Barack Obama has an ad running about lobbyists advising the McCain campaign. In light of the Freddie and Fannie mess, and that Obama was the #2 recipient ($152,698) of Freddie/Fannie donations, if I were Obama, I don't think I would even bring this up. (McCain "has taken $16,400 from Freddie and
Fannie employees since 2005.")
John McCain is fighting back against Obama's accusations with this new ad, "Advice"
"Obama has no background in economics.
Who advises him?
The Post says it's Franklin Raines, for "advice on mortgage and housing policy."
Shocking.
Under Raines, Fannie Mae committed "extensive financial fraud."
....
The McCain ad goes on to cite various news articles and some disturbing facts about Johnson and Raines. If you care to look at the news items the ad was based on, here they are:
"The Obama Campaign Has Solicited Franklin Raines, Who "Stepped Down
As Fannie Mae's Chief Executive Under The Shadow Of A $6.3 Billion
Accounting Scandal," For "Advice On Mortgage And Housing Policy."
"In the four years since he stepped down as Fannie Mae's chief
executive under the shadow of a $6.3 billion accounting scandal,
Franklin D. Raines has been quietly constructing a new life for
himself. He has shaved eight points off his golf handicap, taken a
corner office in Steve Case's D.C. conglomeration of finance,
entertainment and health-care companies and more recently, taken calls
from Barack Obama's presidential campaign seeking his advice on
mortgage and housing policy matters."
"...In October 2003, even as Raines was invited to the Bush White House
to receive a leadership award on behalf of Fannie Mae, investigators
were about to look into the company's accounting books. A year later,
Congress held a hearing on accounting irregularities at the company. By
the end of 2004, Raines was forced out by the board, accused by
regulators of overseeing accounting manipulations to bolster his
compensation. Both from On the Outside Now, Watching Fannie Falter
"The Washington Post: "Two Members Of Mr. Obama's Political
Circle, James A. Johnson And Franklin D. Raines, Are Former Chief
Executives Of Fannie Mae." From Tough Decision Coming
Under Franklin Raines' Leadership, Fannie Mae Committed "Extensive
Financial Fraud" And Was Forced To Pay A $400 Million Civil Penalty.
"In a May report, the Securities and Exchange Commission and the Office
of Federal Housing Enterprise Oversight found that Fannie Mae under
Raines perpetrated 'extensive financial fraud' so that executives could
collect big bonuses. There have been no criminal charges, but the
conduct of Raines and other senior Fannie executives 'was inconsistent
with the values of responsibility, accountability, and integrity,' the
agencies said. Fannie paid a $400 million civil penalty this year to
the SEC and OFHEO." From Raines Claiming
Accountability Isn't Enough,
Franklin Raines Received $114,000 Monthly Pension Benefit.
"While disclosing the number and current value of stock options Raines
was allowed to keep when he retired, as well as his $114,000 monthly
pension benefit, Fannie Mae did not disclose any estimates of how much
these benefits would ultimately cost shareholders."
Franklin Raines' Retirement Package From Fannie Mae Was Estimated To Be Worth As Much As $25 Million. "Raines was 55 when he retired, and the authors estimated that his
retirement package could be worth as much as $25 million to him and his
wife." Both from Study of Fannie Mae Cites 'Perverse" Executive-pay Policy
FYI,
"Obama's running mate, Joe Biden, took just one donation, for $500, from one Freddie employee. McCain's running mate, Sarah Palin, is Fannie- and Freddie-free, having never run for federal office."
I am sure we will hear more back and forth on this subject. One thing is for sure, the lead time on new ad creation has certainly been reduced!
Brookfield District 7 Info meeting, Wed., Sept. 24, 2-3pm or 6:30-7:30pm
Please, comment content should relate to the subject of the post. Although I try to respond to many, do not interpret my lack of a response as agreement.
Links:
Brookfield7, Fairly Conservative, Betterbrookfield, Mark Levin, Vicki Mckenna
