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Dont believe the hype! For those who try to blame this mess on the Democrats, look no further than the person running McCain's campaign, whom I assume would have a large role in a McCain administration (God forbid!).
"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."
"Incensed by the advertisements, several current and former executives of the companies came forward to discuss the role that Rick Davis, Mr. McCain’s campaign manager and longtime adviser, played in helping Fannie Mae and Freddie Mac beat back regulatory challenges when he served as president of their advocacy group, the Homeownership Alliance, formed in the summer of 2000. Some who came forward were Democrats, but Republicans, speaking on the condition of anonymity, confirmed their descriptions."
Following his tenure in Democrat Bill Clinton’s White House as Budget Director, Raines returned to Fannie Mae where he served as Chairman and Chief Executive Officer prior to being forced out over accounting fraud allegations that federal authorities claimed were used to pad his own pocket with tens of millions of dollars in un-earned bonuses on top of his multi-million dollar pay. Raines and other top executives drew multi-million dollar salaries at Fannie Mae for many years.
Although he claimed no wrong doing, Raines agreed to settle the suit with the federal government just this year and agreed to pay back a few million of the near $50 million it had been alleged he obtained illegally through bonuses not due from Fannie Mae.
Now, this criminal is Barack Obama’s campaign adviser. Only one member of Congress, Barney Frank, Chris Dodd, received more kickbacks from Raines’s Fannie Mae cronies than did Barack Obama–over $120,000 in bribes.
GOP has a bad habit of taking disasterous actions and then saying others made them do it. this includes massive debting and unnecessary aggressive behavior. more and more GOP reminds me of marlboro man doing a joan rivers imitation.
Is he or isn't he? He claimed to be in July when interviewed by the Washington Post.
"In the four years since he stepped down as Fannie Mae's chief executive under the shadow of a $6.3 billion accounting scandal, Franklin D. Raineshas been quietly constructing a new life for himself. He has shaved eight points off his golf handicap, taken a corner office in Steve Case's D.C. conglomeration of finance, entertainment and health-care companies and more recently, taken calls from Barack Obama's presidential campaign seeking his advice on mortgage and housing policy matters."
GOP has a bad habit of taking disasterous actions and then saying others made them do it. this includes massive debting and unnecessary aggressive behavior. more and more GOP reminds me of marlboro man doing a joan rivers imitation.
The fact that Congress is not shouting for huge investigations into the fraud that has taken place with Mae/Mac, tells me one thing.. Democrats dont want people to know they were involved. Had this been a Republican corruption issue, they'd be shouting for people to go to jail..
"If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole."
This toxic mortgage fiasco isn't even contained within our own country. Foreign banks want the U.S. to pay for the bad loans they're stuck with, too.
"The plan for the largest-ever bank rescue would give sweeping powers to the U.S. Treasury to buy up toxic mortgage-related debt from financial firms, including U.S. subsidiaries of foreign banks."
Fannie Mae and Freddie Mac control almost 50 percent of all mortgages in the United States. They were started by Democrats, protected by Democrat, funded by Democrats, and absorbed into the government proper at the behest of their paid hacks in the Democrat party. Conservatives have advocated the demolition of these twin towers of corruption, fraud, and bribery for decades. But Democrats blocked every attempt to even hold hearings on corruption in Fannie Mae and Freddie Mac.
But where are the Congressional hearings? Where is the Department of Justice? Why aren’t Raines, Johnson, and Obama doing a perp walk on the evening news?
Because liberals OWN Washington. Obama will threaten, lie, and kill if he must to keep his sham campaign going. At this point, he must win to stay out of prison.
we are all still trying to figure out how obama went from making $13k a year, as he claims, to $4.5 million last year...on a senators salary non-the-less.
The fact that Congress is not shouting for huge investigations into the fraud that has taken place with Mae/Mac, tells me one thing.. Democrats dont want people to know they were involved. Had this been a Republican corruption issue, they'd be shouting for people to go to jail..
Dont believe the hype! For those who try to blame this mess on the Democrats, look no further than the person running McCain's campaign, whom I assume would have a large role in a McCain administration (God forbid!).
"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."
"Incensed by the advertisements, several current and former executives of the companies came forward to discuss the role that Rick Davis, Mr. McCain’s campaign manager and longtime adviser, played in helping Fannie Mae and Freddie Mac beat back regulatory challenges when he served as president of their advocacy group, the Homeownership Alliance, formed in the summer of 2000. Some who came forward were Democrats, but Republicans, speaking on the condition of anonymity, confirmed their descriptions."
Both parties are at fault.
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