NRO: Politics and the Fannie Mae Piggy Bank — Franklin Raines, Jamie Gorelick, and some very cooked books By Byron York
From 1998 to 2004, the years covered by the OFHEO investigation, it was headed by former Clinton budget director Franklin Raines, whose top management team included former Clinton Justice Department official Jamie Gorelick, sometimes mentioned as a future attorney general in a Democratic administration. During that period, the report says, Raines and his team grossly overstated Fannie Mae’s earnings — to the tune of $10.6 billion — for the purpose of paying themselves big bonuses. “By deliberately and intentionally manipulating accounting to hit earnings targets,” the report says, “senior management maximized the bonuses and other executive compensation they received, at the expense of shareholders.”
Investigators found that of the $90.12 million Raines was paid in that six-year period, more than $52 million came from EPS bonuses.” Director Franklin Raines made $90 million in bonuses.
Gorelick’s situation was similar. OFHEO found that she took home $26.46 million in the period from 1998 to 2002 (she left in that year, so she wasn’t there for the entire period under investigation). Of that figure, nearly $15 million came from EPS bonuses.
Of course, it wasn’t legit.
Meanwhile, Jim Johnson, another FNMA crony, was on the Obama campaign.
Franklin Raines is also closely connected to Obama.
Franklin Raines
Jamie Gorelick
Jim Johnson
So now, we can add two more crooks to Obama world: Raines and Johnson.
The McCain campaign has already issued an ad on the Obama connections to Jim Johnson.
Since the mainstream media is too busy, I’ll list the other classy connections to Senator Obama:
William Ayers: Helped Obama begin his political career. A former terrorist, and is currently an anti-American man-child and university professor indoctrinating teenagers and 20 somethings.
Bernardine Dohrn: Wife of former terrorist Ayers. One of the leaders of the Revolutionary Youth Movement (RYM), a radical wing of Students for a Democratic Society (SDS), founder of terrorist group “Weathermen.” In response to the Manson murders, this dingbat said “Dig it! First they killed those pigs and then they put a fork in their bellies. Wild!” Naturally, her man-child husband claimed that Dohrn was being “ironic.”
Jeremiah Wright: “Pastor” at the church Obama attended for 20 years. Anti-American windbag, historically illiterate.
Louis Farrakhan: Praised Obama as “hope of the entire world.” Racist, Jew hater, organizer of pointless Million Man Marches which don’t have a million men.
Michael Pfleger: Obama supporter. A “priest,” far-left racist, smeared Hillary Clinton and all of white America in a church.
Alexi Giannoulias: Alexi “Came Under Fire For Lending Money To Crime Figures. (Rick Pearson and David Jackson, “Obama Leans On Treasurer Nominee,” Chicago Tribune, 4/13/06). Since 2003, Giannoulias Has Contributed At Least $7,000 To Obama’s Senatorial Campaign. (CQ Money Line Website, moneyline.cq.com, Accessed 6/21/08).”
Tony Rezko: Slumlord, assisted Obama in getting a nice mortgage of his own. Rezko is currently a jailbirdie.
ACORN:”Public Disclosures Showed Large Sums Of Money That Were Misappropriated From ACORN. (Stephanie Strom, “Funds Misappropriated At 2 Nonprofit Groups,” The New York Times, 7/9/08)”
Samantha Power: Former advisor to Obama, who said this about Hillary: “She is a monster . . . She is stooping to anything . . . You just look at her and think: ergh . . . The amount of deceit she has put forward is really unattractive.” Power later resigned.
Filed under: Barack Obama / The Messiah, The Government Engineered Mortgage Crisis , ACORN, Alexi Giannoulias, Barack Obama / The Messiah, Barney Frank, Bill Clinton, capitalism, Community Reinvestment Act of 1977, cra, criminals, criminals who belong in jail but work in academia, Democrats, economic ignorance, economic illiteracy, Fannie Mae, Franklin Raines, Freddie Mac, government, Jamie Gorelick, Jeremiah Wright, Jim Johnson, Jimmy Carter, low income, Michael Pleger, minorities, mortgages, Nancy Pelosi, OFHEO, Samantha Power, subprime, Tony Rezko, Wall Street, William Ayers
