Here’s what the media isn’t telling you — and I may have even stumbled onto who’s controlling the media to boot…
While the fingers are being pointed back and forth from one political party to another I’m going to take the opportunity to point out a few things you may not know. I can’t stand by and listen to what’s going on without comment.
Although this is a LONG post – I’ll be pointing out Obama’s stance on Fannie Mae; Obama’s connection with James Johnson; Johnsons surprising associations with other organizations (including the media); and finally where McCain stood regarding Fannie Mae which may surprise you.
I’ll try to highlight different areas, should you prefer to scan to that area of interest rather than read the post in it’s entirety.
The 47-year-old Senator Obama, who has campaigned with a call to “change”, has vowed to reject all contributions from lobbyists and to rid politics of corruption and self-interest.
In Obama’s short career with the US Senate, he was the 2nd largest recipient of “donations” from Fannie Mae and Freddy Mac. Sen. Clinton is reported to be third.
As an untarnished newcomer who has vowed to clean up Washington politics, Obama secured Mr. James Johnson, a former chief executive of mortgage giant Fannie Mae. Johnson led the hunt for the vice presidential search back in June when “the” scandal broke. Johnson was apparently receiving favourable treatment for his home loan from Countrywide Financial while at Fannie Mae – a bank Senator Obama had sharply criticised for its role in the sub-prime lending crisis.
Obama “called Countrywide Financial Corp., the biggest U.S. mortgage company, an example of what’s wrong in today’s economy and a political culture dominated by corporate lobbyists.”
Senator Obama said in a statement that Mr Johnson had resigned his campaign because he “did not want to distract in any way from the very important task of gathering information about my vice presidential nominee“.
Johnson is a strong Obama supporter who has personally donated the maximum $4,600 to his 2008 Presidential campaign, as well as $1,000 to Obama’s Senate campaign in 2004.
In addition to personal donations, Johnson is a bundler of the Obama campaign, raising between $200,000 and $500,000.
An Office of Federal Housing Enterprise Oversight (OFHEO) report from September 2004 found that, during Johnson’s tenure as CEO, Fannie Mae had improperly deferred $200 million in expenses. This enabled top executives, including Johnson and his successor, Franklin Raines, to receive substantial bonuses in 1998. (Raines will be addressed on this site soon)
In harsher terms Fannie Mae’s earnings were manipulated, which resulted In “maximum payouts” to executives Including CEO Jim Johnson. In other words – they cooked the books.
A 2006 OFHEO report found that Fannie Mae had substantially under-reported Johnson’s compensation. Originally reported as $6-7 million, Johnson actually received approximately $21 million.
Companies James Johnson is associated with
ZymoGenetics, Inc.,
Biotechnology (ZGEN, NYSE)
Chief Financial Officer, Principal Accounting Officer, Executive Vice President and Treasurer
BOARD OF DIRECTOR MEMBERSHIPS:
Forestar Real Estate Group Inc (2007-Present)
Property Management (FOR, NYSE)
Director, Chairman of Management Development & Executive Compensation Committee and Member of Executive Committee
Gannett Co., Inc., 2000-Present *
Leading international news and information company (GCI, NYSE)
Former Director
Temple-Inland Inc., 2000-Present
Manufacture of corrugated packaging and building products (TIN, NYSE)
Former Director, Chairman of Management Development & Executive Compensation Committee and Member of Executive Committee
Goldman Sachs Group Inc., 1999-Present
Global investment banking, securities and investment management firm (GS, NYSE)
Director, Chairman of Compensation Committee, Member of Audit Committee and Member of Corporate Governance & Nominating Committee
Target Corp., 1996-Present
General merchandise and food discount stores (TGT, NYSE)
Lead Director, Chairman of Compensation Committee, Chairman of Corporate Governance Committee, Member of Executive Committee and Member of Corporate Responsibility Committee
Unitedhealth Group, Inc., 1993-Present
Four operating divisions: Health Care Services, OptumHealth, Ingenix and Prescription Solutions (UNH, NYSE)
Former Director, Chairman of Independent Committee, Chairman of Public Policy Strategies & Responsibility Committee and Member of Audit Committee
KB Home, 1992-Present
Builder of single-family homes, townhomes and condominiums (KBH, NYSE)
Former Director
The Brookings Institution, Honorary Trustee
Perseus, L.L.C., Vice Chairman
University of Minnesota Foundation, Trustee
John F. Kennedy Center For The Performing Arts, Chairman Emeriti
KB Home/Shaw Louisiana LLC, Director
OTHER AFFILIATIONS
Cummins Inc., KB Home, Goldman Sachs Group Inc., Gannett Co., Inc., The Brookings Institution, Perseus, L.L.C., Temple-Inland Inc., University of Minnesota Foundation, John F. Kennedy Center For The Performing Arts, Fannie Mae, Unitedhealth Group, Inc., Target Corp., Targeted Genetics Corp., University of Washington, Forestar Real Estate Group Inc., KB Home/Shaw Louisiana LLC
What isn’t being publicized is how McCain co-sponsored a bill that was introduced January 26, 2005 called The Federal Housing Enterprise Regulatory Reform Act of 2005. (S.190 / 109th session).
It was a bill “to address the regulation of secondary mortgage market enterprises, and for other purposes; to the Committee on Banking, Housing, and Urban Affairs.”
The bill wasn’t met with any enthusiasm.
Legislative comments on pages s599 and s600 on record in part said:
(Sen Hagel speaks)…
This is needed regulatory reform at a critical time … . In 2003, Freddie Mac found itself treading through a wave of accounting problems and questionable management actions. That led to an income restatement of $5 billion, a penalty of $125 million and the removal of several members of its executive management. One year later, a similar surge of questionable practices was discovered at Fannie Mae. That led to the retirement and resignation of two of Fannie Mae’s top management officials, as well as last month’s ruling by the Securities and Exchange Commission, SEC, that Fannie could face a $9 billion income restatement.
S. 190
I urge everyone to go read the complete records on file.
*The Associated Press (AP) is a not-for-profit cooperative, which means it is owned by its 1,500 U.S. daily newspaper members. They elect a board of directors that direct the cooperative. Of the (roughly) twenty-two board members — Gannett Co., Inc. is one the board of members. Gannett is one of the largest and most influential media companies in the United States.
Money Buys Everything: Will the Homeless or Snubbed Wounded Soldiers Bite?
July 26, 2008Newly Painted 757
As we all know, BO is spending a week overseas. Presumably to add foreign policy credentials to his resume. With him hiring 300 (THREE HUNDRED) foreign policy advisors how could he do wrong? How much did that cost I wonder.
I heard bits and pieces of his speeches while he was away. I found it disingenuous that he told our foreign friends that he was not there to campaign but rather there as an American citizen. He went on to say “he looked different” – I take offense to him throwing out the race card – yet again. I don’t believe Condilisa Rice or Colan Powell say that when they visit our foreign friends. Shame on you Obama.
Then, while in Germany, two different military base visits to wounded soldiers were cancelled. The story varies-depending on who’s telling it.
The Pentagon issued a statement that regulations prohibit a candidate for office from being accompanied by campaign staff when visiting a military base.” Senate staff would have been OK, but, as it turns out, campaign staff is all he had in tow. Clearance for his plane to land on the base was authorized. Could he have left his campaign staff on board the plane for awhile or was visiting the soldiers becoming too much of an inconvenience?
The Obama campaign has indicated the Pentagon interfered with its decision to visit U.S. troops at the Ramstein and Landstuhl U.S. military bases in Germany. Well… in BO legal speak that’s technically true.
So… If Mr. Obama was not overseas to “campaign” to foreign countries-as he stated in his speeches–why is it that the only staff he had on board his newly painted plane were campaign staff?
I’ve also heard rumblings that while in Afghanistan, Obama snubbed the soldiers – although I can’t verify the validity to that rumor.
And while I’m on the subject of Obamas’ behavior. Is it just me or does he seem to be trying to demonstrate all the suggestions printed in the book titled “The Secret”? (Didn’t his good friend 0prah have a show about it?) He’s ACTING like he’s already President — just like the book would suggest. He’s calling his plane “O Force One.” His staff was overheard referring to him as “President Obama.” Isn’t this behavior a bit too much make believe? Or is it arrogance?
Today while BO is in London I can’t help but reflect how much money he’s been spending. He raised $52 million in June and will NEED every penny because his campaign has 1,400 workers on the payroll and is still hiring more. If you’re with the “change” machine — money is no object. Is there anything that leads you to believe there will be a “change” of spending habits once he has access to your tax dollars?
Here, back in the states, whispers of how Denver plans on hiding the 4,000 homeless people who call downtown Denver “home” has started erupting in the news.
Is the Democratic National Convention trying to sanitize the streets of Denver for the big event? Denver states “They will not ’sweep’ homeless people away or try to hide them, but will seek to engage them in the process.” That process is to offer free movie tickets and free bus tokens to the homeless. Others will stroll around the Denver Zoo or Museum of Nature and Science. And others will play bingo.
“This isn’t unusual … The whole homeless provider community routinely offers access to public events for people experiencing homelessness,” a spokesperson said.
Wouldn’t it be a gas if a reporter went undercover as a homeless person to see if they sign them up for the vote like rumours allege?
Why don’t they invite the homeless to the DNC events for the community experience? Everyone else seems to be going.
It’s not just the Denver homeless. Advocacy groups and shelters across the country have stepped up efforts to register the 3.5 million homeless for this years’ vote.
Has anyone stopped to consider the vast amounts of money being spent?
Has a single voter – in a lucid moment – stopped to consider a single thing that BO has done that indicated a reigning in of our tax dollars? What makes you believe he will treat your tax money any differently than his campaign money? It’s all “free” money, right?
Every time I turn around I see more money being poured out. His campaign promises will all cost not only more tax dollars but will include hiring of more government employees.
Has anyone stopped to think who’s going to pay? Those will be YOUR tax dollars.
Do you really believe that after he’s squeezed every cent out of “them” he isn’t going to come after YOU through added EXCISE taxes?
My question remains the same…
Do you believe the government has enough of your tax money to accomplish what they need to do?