Change is Coming
This is worse than Enron. This is worse than Ken Lay. Executive compensation:
Franklin Raines (Obama adviser and Fannie CEO 1999-2004): $90 million
Jim Johnson (Obama adviser and Fannie CEO 1991-1998): $21 million in 1998 alone
Jamie Gorelick (former Clinton administration Deputy AG & Fannie vice chair 1998-2003): $26 million.
Campaign Contributions
Barack Obama, though only in the Senate since 2004, took in $126,349 from Fannie & Freddie (second only to Sen. Chris Dodd, $165,400 — whose collections go back to 1989).
Taxpayer Liability Increase
Potentially $5 trillion.
Hold them accountable.
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3 Comments:
...and don't forget Rick Davis, that dude who was campaign manager for what's his name... ;)
Rick Davis doesn't hold a position that you can revoke through the simple denial of a vote. But Barney Frank does. And Chuck Schumer, and Barack Obama...
Hold them accountable.
Between 2005 and 2008, Fannie purchased or guaranteed at least $270 billion in loans to risky borrowers — more than three times as much as in all its earlier years combined, according to company filings and industry data.
“We didn’t really know what we were buying,” said Marc Gott, a former director in Fannie’s loan servicing department. “This system was designed for plain vanilla loans, and we were trying to push chocolate sundaes through the gears.”
http://www.nytimes.com/2008/10/05/business/05fannie.html?_r=1&scp=2&sq=fannie%20mae&st=cse&oref=slogin
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