Fannie Mae CEO Thanks Barack Obama in 2005
During a swearing-in ceremony of the Democratic Congressional Black Caucus in 2005, Fannie Mae interim CEO Daniel Mudd gave special thanks to Barack Hussein Obama, who he named, and the Black Caucus. Mudd called the Black Caucus the "family and conscience of Fannie Mae." In 2005 when Mudd spoke to the Black Caucus Freddie Mac and Fannie Mae were being investigated by the Department of Justice for corruption and fraud. At that time, and up until the big market crash that just occurred, Fannie Mae and Freddie Mac, were being run by democrats, most of whom came from the former Bill Clinton administration. It is clear from the video that the democrats were in control of both Freddie Mac and Fannie Mac during their near collapse in 2005, and their collapse bail-out by tax payers a few days ago here in 2008. Lehman Bros., who have been around since 1840, went under because they bought bad mortgages from Freddie Mac and Fannie Mac, but didn’t know it, despite that fact, Lehman Bros. is the only company the government did not bail out.
In the video Barack Obama is named as having received the second biggest campaign donation from Freddie Mac for a total of $126,349.
Obama can’t claim he didn’t know about the troubles Freddie Mac and Fannie Mac had in 2005, or this year, because he was deeply involved in those companies for at least 3 out of his 4 years in congress. In the video you can see Obama in the back middle row. Obama has been pointing the finger. Someone needs to give him a mirror so he can point in the right direction.
To learn more about Freddie Mac and Fannie Mac click here.
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7 Responses to “Fannie Mae CEO Thanks Barack Obama in 2005”
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Fannie Mae and Freddie Mac employees donated $126,349 to the Obama campaign while they donated $21,550 to McCain. Corporations themselves are ineligible from donating to political campaigns. Whereas, Fannie Mae and Freddie Mac board of directors and lobbyists donated $169,000 to McCain and his related committees, compared with $16,000 to Obama and his related committees.
@Me:
That “TRUE breakdown” seems to have come from factcheck.org
They have since corrected their information and struck everything that was quoted here because it was wrong.
I fail to see how the logic that McCain has received more money from these groups. Clearly the way it is reported is so that board members who serve on multiple boards are not shown under just one group, because which one do they get counted with, or do you just count one $2,000 donation each of the companies of which that person serves on the board. Obviously you can’t double count the money or the figures would look insane, one $2,000 donation could turn into 8 or 16 thousand dollars. Anyway it is pretty clear that people who have a sole obligation to Freddie and Fannie donated 10 times the amount of money to Obama than McCain. Also the figures are totals from 1989 until 2008. So McCain been there for the full 19 years, Obama about 4 and yet Obama has received 10 times the money. For the 173 days when Obama has actually showed up that comes to $748 a day. For McCain over 19 years it comes to about $11.50 a day, assuming that he has ‘worked’ at least 100 days a year in those 19 years (which is feasible because he wasn’t running for president half the time he has been an elected senator). That is a over 65 times the amount McCain has received. Now do you see where the corruption lies.
I find it entertaining how spin doctors like you guys work.
Sure Obama got more donations than anyone else except Dodd from Fannie Mae employees. Employees.
But who got the most from Fannie Mae directors, Lobbyists, etc? People in actual power at Fannie Mae? McCain.
So basically the average worker with no control over decisions in Fannie Mae wanted Obama, and those who made all the failed decisions wanted McCain.
Funny how the truth comes out.
Thanks CNN for being honest in their research.
http://politicalticker.blogs.cnn.com/2008/09/19/fact-check-did-obama-profit-from-fannie-and-freddie/
I must admit, at first sight this video really made me start to question my Democratic stance. However, this TRUE breakdown has restored my faith and once again proven how information gets manipulated through republican propaganda.
I can’t take credit for it through. Some one posted it on ONTD_Politics in repose to this video.
***HG says***
I myself haven’t fact checked the details listed from ONTD, so those details themselves could also be democratic propaganda. I would recommend checking the facts out from reliable, unbiased sources, before make a final determination.
GET THE FACTS STRAIGHT! – And Leave the Dark Side.
The Facts
Federal law forbids candidates from receiving money directly from companies. The nonpartisan Center for Responsive Politics tracks donations from employees of various companies. The center’s list of contributions from Fannie and Freddie employees places Obama second. Ahead of him is Sen. Chris Dodd,
Democratic chairman of the Senate Banking Committee.
The total listed for Obama is $126,349 — a tiny fraction of the approximately $390 million his campaign has raised, according to the Center for Responsive Politics. The list shows McCain has received a total of $21,550 from Fannie and Freddie employees. The list includes donations of at least $200 from those who receive paychecks from Fannie and Freddie. It also includes donations from political action committees — pooled contributions from employees. Obama decided early in his presidential run not to accept PAC contributions, but the Center for Responsive Politics’ list includes all contributions for members of Congress dating back to 1989 — including Obama and McCain’s Senate campaigns.
The New York Times has published a separate list looking at contributions from “directors, officers, and lobbyists for Fannie Mae and Freddie Mac” for the 2008 campaign cycle. That list — using figures from the Federal Election Commission — shows McCain receiving $169,000, while Obama received only $16,000.
Explaining the difference, the Center for Responsive Politics said on its Web site that it does not include members of the board of directors because they could serve on boards of various companies. Their contributions are listed along with other employees of the companies they work for. And the center says lobbyists usually represent multiple clients as well, so their contributions are listed under their lobbying firms — except in-house lobbyists, who are included in the center’s list.
The mortgage giants Fannie and Freddie became symbols of the nation’s economic mess — and, to critics, of corporate greed — after the government recently took them over to bail them out, making donations linked to the company in any way potential political fodder.
VERDICT
Partially true, but misleading. Donations don’t come from companies. A list of employee contributions puts Obama second, but a different list including lobbyists and directors shows McCain getting more.
Via ONTD Poilitcal
***HG says***
That was an amazing breakdown of the details.
That truly is the limitation of celebrity news on how finance works. No one, not even the government, would be stupid enough to bail out lehman brothers due to the risk of unknown amount of unsecured debt they have. It’s not because they are democrat or not, it’s just not a wise investment. The bailout on AIG is valid for the government because they will make crapload of money since AIG is currently heavily discounted at $8.5 Billion.
***HG says***
I had thought much of Lehman Bros. debt was due to bad mortgages. What kind of unsecured debt are they also carrying? There’s appears to be more to their situation than I’ve heard so far.