Wednesday, September 17, 2008
Truth In Advertising, Part 2
Barack Obama was given advanced warning about the government takeover of the mortgage giants Fannie Mae and Freddie Mac. Useful information for a politician, you might say. Especially for the "chosen one" from Illinois. Turns out that Obama's top economic advisor is a man named Franklin Raines. You may not be familiar with this name, but I will fill you in on his qualifications. Mr. Raines was the executive in charge of Fannie Mae during the peak of it snake oil sales. Mr. Raines pushed and pushed for the programs that have brought this organization to its knees. His haul for all the hard work? $90 million in bonuses over a five year period. He took over for a guy name Jim Johnson. Mr. Johnson also pocketed millions in bonuses and is also an economic advisor to Obama. Big bonuses, huge campaign contributions, a golden parachute to escape the mess and a soft landing in the Obama campaign. Does this sound like "Change We Need" ?