Sep 21 2008
Obama’s Fannie Mae Freddie Mac Connection
“Lehman Brothers collapse is traced back to Fannie Mae and Freddie Mac, the two big mortgage banks that got a federal bailout a few weeks ago. Freddie and Fannie used huge lobbying budgets and political contributions to keep regulators off their backs. A group called the Center for Responsive Politics keeps track of which politicians get Fannie and Freddie political contributions. The top three U.S. senators getting big Fannie and Freddie political bucks were Democrats and No. 2 is Sen. Barack Obama”(foxnews.com).
Obama has these connections with Fannie Mae and Freddie Mac. Jim Johnson and former Fannie Mae chairman and CEO Franklin Raines are part of Obama’s advisors. Franklin Raines stepped down after a $6.3 billion accounting scandal, which Obama’s calls on for advice on mortgage and housing policy matters. Jim Johnson was on Obama’s VP search and made millions from his Fannie Mae CEO job.
Obama hired these people who were a big part of the team that brought down Fannie Mae to be on his campaign.
How come Obama has not fired these people yet? How can we trust Obama to help our economy when he hangs around people that would bring America and our economy down?
sources: Mcauleyworld, corner.nationalreview, NLPC
Jim Johnson stepped down in June. Here is an incomplete list of the members of the McCain staff that have previously worked for or lobbied on behalf of Fannie Mae and Freddie Mac
Rick Davis: Campaign Manager
Charlie Black: Senior Adviser
Carlos Bonilla: Economic Adviser
Arthur Culvahouse: HEADED VP SEARCH
Doug Davenport: Regional Campaign Manager
Julienna Glover-Weiss: Steering Comittee
Other McCain Campaign staff with ties to Fannie n’ Freddie
Mark Buse
Nicholas Calio
Alberto Cardenas
David Crane
Alfonse D’Amato
Benjamin Ginsberg
John Green
Kate Hull
James Hyland
Aleix Jarvis
Thomas Loeffler
Peter Madigan
Alison McSlarrow
Susan Molinari
John Napier
Aquiles Suarez
Don Sundquist
William Timmons Sr
That’s 3 out of every 10 of the 133 lobbyists working for the McCain campaign with ties ONLY to Fannie and Freddie. Big Oil, Tobacco, and the Pharmaceutical Industry, along with Defense Contractors and AIG round out the organizations most employed by McCain. Please, refrain from casting stones.
I used to get angry when I read this blog, now I just laugh. Why is every post now an attack on Barack Obama? Why do “Seeker of the Truth” and “USA All the Way” seem to respond to every post minutes after they’ve been published?
Gay Jews for Obama!
Frannie Mae and Freddie Mac have always given donations.
In the 2006 election cycle, Fannie Mae was giving 53 percent of its total $1.3 million in contributions to Republicans, who controlled Congress at that time. This cycle, with Democrats in control, they’ve reversed course, giving the party 56 percent of their total $1.1 million in contributions. Similarly, Freddie Mac has given 53 percent of its $555,700 in contributions to Democrats this cycle, compared to the 44 percent it gave during 2006.
Fannie Mae and Freddie Mac have also strategically given more contributions to lawmakers currently sitting on committees that primarily regulate their industry. Fifteen of the 25 lawmakers who have received the most from the two companies combined since the 1990 election sit on either the House Financial Services Committee; the Senate Banking, Housing & Urban Affairs Committee; or the Senate Finance Committee. The others have seats on the powerful Appropriations or Ways & Means committees, are members of the congressional leadership or have run for president.
Ally - I respectfully have to say that Raines and Howard are not top economic advisors of Obama. Howard resigned and by all accounts I can find Raines has had telephone conversations with Obama, but is not on his advisory team. As you said (I don’t have it in front of me so it’s paraphrasing), anyone with a home loan has some kind of connection to Fanny and Freddie. And I’ll say that probably every Senate and House member has some connection to them as well, because they are huge companies with their hands everywhere. McCain certainly has big connections, with their former lobbyists on his staff. I’m tired of the rancor on both sides, and all the hateful things people throw out. It’s ugly, it’s not in the American or religious spirit, and it doesn’t create a climate where we can all work together to make this a better country for us to live in and a better world for our country to live in. I want to make up my mind on the policies I think the two would push (and still have to get through the House and Senate). I’m convinced that both have the best interest of the country in mind.
I thought I posted this already, but I don’t see it. I apologize if it appears twice…
CarolO - Related to your comments, business as a whole for a long time has given to republicans at about a 2:1 ratio over democrats, but this year it’s about 50/50. They in part give their money to where the power is/will be, and it isn’t always a sign of impropriety, but a matter of survival (i.e., the contributor making efforts to influence to their benefit). That’s built into our system.
Wow what a stupid posting… And the replys, even worse… That USA all the way flag waving dunce must be head of the USA nazi paty.
No one has a clean slate. Politicians make deals with several people and organizations to get where they are. Most of the time, they don’t remember who they made the deal with. That’s why our government has lost sight of being for the people. We really thought putting Obama in the White House would change that and level the playing field, but guess what? He’s not different from any other politician with the exception that he has been a career one as long.