Barak Obama is lying through his teeth when blaming anyone other than his fat cat pals for this week's economic collapse. Google these fat cat former Fannie Mae crooks who got RICH off Fannie Mae while Obama was collecting huge donations from Fannie, then they went to work for Obama.
Franklin Raines - Former Clinton Director of OMB - Paid $90 million in 6 years as head of Fannie 1998 -2004 - joined Obama's campaign as economic advisor. Got sweetheart loan deals from Countrywide QUOTE
Federal investigators (PDF) would later say that "Fannie Mae's management directed employees to manipulate accounting and earnings to trigger maximum bonuses for senior executives from 1998 to 2003."
James Johnson - Former Head of Fannie - Paid $21 million by Fannie in 1998! - Joined Obama's campaign to head up VP selection - Got sweetheart loan deals from CountrywideCoincidentally, who should get the second highest amount of loot from Fannie during this time period - none other than Barak Obama Contributions from Fannie/FreddieJohn McCain co-sponsors a bill in 2005 to reform the GSE's sloppy and greedy practices and the democrats - including Nobama - shoot it down. How on earth can Nobama look anyone in the eye and try to blame this mess on anyone other than his greedy pals. How the hell does he get off blaming McCain when McCain clearly tried to do something about it back in 2005? Below is McCains speech introducing the bill:
QUOTE
McCain Co-Sponsors Fannie Freddie reform - nixed by DemocratsFEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005 co-sponsored by Senator John McCain
Mr. President,
this week Fannie Mae's regulator reported that 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 Office of Federal Housing Enterprise Oversight's report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae's former chief executive officer, OFHEO's report shows that over half of Mr. Raines' compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac. The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator's examination of the company's accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005.
These are entities that have demonstrated over and over again that they are deeply in need of reform.For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac--known as Government-sponsored entities or GSEs--and the sheer magnitude of these companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.
Quick Info
S. 190 [109th]: Federal Housing Enterprise Regulatory Reform Act of 2005
Last Action: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
Status: Dead I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation.
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.I urge my colleagues to support swift action on this GSE reform legislation. John S. McCain.
Did Obama or any democrat listen? Hell no, they kept raking in their graft and now blame the current situation on Bush and McCain. What a lying, cheating bunch.
