You're going to see a lot of mud being thrown by the Obama camp on the housing collapse, Lehman, AIG etc., directed at John McCain and Bush, but let's understand that Obama and the Clintons profited, on a gargantuan level, from the relaxed laws that Bill Clinton put in place. Don't forget that Obama TRAINED the people at ACORN. You can look at ACORN's growth into the low income housing market, yet DO NOT forget Obama's involvement. To do so would be fool hearty, as so many of his supporters have a tendency to be, regardless of SO many issues surrounding Obama have been exposed.
One of the few cases where Obama was an attorney of record during his community organizer days was suing Citibank for its failure to issue more subprime loans. This influential case filed in 1994, Buycks-Roberson v. Citibank, was straight out of the ACORN playbook, and indeed Obama’s attack was just one in an ongoing assault against Citi by ACORN and its sympathizers. Evidence of the ACORN assault include the 1992 occupation of Citi headquarters in New York. (AP Online, July 14, 1992) Citi became Obama’s target in the July, 1994 lawsuit, which surely played a role in a Sept. 20, 2004 press release, “Citigroup and ACORN Expand Access to Financial Services in Communities Around the Country.” The release trumpeted, “With this agreement, ACORN will be able to expand our mission of strengthening commmunities by helping low- and moderate-income families…become homeowners.” In a related development, the Chicago Tribune from Sept. 11, 1994 declared “ACORN has enhanced its financial power through a pilot program with the Federal National Morgage Corp., called Fannie Mae. The program links investors with ACORN to make mortgage money available to needy buyers.” Worthy polices, to be sure, but the sloppy implementation forced by Obama and his fellow travelers directly lead to the current financial crisis. According to the WSJ, the subprime driven takeover of Fan and Fred, could cost taxpayers $500B. Citi has already needed to raise $30B in new capital as a result of the subprime crisis. The total costs to the US economy of Obama’s signature economic plan are catastrophically high.
Although a junior lawyer on the team, Obama’s role in orchestrating the subprime crisis cannot be said to be just a hired gun, the mercenary attorney looking for the big class action settlement. Obama has been affiliated in one form or another with ACORN for 20 years - since before he went to law school, and has their endorsement in this election. After graduation, he came back to Chicago, and went to work advancing ACORN’s agenda through the courts. Obama’s representational record in Westlaw is almost certainly incomplete, as it will only capture cases in which an opinion is given. This will exclude, for example, most cases that settle unless there is some intervening decision by the court captured by the court reporters. Westlaw captures six cases where Obama was an attorney of record. In two of them, ACORN was his client. In Buycks-Roberson v. Citibank, clearly inspired by ACORN but financed by a $950,000 attorneys fee, Barack Obama shows himself to be an intellectual author and a direct cause of market crisis of 2007-2008.
· 1 decade ago