These are the 3 guys that took down wall street as bigwigs at Fannie/Freddie… and guess where they are now?
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They are Obama advisors.
Make sure to follow the link… they do an excellent job of breaking it down, but below are a few snips for you!
Franklin Raines was a Chairman and Chief Executive Officer at Fannie Mae. He served as President Bill Clinton’s Budget Director. Raines was forced to retire from his position with Fannie Mae when auditing discovered severe irregulaties in Fannie Mae’s accounting activities. At the time of his departure The Wall Street Journal noted, “ Raines, who long defended the company’s accounting despite mounting evidence that it wasn’t proper, issued a statement late Tuesday conceding that “mistakes were made” and saying he would assume responsibility as he had earlier promised. News reports indicate the company was under growing pressure from regulators to shake up its management in the wake of findings that the company’s books ran afoul of generally accepted accounting principles for four years.”
http://www.washingtonpost.com/wp-dyn/content/discussion/2006/02/23/DI2006022301805.html
-Snip-
Tim Howard – Was the Chief Financial Officer of Fannie Mae. Howard, “was a strong internal proponent of using accounting strategies that would ensure a “stable pattern of earnings” at Fannie. In everyday English – he was cooking the books.
http://www.signonsandiego.com/uniontrib/20041230/news_lz1ed30bottom.html
http://www.usatoday.com/money/companies/regulation/2004-09-24-fannie-cfo_x.htm
The Government Investigation determined that, “Chief Financial Officer, Tim Howard, failed to provide adequate oversight to key control and reporting functions within Fannie Mae,”
http://www.usatoday.com/money/companies/regulation/2004-09-24-fannie-cfo_x.htm
-Snip-
Jim Johnson: A former aid to Walter Mondale, a former executive at Goldman Sachs and Lehman Brothers and who was later forced from his position as Fannie Mae CEO, was hired as a Senior Obama Finance Advisor. Johnson is so senior that he was selected to run Obama’s Vice Presidential Search Committee, the Committee that selected Joe Biden.
http://www.associatedcontent.com/article/781141/barack_obama_taps_former_fannie_mae.html
The National Review suggested – “Look at the former Fannie Mae Chief Obama choose for the job (selecting Biden). …. specifically, look at the Office of Federal Housing Enterprise Oversight’s May 2006 report on mismanagement and corruption inside Fannie Mae, and you’ll see some interesting things about Johnson. Investigators found that Fannie Mae had hidden a substantial amount of Johnson’s 1998 compensation from the public, reporting that it was between $6 million and $7 million when it fact it was $21 million.”
http://corner.nationalreview.com/post/?q=NWM3MDFkM2QwNzRjODk3NWZhZTc3OGIxNDQ4Nzc2NDc
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Filed under: Barack Obama Tagged: | Bailout, Fannie, Freddie, Howard, Johnson, Mac, Mae, Obama, Raines, wall street
I know; sickening, isn’t it?
Oddly, you fail to include McCain’s extensive, cozy ties to Fannie & Freddie…
From the New York Times: http://www.nytimes.com/2008/09/22/us/politics/22mccain.html?ref=politics
“Senator John McCain’s campaign manager was paid more than $30,000 a month for five years as president of an advocacy group set up by the mortgage giants Fannie Mae and Freddie Mac to defend them against stricter regulations, current and former officials say.”
From the Washington Post http://www.washingtonpost.com/wp-dyn/content/article/2008/07/16/AR2008071602565.html
“Rick Davis, McCain’s campaign manager, was president of the Homeownership Alliance, which advocates the expansion of homeownership through low-interest mortgages funded by Fannie and Freddie. Arthur B. Culvahouse Jr., who is heading McCain’s vice presidential vetting panel, was a lobbyist for Fannie Mae. Mark Buse, a longtime McCain aide, lobbied for Freddie Mac before returning to McCain’s Senate staff.
And the list of Republican Fannie and Freddie lobbyists includes some of its most notable rogues — including Tony Rudy, Edwin Buckham, Kevin Ring and David H. Safavian, all of whom were linked to the Jack Abramoff lobbying scandal — as well as some of its leading power brokers, from Reagan White House chief of staff Kenneth M. Duberstein to uberlobbyists Vin Weber and Tom Korologos. Alberto R. Cardenas, one of McCain’s top fundraisers, has lobbied for Fannie Mae, as have former Montana governor Marc Racicot and tax-cut advocate Grover Norquist.”
Bob… 300k as a tangential consultant is much different than being CEO and reaping TENS OF MILLIONS.
In 3 years, Obama collected more than FOUR TIMES what McCain did OVER A 19 YEAR SPAN.
well being paid as an advocate for what appeared to be a legitimate business and being the cause of serious financial issues for millions are 2 different things. browsing the net I only was able to find ties to Obama with Jim Johnson other than a reported “couple of phone calls from the Obama campaign” as stated by Franklin Raines. another note why would you elect someone to be president of this country that refuses to even honor the american flag?
Hiring someone after a disaster and/or illegal activity is one thing. Being paid by this same person (while his disaster and/or illegal activity) to “look to the other side” or even actively promote laws that favor him is quite another.
The Politics of a banana republic is with us!! The world must be laughing
We cannot put these people in prison…they are followers of “the one”
Dear “Someone Who Researches”
I would be more than glad to post the information you left as a comment, but it looks like a copywrited copy/paste to me. Please provide your source.
If this is original research just for me, I am flattered that I ignited such a strong and obviously time consuming response (ROFL) and would be more than happy to put it back up.
have a great day!
[...] Who Are Franklin Raines, Tim Howard and Jim Johnson? These are the 3 guys that took down wall street as bigwigs at Fannie/Freddie… and guess where they are [...] [...]
False. While some of them had connections with the Obama campaign, NONE of them have ongoing roles as chiel econmic advisors
http://www.snopes.com/politics/obama/fanniemae.asp
MoDan… I dont see the words CHIEF in the above posts. I see economic advisor and head of the vp search.
but just because one does not have a title does not mean that they dont have significant input and influence.
What difference does it make as to who did what? Neither side is honorable, both sides reaped millions of dollars off this fiasco. It’s time the American people took back the control of this country so our children and their children live in a “free” country. When gas goes to below $90 a barrel but we can’t lower the price because the oil companies may not make a profit, and we the public buy into that, we all should ask ourselves what we are doing to change this country and how it does business.
Susan, the point is that John McCain tried to do the right thing… he was shot down by the very people Obama has chosen to surrond himself with as advisors.
Who provides the real change? It ain’t Obama…
Ask the people of Illinois what Obama did here, they don’t have an answer. He is tied to the biggest political machine in the country here in Illinois. I live in Cook County and Obama did nothinng to help with our tax situation, the highest in the nation. No one wants to talk about that.
[...] Raines and Jim Johnson sit in that chair for a while? Let’s not forget about Fammie Mae CFO, Tim Howard [...]
Look, the way I see it…is change is not going to happen with Obama….he may be eloquent in speaking but he sure can tap dance! He has said nothing…nothing at all!
Oh and if I may add, with all these changes he claims he can do…..just how does he think he will pay for it all?! I mean it won’t be in cutting military because from what he says they are all going to Afganistan.
Do you really truly feel a man with 4 years experience is qualified to run this country? Just ask yourself if you were doing the hiring for an executive position in a company with major responsiblity…would you really consider hiring someone with just minimal experience?! Well fellow americans…that is what you are basically doing. If he should get in….it would be a very bad mistake, with more to come.
But then again, Marion Barry was re-elected as Mayor of DC after he was caught on film smoking crack! Now that was a highly educated vote…don’t you think?
[...] Who Are Franklin Raines Tim Howard and Jim Johnson 2008? [...]