September 15, 2008
The Best Congress Fannie Could Buy
This is a long and complicated story about how Obama backers were behind the mortgage industry meltdown. It hast to start some where, so lets start with a well known Chicago name Penny Pritzker. It starts with a bank failure.
Unfortunately, this wasn't the case for the 1,406 people who lost much of their life savings when Superior Bank of Chicago went belly up in 2001 with over $1 billion in insured and uninsured deposits. This collapse came amid harsh criticism of how Superior's owners promoted sub-prime home mortgages. As part of a settlement, the owners paid $100 million and agreed to pay another $335 million over 15 years at no interest.Yeah, that ∅bama. A man who stands up for the little guy. After his friends have kicked them down.
Though Superior Bank collapsed years before the current sub-prime turmoil that is rocking the world's financial markets - and pushing those millions of homeowners toward foreclosure - some banking experts say the Pritzkers and Superior hold a special place in the history of the sub-prime fiasco.Well, isn't that special. Kind of reminds you of ∅'s special friend Tony Rezko who worked the low income housing scam in Chicago. Small potatoes that Tony. He only destroyed millions in housing value. Pritzker was involved with trillions. But you know the Democrats really have a heart for the poor. As long as they can rob them blind.
OK we have a looked at one thief for ∅bama. How about another? James A. "Jim" Johnson,
James A. "Jim" Johnson, born in Benson, now lives on the top floor of the Ritz-Carlton Hotel in Washington, D.C., with views of the Potomac and the Washington Monument. But you'll also find him in the inner circle of many of the nation's power groups.Just a regular guy with lots of money? Maybe not so regular.
He was a backer of Walter Mondale in 1984.
Following the failed 1984 presidential bid, Johnson went about the business of making money. He joined with diplomat Richard Holbrooke in founding Public Strategies, which gave political advice to business clients. Later, he did similar work with Sherman Lehman in D.C. Holbrooke and Johnson remain together now, as vice chairmen of Perseus, an international merchant bank and private equity fund management company.Well, what do ya know. Another ∅bama backer tied to the breakdown of the mortgage industry.
Which brings us to the Fannie Mae Foundation. A sweet little set up for handing out cash to a nice little outfit called ACORN among others. Here are a few of the grants to ACORN.
ACORN Housing Corporation - DallasOK so ACORN helps people who were barely qualified or totally unqualified get housing. So what would they be doing? Finding landlords who would rent to them? Well no. Landlords want to get paid. Fannie Mae had no such scruples. Ever hear of NINJA mortgages? Funny name, huh? It stand for No Income, No Job, No Assets. Just the kind of reliable folk honest lenders are looking for. People with a credit score of ∅.
Help with getting poor people mortgages was only one service ACORN provided. Another was help with elections. I wrote a little about that in Election Fraud Control. Let me quote a little from that piece. The question I'm asking is who you might need to be on the look out for when it comes to voter fraud?
Now who might you want to be on the look out for? A group called ACORN.Well it seems like he actually was tied in to the ACORN web of intersecting interests.Late last month six people hired by ACORN were indicted for their role in filing false voter registration forms involving a 2006 drive to increase Missouri's minimum wage.Here is something else interesting I'll bet you didn't know about ACORN:ACORN is a former legal client of Senator Obama's, as the Sun-Times reported in 2006:Voter fraud? From a Chicago Machine politician? I'm shocked. Actually I think the Chicago Machine needs to be praised. Jesus brought a few people back from the dead. Jesus himself is reported to have come back from the dead. But the Chicago Machine is special. They bring tens of thousands back from the dead. No wonder they hail ∅bama as The One.In 1995, former Republican Gov. Jim Edgar refused to implement the federal "Motor Voter" law, which Republicans argued could invite fraud and which some Republicans feared could swell the ranks of Democratic voters.
And ∅bama was not the only one involved. Barney Frank a noted champion of the poor was out in front, attacking the Fannies.
There were many moments of high entertainment during last week's House hearings on Fannie Mae's creative accounting. But our favorite was the Mister Magoo performance given by Barney Frank (D., Massachusetts) after learning that Fannie had handed out $245 million in bonuses over five years. Mr. Frank chided Fannie CEO Frank Raines and CFO Tim Howard, saying, "At the level of compensation you get, we ought to be able to count on you to do your very best without additional incentives."Well what do you know. A wretched hive of scum and villainy. Our very own Congress. Well that was a report from 2004. Let me use the Way Back Machine and go back to 2002. A lovely year. We were still distracted from the thieves by the aftermath of 9/11. But some people were paying attention. The Wall Street Journal for instance. They had a cute name for their piece Fannie Mae Enron?
We were reading President Bush's budget the other day (we know, get a life), when we came across an unusual mention of our all-time favorite companies -- Fannie Mae and Freddie Mac. What we found is a tale we think taxpayers and investors should want to hear.Well, things have turned down. The Chickens are coming home to roost. Say haven't I heard that some where before? Oh, yeah. ∅bama's favorite minister. Before he wasn't ∅bama's favorite minister.
Well Barry ∅bama was right in there looking out for the interests of the taxpayers.
Senator Barack Obama and two other prominent Democrats urged federal housing regulators on Tuesday to cut the golden parachutes of the ousted leaders of Fannie Mae and Freddie Mac, another sign that the government bailout of those mortgage giants could reverberate through the presidential campaign.Why yes. Mr. ∅ was outraged. The very people who helped to rip off the American people were taking millions from the taxpayers while ∅ was helping the thieves get away with trillions. I'm outraged. At the theater. What a great act. And he seems so sincere.
During Obama's time on the Woods Funds ACORN received grants of $45,000 (2000), $30,000 (2001), $45,000 (2001), $30,000 (2002), and $40,000 (2002) from the Woods Fund. (Obama in the early 1990's helped train ACORN organizers and later served as counsel in 1995 for ACORN in a "motor voter" registration lawsuit.) And ACORN certainly appreciated whatever assistance Obama afforded the radical organization over the years.∅ must be a genius to keep all that all in his head. So lets look at another little connection. Which politicians did Freddie Mac and Fannie Mae's Political Action Committees support? How about a look at the top five.
1. Dodd, Christopher J D-CT $133,900You know. Some of the names on that list look familiar. I'm sure I've seen them some where before.
Let's follow the money some more. Brian Lamb is interviewing Peter Wallison a Resident Fellow of the American Enterprise Institute.
LAMB: Let me show you a piece of paper. This is not very fancy graphics, but there are 70 members of the House Financial Services Committee. Every time you see a line through a name, that means that, in the 2008 cycle - and you can actually turn the pages here, same thing on the other side - the names really don't matter.Well that is more than enough for one day. You have enough leads to follow the money and vote out the bastards behind it.
Cross Posted at Power and Control
Update: 29 Sept 008 1135z
Here are some more articles that will help flesh out the story:
ACORN and vote fraud: ACORN Is Not About Nuts
Especially have a look at the American Thinker article linked at: Barney Frank Frankly Not Frank which also covers the mortgage fraud stuff.
posted by Simon on 09.15.08 at 07:03 PM
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