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Friday, September 19, 2008

Obama Bundler And Former Advisers' Connections To Fannie Mae

The ad below speaks about Jim Johnson, former Fannie Mae CEO and former adviser and bundler to Barack Obama.

Watch the ad:


ANNCR: What Obama says…

BARACK OBAMA: It would be unacceptable for executives of these institutions to earn a windfall.

ANNCR: …Is not what he does.

Meet Jim Johnson, former Fannie Mae CEO. Fannie cooked the books and Johnson made millions.

Then Obama asked him to pick his VP. And raise thousands for his campaign.

Barack Obama. More empty words.

John McCain's speech today also references Johnson. The whole speech can be read at The Corner, but the references to Johnson I am putting below.

Two years ago, I called for reform of this corruption at Fannie Mae and Freddie Mac. Congress did nothing. The Administration did nothing. Senator Obama did nothing, and actually profited from this system of abuse and scandal. While Fannie and Freddie were working to keep Congress away from their house of cards, Senator Obama was taking their money. He got more, in fact, than any other member of Congress, except for the Democratic chairmen of the committee that oversees them. And while Fannie Mae was betraying the public trust, somehow its former CEO had managed to gain my opponent's trust to the point that Senator Obama actually put him in charge of his vice presidential search.

This CEO, Mr. Johnson, walked off with tens of millions of dollars in salary and bonuses for services rendered to Fannie Mae, even after authorities discovered accounting improprieties that padded his compensation. Another CEO for Fannie Mae, Mr. Raines, has been advising Senator Obama on housing policy. This even after Fannie Mae was found to have committed quote "extensive financial fraud" under his leadership. Like Mr. Johnson, Mr. Raines walked away with tens of millions of dollars.

Senator Obama may be taking their advice and he may be taking their money, but in a McCain-Palin administration, there will be no seat for these people at the policy-making table. They won't even get past the front gate at the White House.

My friends, this is the problem with Washington. People like Senator Obama have been too busy gaming the system and haven't ever done a thing to actually challenge the system.

Hot Air points out more about Johnson:

Jim Johnson represents more of a challenge for Obama. He was no mere “informal adviser”; Johnson bundled money for Obama, and at least briefly helped run his VP selection committee. What else did Johnson do? He took over $2 million in sweetheart-deal loans from Countrywide Mortgage, through the “Friends of Angelo” program, while Fannie Mae did business with Countrywide. He hid two-thirds of his executive compensation at Fannie through evasive techniques designed to disguise it. In fact, both Johnson and Raines exemplify the kind of CEOs that Obama routinely demands regulation to control.

These are the people Barack Obama showed the bad judgment in choosing to advise him.

Next up is the second person McCain referred to in his speech.

Franklin Raines.

Weekly Standard gives us a little background about Raines and his connection to Barack Obama:

The Washington Post reported on July 17 that Raines "has been consulting with the campaign on housing issues." A Post editorial on August 28 said that Raines was a member of "Obama's political circle." The Obama campaign never disputed these reports until yesterday.

Raines was yet another Fannie Mae CEO.

So, Obama's campaign was advised by men that made millions from Fannie Mae, who helped created the financila crisis we are seeing on Wall Street and when Mccain created an ad daring to mention these connections.....especially the Raines connection, the Obama tankers, those in the tank for obama, say the ad about Raines is ...RACIST!!!!!!!!

AD below:

Yup, you got it, Raines is black, so daring to mention his connection to Obama automatically makes McCain a racist.

Do these people not understand how predictable and obvious their ploys are becoming to the American people?

A connection is a connection no matter what color they are.

Once again, the Obama campaign plays the race it getting old for them yet? It sure is getting old to me.