Franklin Raines’ Criminal Enterprise and Barack Obama, His Accomplice **UPDATE** Top Recipients By $/Yr in Congress
By Bill Hennessy On September 15, 2008
hennessysview.com
As an executive at Fannie Mae, Franklin Raines illegally coerced his employees to falsify accounting facts so he’d get a maximum bonus.
The government-backed firm used Enron-like fraud, in part at Raines’s orders, to create the largest bail-out in US history. Raines had the whistleblower fired. From the Heritage Foundation:
In 2004, after a tip from a whistle blower who was later fired, the Office of Federal Housing Enterprise Oversight (Ofheo) issued a report finding that the government-sponsored entity Fannie Mae had engaged in Enron-like accounting machinations that allowed Fannie to overstate its earnings and underestimate the risk the company faced. The accounting wizardry Fannie engaged in was designed so that Fannie could meet profit targets to maximize bonus payments to company executives like Clinton administration deputy attorney general Jamie Gorelick and Carter administration assistant director for domestic policy Franklin Raines.
From the ACU:
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.
Campaign Contributions, 1989-2008 ( source)
Name Office State Party Grand Total Total from
PACs Total from
Individuals Dodd, Christopher J S CT D $165,400 $48,500 $116,900 Obama, Barack S IL D $126,349 $6,000 $120,349 Dodd has been in Congress since Moses was a baby. What did Obama do in 2.5 years to earn nearly as much cash from Frannie and Freddie as Dodd earned in 25?
Remember Countrywide? According to BusinessWeek Obama’s financial adviser, Raines, was responsible for its demise, too:
The Countrywide project deemed, “friends of Angelo” or FoA, standing for Friends of Countrywide Chief Executive Angelo Mozilo, apparently provided special loan rates for connected officials. These included Raines, James Johnson (a Democratic party activist and adviser to Sen. Barack Obama who was named to a panel to help choose Obama’s Vice Presidential running mate), Democrat Chairman of the Senate Banking Committee, Senator Christopher Dodd, and the chairman of the Senate Budget Committee, Democrat Kent Conrad.
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 of prison.
I cannot believe that conservative bloggers and talk show hosts are staying away from this story. This should be the end of Barack Obama, particularly after today’s disaster on Wall Street: Dow down >500, Lehman Brothers GONE, Bear Stearns GONE, Merrill Lynch GONE, Fannie Mae GONE, Freddie Mac GONE, AIG GOING, more to follow.
Lehman Brothers, too, contributed the lion’s share of its political donations to DEMOCRATS. Why don’t you people rise up and demand some goddamn ACCOUNTABILITY! This isn’t some little $10 million Chrysler bailout here. We’re talking BILLIONS of STOLEN MONEY. Stolen by Democrats, for Democrats.
We could face an economic DEPRESSION because of Obama, Dodd, Biden, Frank, Pelosi, Kennedy, and the rest of the Democrat criminals who’ve destroyed the housing market, put families on the streets, and wrecked Wall Street through greed and avarice on a scale unseen since the Roman Empire!
Fannie also bought off activist groups such as the corrupt Association of Community Organizations for Reform Now (ACORN), which has been indicted, multiple times across the country, for vote fraud ( Obama worked closely with ACORN as a street organizer in Chicago). Fannie’s lobbying efforts paid off as liberal politicians such as Sen. Chuck Schumer (D-N.Y.) and Rep. William Clay (D-Mo.) worked t o kill any real reform of Freddie and Fannie. The Washington Post reports: “In an internal memo in 2004, Fannie Mae executive Daniel H. Mudd affirmed what the company’s critics had long contended: In the political arena, ‘we always won’ and ‘we took no prisoners.’”
WAKE UP AND TAKE IT BACK! It’s YOUR MONEY.
I’ll say it again without any fear of error: Franklin Raines is a criminal and Barack Obama is his paid accomplice. Prove me wrong.
*UPDATE 1/4/2009: Michelle Malkin has a wonderful post on original reporting by conservative bloggers. While this piece might not be original, the analysis certainly is. This is, as far as I can tell, the only graphical analysis showing that Barack Obama received more money from Frannie Mae and Freddie Mac crooks than any other politican when measured in dollars per day in office. |
