Donald Luskin, a chief investment officer with the Menlo Park investment research firm TrendMacrolytics and an economic adviser to McCain — who tells me he has never talked to McCain — remarked that if Obama “had a little bit more experience,” he would “put these things in more context.” Luskin has lived through five or six recessions, and “this ain’t one.”

It isn’t a recession because the U.S. economy has grown in both of the last two quarters. Read: It is not receding.

And while Luskin sees the unemployment rate as “a little high,” it is “not as high as it typically is in a recession.” Yes, Luskin is concerned about inflation, now at 5.4 percent. The drop in oil prices may help.

Of course, it should be of concern to taxpayers that Uncle Sam has had to bail out AIG with an $85 billion loan, to shore up mortgage giants Fannie Mae and Freddie Mac and to facilitate JPMorgan’s purchase of Bear Stearns to the tune of $30 billion. Also, the drop in home prices and rise in foreclosures — thanks to rapacious lending practices — has hit many families in their biggest asset.

Let me add, life’s no picnic when you work in the shrinking newspaper industry.

The fact that the economy has grown despite all of the above — and 9/11 and an unrelenting Democratic campaign to talk this economy down — is proof that the fundamentals of the American economy are strong.

Luskin questioned what has happened to politics, when a candidate “must pretend this is a recession or you’re seen as hard-hearted.” And: “What does it say when we can’t be nuanced? And we can’t say, ‘Look, we’re in a little bit of a slowdown, but the fundamentals are strong’?”

The answer, of course, is that Democrats can’t win without trashing the economy. As Luskin pointed out in a piece in Sunday’s Washington Post, in Obama’s famed anti-Iraq war speech back in 2002, the then-Illinois state senator suggested the war was waged “to distract us from corporate scandals and a stock market that has just gone through the worst month since the Great Depression.”

In fact, the stock market had four bigger one-month drops since the Great Depression, but facts don’t matter. The winning candidate in 2008 may well be the man who can say the worst things about the American economy. That’s how he shows he really cares.

   

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Re: Look who’s advising Obama! Fannie Mae, Freddie Mac execs
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sirjohn
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sirjohn
9/19/08 11:36 AM (770 visitas)

McCain goes on offense, links Obama to credit crisis

September 18, 2008 by Ed Morrissey


John McCain shifted gears in Iowa today and reminded voters in Cedar Rapids that he predicted the outcome of the credit crisis two years ago, and few bothered to act.

McCain also aggressively painted Barack Obama as a prime example of do-nothing politicians co-opted by lobbyist money. His speech pointed out the amount of money Obama has received from Fannie/Freddie donors and the advisers he uses that helped create the crisis:

Senator Obama talks a tough game on the financial markets but the facts tell a different story. He took more money from Fannie and Freddie than any Senator but the Democratic chairman of the committee that regulates them.

OBAMA put Fannie Mae’s CEO who helped create this disaster in charge of finding his Vice President.

Fannie’s former General Counsel is a senior advisor to his campaign. Whose side do you think he is on? When I pushed legislation to reform Fannie Mae and Freddie Mac, Senator Obama was silent. He didn’t lift a hand to avert this crisis.

While the leaders of Fannie and Freddie were lining the pockets of his campaign, they were sowing the seeds of the financial crisis we see today and enriching themselves with millions of dollars in payments. That’s not change, that’s what’s broken in Washington.

He also goes after the Brave Sir Robin Congress:
Those same Congressional leaders who give Senator Obama his marching orders are now saying that this mess isn’t their fault and they aren’t going to take any action on this crisis until after the election.

Senator Obama’s own advisers are saying that crisis will benefit him politically. My friends, that is the kind of me-first, country-second politics that are broken in Washington.

And he rips Joe Biden and his comment this morning about taxes being “patriotic”:


Today Senator Obama’s running mate said that raising taxes is patriotic. Raising taxes in a tough economy isn’t patriotic. It’s not a badge of honor. It’s just dumb policy.


This shows a rapid response capability that could turn this into a solid campaign theme for McCain. Today is Thursday. If Team McCain hammers on Biden’s inept comment, especially as a way to show that Obama/Biden would raise taxes as a matter of first recourse in any situation, then he could own the weekend news cycle with both that and Obama’s inaction to, and coziness with, the Fannie/Freddie people who in large part created the problem in the first place.

Full speech follows …
I’m happy to be introduced by Governor Palin, but I can’t wait until I introduce her to Washington. Let me offer an advance warning to the big spending, greedy, do nothing, me first, country second crowd in Washington and on Wall Street: change is coming.


We need reform in Washington and on Wall Street. The financial markets are in crisis. Times are tough. Enormous strain is being put on working families and individuals in America. I know that the events unfolding can be difficult to understand for many Americans. The dominos that we have seen fall this week began with the corruption and manipulation of our home loan system. The reason this crisis started was the abuses that took place within our home loan agencies, Fannie Mae and Freddie Mac and within our home loan system.


Two years ago I warned this Administration and Congress that regulations for our home loan agencies, Fannie Mae and Freddie Mac, needed to be fixed…
But nothing was done.


Senator Obama talks a tough game on the financial markets but the facts tell a different story. He took more money from Fannie and Freddie than any Senator but the Democratic chairman of the committee that regulates them. OBAMA put Fannie Mae’s CEO who helped create this disaster in charge of finding his Vice President. Fannie’s former General Counsel is a senior advisor to his campaign. Whose side do you think he is on?

When I pushed legislation to reform Fannie Mae and Freddie Mac, Senator Obama was silent. He didn’t lift a hand to avert this crisis. While the leaders of Fannie and Freddie were lining the pockets of his campaign, they were sowing the seeds of the financial crisis we see today and enriching themselves with millions of dollars in payments. That’s not change, that’s what’s broken in Washington.


There was no transparency into the books of Wall Street banks. Banks and brokers took on huge amounts of debt and they hid the riskiest investments. Mismanagement and greed became the operating standard while regulators were asleep at the switch.

The primary regulator of Wall Street, the Securities and Exchange Commission (SEC) kept in place trading rules that let speculators and hedge funds turn our markets into a casino. They allowed naked short selling — which simply means that you can sell stock without ever owning it. They eliminated last year the uptick rule that has protected investors for 70 years. Speculators pounded the shares of even good companies into the ground.


The Chairman of the SEC serves at the appointment of the President and has betrayed the public’s trust. If I were President today, I would fire him.


We cannot wait any longer for more failures in our financial system. Structures like the resolution trust corporation that dealt with the failed savings and loan industry were designed to clean up the system and worked. Today we need a plan that doesn’t wait until the system fails. I am calling for the creation of the mortgage and financial institutions trust – the MFI. The priorities of this trust will be to work with the private sector and regulators to identify institutions that are weak and take remedies to strengthen them before they become insolvent. For troubled institutions this will provide an orderly process through which to identify bad loans and eventually sell them.


This will get the treasury and other financial regulatory authorities in a proactive ------------- instead of reacting in a crisis mode to one situation after the other. The MFI will enhance investor and market confidence, benefit sound financial institutions, assist troubled institutions and protect our financial system, while minimizing taxpayer exposure. Tomorrow I will be talking in greater detail about the crisis facing our markets and what I will do as President to fix this crisis and get our economy moving again.


Senator Obama has never made the kind tough reform we need today. His idea of reform is what his party leaders in Congress order him to do. We tried for bipartisan ethics reform and he walked away from it because his bosses didn’t want real change. I know how to make the change that Senator Obama and this Congress is afraid of. I’ve fought both parties to shake up up Washington and I’m going to do it as President.


Those same Congressional leaders who give Senator Obama his marching orders are now saying that this mess isn’t their fault and they aren’t going to take any action on this crisis until after the election. Senator Obama’s own advisers are saying that crisis will benefit him politically.

My friends, that is the kind of me-first, country-second politics that are broken in Washington. My opponent sees an economic crisis as a political opportunity instead of a time to lead. Senator Obama isn’t change, he’s part of the problem with Washington.


When AIG was bailed out, I didn’t like it, but I understood it needed to be done to protect hard working Americans with insurance policies and annuities. Senator Obama didn’t take a -------------. On the biggest issue of the day, he didn’t know what to think. He may not realize it, but you don’t get to vote present as President of the United States.


While Senator Obama and Congressional leaders don’t know what to think about the current crisis, we know what their plans are for the economy.

Today Senator Obama’s running mate said that raising taxes is patriotic. Raising taxes in a tough economy isn’t patriotic. It’s not a badge of honor. It’s just dumb policy. The billions in tax increases that Senator Obama is proposing would kill even more jobs during tough economic times. I’m not going to let that happen.


I have seen tough times before. I know how to shake-up Wall Street and Washington. I will get this economy moving. I will lead us through this crisis by fighting for you, and when I am President we will be stronger than ever before.

   

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Re: Look who’s advising Obama! Fannie Mae, Freddie Mac execs
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sirjohn
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sirjohn
9/19/08 05:33 PM (768 visitas)

LIDERES HISPANOS DEMOCRATAS POR McCAIN/PALIN.  LOS HISPANOS PONEN EL BIEN DE LA NACION POR ENCIMA DE TODO PARTIDISMO

INCREMENTA SU FUERZA EL TSUNAMI DE LIDERES HILLARISTAS QUE APOYAN A McCAIN

Former Hillary Clinton Activists Miguel D. Lausell and Luchy Secaira Endorse John McCain

ARLINGTON, VA -- The McCain-Palin presidential campaign today announced the endorsement of Miguel D. Lausell, Senior Political Advisor to Hillary Clinton, and Clinton Delegate-at-Large Luchy Secaira.

"Although I supported Hillary during the primaries, I now support John McCain and Governor Palin because I am putting my country first," said Secaira, former Hillary Clinton Florida Delegate-at-Large. "They have the experience and judgment to lead America through these difficult times, and I trust them to work with Democrats to do the right thing for our country."

Lausell, who advised Senator Clinton on a variety of issues including international trade, telecommunications and Latino affairs, added, "John McCain has a long record of reforming government and working across the aisle to achieve bipartisan results. His courageous leadership is exactly what we need in the White House, and I am convinced that John McCain is the right leader at the right time for our nation."

Both Lausell and Secaira supported Sen. Hillary Clinton during the primaries, but they will campaign for the McCain-Palin ticket.

Lausell has served as President and CEO of the Puerto Rico Telephone Company; Executive Director of the Puerto Rico Telephone Authority; a member of the Governor of Puerto Rico's Economic Strategic Council; President of the Export Policy Commission of Puerto Rico; and Undersecretary of the Department of the Treasury of Puerto Rico. He served on the National Finance Board of the Gore 2000 Committee and was a member of the Democratic National Committee's Leadership 2000 Board.

Secaira, who is of Dominican descent, traveled to eight states to coordinate grassroots efforts for Senator Clinton, has a doctorate of neuropsychology and was trained at New York University.


   

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Re: Look who’s advising Obama! Fannie Mae, Freddie Mac execs
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joyafina88
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joyafina88
9/20/08 12:27 AM (763 visitas)

eso quiere decir que los culpables de esta economia son los democratas,,, Y AHORA LE QUIEREN HECHAR LA CULPA A BUSH QUE HIPOCRITAS SON ESOS VIEJOS,,,,, LA VERDAD ES QUE YA NO SE PUEDE CONFIAR EN LOS DEMOCRATAS..
   

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Re: Look who’s advising Obama! Fannie Mae, Freddie Mac execs
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Miembro - Diamante noritaita
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noritaita
9/20/08 02:13 PM (758 visitas)

 
 
 
 
MIREN LA ULTIMA FOTO AQUI Y VEAN QUIEN ESTA ACONSEJANDO Y DE LA MEJOR FORMA POSIBLE... A BARACK HUSSEIN OBAMA.
 
 
 
 
 
 
 
 
En estas fotos podemos ver a...
 
 
Jesse Jackson, "lider de los derechos humanos" en los Estados Unidos... es una persona bastante conocida.
 
 
 
 
 
 
 
 
 
Aqui lo vemos hace muchos años fumando visitando y fumando tabaquito, con Fidel Castro.

 
Jesse20jackass20and20fidel20castroJesse_jackson_and_fidel_castroJessefidel
 
 
Aqui tambien vemos a Jesse Jackson... con Hugo Chavez, al que tambien admira y ha ido a visitar a Venezuela, del que habla maravillas cada vez que puede.
 
 
 
 
 
 
 
 
Ese mismo Jesse Jacskon es amigo de Hussein Obama, al que apoya fervientemente, para que gane la presidencia de los Estados Unidos.
 
Dios nos guarde.
 
 
 
 
 
 
 
 
 
 
HUSSEIN OBAMA HA CONTRATADO A MAS DE 300 EXPERTOS EN POLITICA PARA QUE LO ACONSEJEN... QUE DINERAL TAN DESPERDICIADO Y TODO PARA GANAR... COMO SEA...  LAS ELECCIONES.
 
AHORA TAMBIEN SE HAN "CONQUISTADO" A ALGUNOS ACTORES DE HOLLYWOOD.
 
   

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Re: Look who’s advising Obama! Fannie Mae, Freddie Mac execs
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justiciero970
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justiciero970
9/21/08 03:54 PM (752 visitas)

John McCain & Sarah Palin

   

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Re: Look who’s advising Obama! Fannie Mae, Freddie Mac execs
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sirjohn
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sirjohn
9/21/08 06:26 PM (748 visitas)

The Economist Offers a Cure for Obamamania
by Human Events

 09/19/2008


“If you find yourself believing that ‘we are the ones we’ve been waiting for’, or that ‘this is the moment when the rise of the oceans began to slow’…the chances are that you are suffering from a severe case of Obamamania,” writes The Economist in this weeks print edition and they say they have the cure — it’s David Freddoso’s new book “The Case Against Barack Obama”.

The Economist rarely publishes such political book reviews and throughout history has been a “centrist” magazine. They have “backed conservatives such as Ronald Reagan and Margaret Thatcher… supported the Americans in Vietnam. But…also endorsed Harold Wilson and Bill Clinton, and espoused a variety of liberal causes” says their about us section.

Click here to read The Economist’s full review of “The Case Against Barack Obama”

The highly regarded publication calls Freddoso’s book “a well-researched, extensively footnoted work,” saying, “It aims not so much to attack Mr Obama as to puncture the belief that he is in some way an extraordinary, mould-breaking politician.”

The Economist writes that “Unlike the authors of some of the cruder attacks on Mr Obama, Mr Freddoso works for a well-respected organization, the online version of the National Review.”

For those who cling to the belief that any criticism of Obama must lacking credibility, or lumped with those that are, The Economist’s conclusion is a slap in the face that should return them to reality.


   

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