Wednesday, September 17, 2008

Freddie Mac & Fannie Mae executives are Obama's advisors now


In spite of all the "tall talk"against these two, Obama has recruited 3 of the executives to advice him on various policies, amazing!

Birds of the feather flock together. You now still believe he is going to bring about REAl change or will it more of the same?

These three Democrat execs are Franklin Raines, former Clinton budget chief, James Johnson, former aide to Democratic VP Mondale; and Jamie Gorelick, former Clinton deputy AGl.

All made millions from Fannie Mae.

I assure you there is not a peep from their friends at CNN, ABC, NBC, CBS.

Johnson earned $21 million in his last year as Fannie's CEO; Raines earned $90 million in his five years as Fannie's CEO, and Gorelick earned $26 million serving as vice chair of Fannie, (source: David Frum, fellow at the American Enterprise Institute)

All three men also were involved in mortgage-related scandals.

In 1998, ( Washington Post), Gorelick, as 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. You heard,"Cook the Books"?

At least AP carried story that Raines and other execcs were ordered in a suit to pay some $30 million for manipulating Fannie Mae earnings over a period of six years to ensure receiving their massive bonuses.

Raines now advises Obama on housing policy.

Johnson was appointed to head Obama's VP selection committee.

Elena Kagan, dean of law at Harvard Law School, speculated that Gorelick was a possible attorney general cabinet appointment if Obama should be elected president.

Real change, ha?

This is in politics called you scratch my back, I scratch your back.

There is a sucker born every hour!

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