Anonymous asked in Politics & GovernmentPolitics · 1 decade ago

Obama Supporters is it true that Franklin Raines former Fannie Mae CEO and Obama Advisor ripped off millions? corruption tends to follow Obama...

22 Answers

  • gone
    Lv 7
    1 decade ago
    Favorite Answer

    Wrong! He is not an Obama adviser.

  • 1 decade ago

    Wow, it's amazing how many people can be selectively perceptive. Do you even know who Phil Gramm is? And have you done ANY reserach before sprouting your conclusions in public? Wikipedia itself erased all references to Obama in its listing on Raines. Why? BECAUSE THEY ARE TOTALLY UNSUBSTANTIATED. Yup, don't believe me. Check it out. Or (while I doubt you'll bother to do this--people who post your way never do check out the facts) read this, which traces exactly where this latest McCain lie came from:

    The Facts

    The McCain video attempts to link Obama to Franklin Raines, the former CEO of the bankrupt mortgage giant, Fannie Mae, who also happens to be African American. It then shows a photograph of an elderly white woman taxpayer who has supposedly been "stuck with the bill" as a result of the "extensive financial fraud" at Fannie Mae.

    The Obama campaign last night issued a statement by Raines insisting, "I am not an advisor to Barack Obama, nor have I provided his campaign with advice on housing or economic matters." Obama spokesman Bill Burton went a little further, telling me in an e-mail that the campaign had "neither sought nor received" advice from Raines "on any matter."

    So what evidence does the McCain campaign have for the supposed Obama-Raines connection? It is pretty flimsy, but it is not made up completely out of whole cloth. McCain spokesman Brian Rogers points to three items in the Washington Post in July and August. It turns out that the three items (including an editorial) all rely on the same single conversation, between Raines and a Washington Post business reporter, Anita Huslin, who wrote a profile of the discredited Fannie Mae boss that appeared on July 16. The profile reported that Raines, who retired from Fannie Mae four years ago, had "taken calls from Barack Obama's presidential campaign seeking his advice on mortgage and housing policy matters."

    Since this has now become a campaign issue, I asked Huslin to provide the exact circumstances of the quote. She explained that she was chatting with Raines during the photo shoot, and asked "if he was engaged at all with the Democrats' quest for the White House. He said that he had gotten a couple of calls from the Obama campaign. I asked him about what, and he said 'oh, general housing, economy issues.' ('Not mortgage/foreclosure meltdown or Fannie-specific,' I asked, and he said 'no.')"

  • Anonymous
    1 decade ago

    Obama and McCain both have ties to Fannie Mae and Freddie Mac.

    More than Obama, McCain's circle of advisers and contributors includes current and former lobbyists or directors for the companies, although since July he has called for a ban on any lobbying by the two firms (yeah, right...I'm sure they will do just that).

  • 1 decade ago

    Your link is ro a right wing propaganda site, and is full of misinformation(such as "Bill Clinton started Fannie Mae and Freddie Mac"), which is pretty impressive, since they were started in 1938.

    Also, Freddie Mac and Fannie Mae have not been accused of mismanagement or corruption; they were victimized, as the guaranteeor of 90% of mortgages in tis country, by the deregulation of the banking industry by the Bush administration, and supported by McCain.

    If they contributed to Obama, and this is put into doubt based on your dubious sources, it speaks loudly and clearly to who is the fiscally responsible candidate.


    Source(s): Wikipedia
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  • Anonymous
    1 decade ago

    Yeah. He made (stole) $90 million at Fannie Mae. And he is an Obama advisor despite his denials.

  • R J
    Lv 7
    1 decade ago

    I had heard up to $100 million, but the scope is about $25 million and he destroyed fannie Mae. The great thing is he is Sen. Obama's economy guru. Did you ever think it could go from bad to worse, Yes we can! Ha. Glad you brought this us as it is scary. You might want to Google "ACORN and Sen. Obama, that will really freak you out, it just keeps getting worse. Star for you my friend. Later. You know does it really matter at this point, who knows, people can learn from their mistakes.

  • 1 decade ago

    You may be thinking of these people

    Jim Johnson, the head of Barack Obama's Vice President Search team is also a lobbyist, operative for Jimmy Carter and Walter Mondale, representative of a former head of state, bundler for the Obama campaign, and disgraced mortgage executive who mistated Fannie Mae profits to get a bigger bonus.

    Today, the NY Sun tells us that he also got sweetheart mortgages from bankrupt mortgage dealer Country Wide Financial.

    Johnson is one of three people tapped by Mr. Obama recently to oversee the search for his running mate, took at least five real estate loans totaling more than $7 million from Countrywide Financial Corp. through an informal program for friends of the company's CEO, Angelo Mozilo, the Wall Street Journal reported Saturday.

    Penny Pritzker, a member of one of America’s richest families and the current Finance Chair for the presidential campaign of Barack Obama, was the chair of Chicago-based Superior Bank’s board for five years. Superior Bank went belly up in 2001 with over $1 billion in insured and uninsured deposits; 1,406 depositors lost much of their life savings. This collapse came amid harsh criticism of how Superior’s owners promoted sub-prime home mortgages.

    On Nov. 1 [2002] the Federal Deposit Insurance Corp. pointed the finger at Ernst & Young, Superior’s auditor, in a fraud suit filed in federal court here. But that action comes two months after a group of Superior depositors accused the bank’s owners and directors, including two members of the Pritzker family, of racketeering, claiming they lined their pockets with money looted from Superior savings accounts.

    Superior, a suburban Chicago savings and loan, collapsed in early 2001 under the weight of half a billion dollars in subprime loan defaults and improper accounting that had overstated the thrift’s assets by $420 million.

  • 1 decade ago

    . . . . but it seems that sources don't seem to follow your posts.

    Lazy or dumb?

    9.19 Update: I see that you still have not bothered to post any source. (Doesn't help resolving the Q above thou. Oh, well.)

    The supposed connection between Raines and Obama is almost non-existent, although your Q implies otherwise, esp. in the wording. Your statement is sorta like saying: "Gee, didn't Saddam and W make a mess out of Iraq. What do you think?" . . . . . like they were co-conspirators.

    While most of McCain's staff of advisors have been lobbyists for Freddie & Fannie, big oil, Georgia (no, not the state!), or were directly involved with the reversal of the law that had separated banking, brokerage and insurance (Gramm, the whiner caller. Are we just whining now?)

    I would think the thrust of your post will not go too far. Not when we are practicing corporate socialism, and, so far, we are in it to the tune of 600 billion, soon to be a trillion, which is how much "wealth" has been lost.

    Since you refuse (or can't?) site your source, I will one of mine. Enjoy!

  • Anonymous
    1 decade ago

    Not to mention out of a long list of senators, Obama ranked #2 on the list as receiving the most Ca$h from Fannie Mae - Fannie Mac. Considering one of Obama's close friends, Rezko, is headed for federal prison, and another of his close friends, Ayers, was previously in prison who performed terrorist acts on this country - - corruption not only follows is part of who he is.

    And he tries to play Mr. Nice Guy (lol).

  • 1 decade ago

    Obama Advisor? Not even close. No one would touch Franklin Raines with a 10 foot pole. This election has turned into the election of lies.

  • In a word: YES. And he is not the only one. It is all public record and I doubt if the McCain people will let it slide. Expect to see numerous TV ads expounding just that.

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