Obama housing advisor and major Obama fundraiser Franklin Deleno Raines left Fannie Mae under a cloud after taking over $100 million in compensation. Raines left Fannie in 2004 after being involved in a scam that inflated his own $100 million compensation and the compensation of others like Clinton Justice Dept. lawyer Jamie Gorelick, the author of the infamous FBI/CIA Wall Memorandum
. Lawyers running banks was not a good idea Mr. Clinton. In 2002 President George Bush attempted to rein in Fannie and Freddie to no avail. Members of Congress, especially the Democrats who were getting so much money from those institutions would not allow reasonable changes to be made in the way that Fannie and Freddie operate. Any reader of the Wall Street Journal would know that the Journal has been warning anybody who would listen of the dangers posed by those quasi-governmental agencies. The Democrats chickens have come home to roost and of course not only are those ding-bats attempting to deny their own very public involvement in the collapse of Fannie, Freddy and the mortgage markets but they are now blaming George Bush, the man who warned America that this debacle was likely to happen six years ago.
In 2002 the Journal was especially hard on Fannie and Freddie, it seemed that after years of their editorializing that the government may actually do something positive to assist the public before Fannie and Freddie cost us all dearly. Well that did not sit well with Raines, the Clinton administration lawyer who was appointed to run Fannie, so he penned this hysterical bit of nonsense, Don't Tar Us With an Enron Brush
. Too late for that plea Mr. Raines. Franklin Deleno Raines should be in prison, instead he is the housing advisor to the Obama campaign. It seems that Senator Obama has been getting housing advice from a convicted Syrian mobster named Tony Rezko and by the man who helped collapse the mortgage market. Does that make you feel better?
Labels: Barack Obama, Fannie Mae, Franklin Delano Raines, Jamie Gorelick, Mortgage Collapse