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.