Osama's Fannie and Freddie contributions..

[Rusty Trichome]

NEW YORK â?? 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 â?? known as government-sponsored entities or GSEs â?? 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.

[B]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.
Fannie Mae, Freddie Mac execs now offering advice to Obama

So tell me again how much of an "agent of change" this lying asshole, B. Hussein Obama is. He hs an ongoing problem with choosing those to surround himself with. Scum attracts scum, I guess.

Rusty Trichome Reviewed by Rusty Trichome on 09-19-2008. Osama's Fannie and Freddie contributions.. NEW YORK â?? 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 Rating: 5

[dragonrider]

You just fed fuel to the fire by playing into his hand.

Yes, I am going to stop fanning the flames and leave this thread to YOU (the general you, not the specific you) and the troll (the specific troll) to discuss the issue (whichever issue you want, name-calling, AIG bailout, whatever).

[Rusty Trichome]

I think nobody is commenting on the story... regardless of beliefs... because most people are sick to death of arguing about every story as soon as it comes out of the Spin Cycle. All this he said, she said shit is rediculous.

Gee...where do we go to talk politics, then?
But seriously...I can see where attempting to defend a contemptuous campaign gets old after a while. :thumbsup:

So, one or two calls were made... by someone supporting the Obama campaign... to ask about general economic questions?

So you consider "close Ties" to the obama campaign, a couple of phone calls by 'surrogates'? Even using that, the folks called are the ones responsible for taking lending past the point of legality, while gaining multi-million dollar "golden parachutes".
Again...obama's associations are sinking his ship. I wonder if Rezco knew Franklin Raines, James Johnson, and Jamie Gorelick, too? (all googlable) All involved with regulation and legislation (and it's inherant subtrufuge) of the banking/lending institutions that just needed nearly a trillion dollars of "loans" and bail-outs from us taxpayers.

Regarding the "childish" name calling...You ought to read some of the immature bullshit I read in here all day, being passed-on as fact. I'm just joining in the fun.

[dragonrider]

To be fair.. I think it worked for him.

If Rusty was looking to get a rise out of people who support Obama it seems to have worked. Everyone is falling over each other to defend their champions honor.

To be honest I find that equally stupid as I do the name calling.

Both sides GET OVER IT! You are not having his baby... and on the flip side He cannot control what his first, middle or last name that was given to him.

If his goal was to troll a reaction, then it worked. You are probalby right --- it was a troll. But if he wanted people to comment on his post, then it didn't work. We've got a dozen posts and none on the topic. It's a valid topic, but I don't feel any compelling reason to dignify this thread with a real response.

[daihashi]

If his goal was to troll a reaction, then it worked. You are probalby right --- it was a troll. But if he wanted people to comment on his post, then it didn't work. We've got a dozen posts and none on the topic. It's a valid topic, but I don't feel any compelling reason to dignify this thread with a real response.

Then you are also not dignifying yourself. People jumping and reaching to defend a person's name is just ridiculous. This isn't elementary school.

You just fed fuel to the fire by playing into his hand.

This post of yours doesn't justify you or him or anyone else in this thread that got pissy over things that don't even matter. I honestly did not expect you to even respond to my post as a means to psuedo defend yourself/slam him. You are usually better than that.

The reason no one is commenting on this thread is because you and others are too hung up on the fact that he said "Osama".

Like I said earlier, get over it. The only people who are stopping this thread from moving forward and talk about a topic that probably deserves being discussed are you (I am using 'you' here as a general you.. not specifically you).

[flyingimam]

I find this falling under category of insults. Its Obama u illiterate hater!

make fun, joke around with names, but Osama is not one of those names and im damn sure this aint a typo, i have seen a few idiots use this term around here which speaks to their rationales and worldviews

and btw it wont hurt if u could provide other reliable and less unbiased sources for the info u r spreadin around other than WND which is extremely conservative even more than FOXnews.

there have been numerous controversial publications associated with this source, check around b4 u so firmly back your lame claims up by the most conservative news site online!
WorldNetDaily - Wikipedia, the free encyclopedia


what u r claiming to be the truth here, is merely being discussed in more reliable media outlets as a question that has not yet received a confirmed answer

perhaps this tells a better story
Obama's Fannie Mae 'Connection' - Fact Checker

Over n Out!:thumbsup:

[TheMetal1]

Alaska Gov. Sarah Stalin :rasta: See... everyone can do it. HOOOOOORAYYY for intolerance, prejudice, and pointless discrimination :hippy:

HIP HIP.... HOOOOORAYYYY :hippy:

[flyingimam]

didnt let me edit, gosh!



oh and also since when we use abbreviation for 1st name while focusing on middle name of some1... u see your weakness? thats weak!

thats a radio talk show host's mindset. come up with your own

exploiting something some1 has literally no control over until he wants to change his name which sounds stupid cuz no1 must have to change his name cuz other idiots have distorted perceptions and racist or extremely hateful mindsets.

does it kill u even if he was a muslim (which he obviously is not)?
that is also very disrespectful and only highlights the hatred for muslims around here despite what is being "said" in words that they live in peace as americans here and are decent citizens, it only underlines the hidden prejudice and hatred by certain type of people

[bobthenuker]

Obama?

[rebgirl420]

Everyone needs to STFU..

Are you in bed with Obama. How are YOU insulted. Yes it is a cheap shot at Obama.. Yes I think it is stupid.. yes I think that it is tactless..


but honestly stop getting your damn panties in a wad. People have been talking crap about McCain forever.. as they have been doing so about Obama.

I don't particularly agree with Rusty's jokingly changing Obama's name to say Osama but I don't find it insulting. Were you insulted when John Oliver on the Daily Show did the exact same thing at the DNC... chanting "Osama.. Osama.. Osama". I bet you didn't.

So everyone have a nice cup of STFU... all things aside the article is very informative. Let's focus on that instead.

Hahaha...

Anyway, about the issue at hand. Obama was ranked second for taking money from all these corrupt companies. McCain was very, very low on the list.

However really I feel that the government should have never bailed ANY of these companies out. And these greedy CEO's should be hanged. All of these greedy politicians in Washington are to blame. And whats worse is that it's EVERY freaking side. Not just left or right, BOTH. And now they are all scrambling to pull it together.

Also, I am sick and tired of the media calling this a crisis and the next depression, it isn't even a freaking recession yet! This speculation is whats going to hurt us all the most.

It's not just the U.S. either, it's hitting the whole world. Neither Obama or McCain is going to fix this bullshit. All they will do is slap a band-aid over this and hope it holds until 4-8 years. What they are doing now is making it seems like they have the answers and that they will be the ones to make a stand and fix Washington, well guess what? That is some major bullshit. It's all a big show, they will do and say anything and make "plans" that will do nothing.

We need to demand smaller government and demand that the government NOT use our hard earned dollars to fix a problem THEY freaking started.


(Oh and when I read Daihashi's post I thought of this pic)