Looks like Obama is having his “Fannie” handed to him by Team McCain.
Here is a new ad by the McCain/Palin campaign that points out Obama’s connections to Fannie Mae CEO’s and his utter ignorance in Financial Policy.
Obama has no background in economics. Who advises him? The Post says it’s Franklin Raines, for “advice on mortgage and housing policy.”
Under Raines, Fannie Mae committed “extensive financial fraud.” Raines made millions. Fannie Mae collapsed.
Taxpayers? Stuck with the bill.
Barack Obama. Bad advice. Bad instincts. Not ready to lead.
From Hot Air:
Team McCain knows that this will be a big problem for voters looking for a change in Washington. Raines, and Obama’s other Fannie Mae advisor Jim Johnson, are exactly the kind of CEOs and big shots that Obama usually demonizes on the campaign trail. They took exorbitant salaries and ran Fannie into the ground.
Here are a few articles of interest about Raines from the Washington Post:
- March 2005: Perverse executive pay forced Raines out of his job.
- May 2006: Extensive fraud at Fannie Mae under Raines’ direction, generating over $50 million in bonuses for nonexistent growth.
April 2008: Raines gives up $24 million in future payouts to avoid criminal charges in Fannie Mae fraud, although most of that was in worthless options; he pays $2 million in cash.
McCain/Palin needs to keep up the momentum on this issue and continue to hit Obama & the Democrats hard, fast & frequently on the collapse of Fannie & Freddie.