Obama took $105,849 from Fannie Mae / Freddie Mac

Lindsay Renick Mayer has published a list showing all politicians who received money from Fannie Mae and Freddie Mac from 1989 to 2008( click here to see the list ).  Topping the list is Christopher Dodd (D -CT) who took $133,900 from the corrupt organizations.  Coming in third place is Barack Obama (D – IL) who took $105,849 in campaign contributions in just a little over 2 and a half years.  

Obama continues to speak out against highly paid and greedy CEOs.  However, he never seems to mention that two of his economic campaign advisers were once over paid and greedy CEOs themselves.  I’m referring to none other than Franklin Raines and James Johnson.  

Franklin Raines became CEO of Fannie Mae in 1999.  He accepted what he likes to call “early retirement” on December 21 of 2004 while the U.S. Securities and Exchange Commission investigated alleged accounting irregularities.  These accounting irregularities helped Raines collect millions upon millions of dollars from the company.  

Obama claims that Raines is not one of his advisers but an article in the Washington Post shows otherwise.  On July 16, 2008, The Washington Post reported that Raines had “taken calls from Barack Obama’s presidential campaign seeking advise on mortgage and housing policy matters.”  

James A. Johnson, one of Obama’s economic advisers, is also a former chief executive of Fannie Mae.  From 1991 to 1998, he served as chairman and chief executive officer to Fannie Mae and was also a managing director with Lehman Brothers, who filed for bankruptcy on 09/13/2008, from 1985 to 1990.  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 which helped top executives, including Johnson and his successor Franklin Raines, to receive substantial bonues in 1998.


About Will Hucks

I am a systems analyst and do java development here in Jacksonville Florida.
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5 Responses to Obama took $105,849 from Fannie Mae / Freddie Mac

  1. zeitschatten says:

    Down at the bottom of the chart where that figure originally was found on the Federal Election Commission disclosure pages it indicates that the number includes contributions from PACs and individuals.

    Obama received a total of $6,000 from a Fannie/Freddie PAC — and only prior to his campaign for Presidency, when he announced he would no longer take any lobbyists PAC money.

    The remainder was from individuals who are employees of Fannie/Freddie, in the years between 1989-2008. The two companies at one time had over 12,000 employees.

  2. javabeanwill says:

    Of coarse it was the “employees” of Fannie Mae who donated money to Obama’s campaign. It was Fannie Mae “employees” who helped cook the books.

  3. zeitschatten says:

    All 12,000 employees?

  4. javabeanwill says:

    It obviously only takes a few of those 12,000 to corrupt an organization. The fact that he received such an astounding amount of money from them over such a short period of time does not look good at all. Typically the ones donating the most money to a candidate are the one’s with the most money and the ones with the most money are probably the executives who received millions in bonuses due to corrupt accounting practices.

    I would actually like to see a link to an article stating who gave him money and a source showing exactly how many Fannie Mae employees gave him money. Do we actually know for a fact that none of these executives who received millions of dollars in bonuses did not donate money to Obama?

    For all I know 11,999 employees each gave $1 while one very rich corrupt executive contributed the rest of the thousands of dollars to Obama’s campaign. The fact that “employees” of a very corrupt organization have been donating money to Obama means nothing to me except that it doesn’t look good for Democrats who obviously have been receiving the most amount of money from them.

    It would appear from your statement that you believe all 12,000 or so employees have donated money to his campaign. I certainly hope you do not believe this to be true.

  5. javabeanwill says:

    From Fannie Mae’s website:

    “As of June 30, 2007, Fannie Mae employed approximately 6,400 personnel, including full-time and part-time employees, term employees and employees on leave.”

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