Story Created:
Sep 18, 2008
Story Updated:
Sep 19, 2008
Good. Finally. This is a tough, accurate piece:
Ed Morrissey:
Team McCain knows that this will be a big problem for voters looking for a change in Washington. Raines, and Obama’s other Fannie Mae advisor Jim Johnson, are exactly the kind of CEOs and big shots that Obama usually demonizes on the campaign trail. They took exorbitant salaries and ran Fannie into the ground.
Here are a few articles of interest about Raines from the Washington Post::
March 2005: Perverse executive pay forced Raines out of his job.
May 2006: Extensive fraud at Fannie Mae under Raines’ direction, generating over $50 million in bonuses for nonexistent growth.
April 2008: Raines gives up $24 million in future payouts to avoid criminal charges in Fannie Mae fraud, although most of that was in worthless options; he pays $2 million in cash.
Note that Raines continued to advise Obama even after that settlement. It’s not as though Obama didn’t know Raines’ past. Apparently, he just didn’t care.
**
McCain also comes off his heels with tis tough speech yesterday....
John McCain shifted gears in Iowa today and reminded voters in Cedar Rapids that he predicted the outcome of the credit crisis two years ago, and few bothered to act. McCain also aggressively painted Barack Obama as a prime example of do-nothing politicians co-opted by lobbyist money. His speech pointed out the amount of money Obama has received from Fannie/Freddie donors and the advisers he uses that helped create the crisis...
Saturday, Sep 20 at 12:53 AM Dawn to Walt wrote ...
The Washinton Post (in it's Style Section) is the ONLY news organization to make this claim (about Raines advising Obama) What it's based on noone knows. Like I said before, lets see what politifact.com and factcheck.org have to say. As for who the candidates take advice from, do you know that John McCain's Senior Campaign Advisor was the Chief Washington Lobbyist for Freddie Mac and Fannie Mae. At least as reported on MSNBC. Before you dismiss it as "media propaganda" seek the facts, please.
Saturday, Sep 20 at 12:12 AM Al (formerly of Palatine) wrote ...
This won't make the news, but you can bet that if Sarah Palin ever passed gas in public the "from way downtown BANG" guy on MSNBC would be screaming that she poluted Alaska's atmosphere and wants to destroy the environment. I hope people will see this ad and the others like it.
Saturday, Sep 20 at 12:09 AM Son-of-a-Gun wrote ...
RE: BO - The Emperor has no clothes
Friday, Sep 19 at 10:43 PM Wheel Barrow Jim wrote ...
McCain has no honor left in his body. He has distorted his entire career by claiming to be a man of the people. The pseudo-progressive McCain and Palin have lied to the American public for weeks now. Her are the facts: McCain relies heavily on lobbyists in his campaign. Period. And this isn't new information. All of a sudden, once a financial crisis hits, McCain is the economic savior of an economy that he originally claimed was fine. A few bumps and bruises ... but fine. Wrong.
Friday, Sep 19 at 10:00 PM Saxxon Domela wrote ...
Saying McCain goes on offense on the economy is like saying Jack the Ripper goes for a stroll in London. This is the man who took $112,000 from Charles Keating of the Lincoln Savings and Loan Affair. This is "Mr. Deregulator." This is crazy Uncle Louie cheating on his wife and taking money out of the cookie jar.
Friday, Sep 19 at 2:18 PM Walt wrote ...
Dawn, you must know something I don’t know than because everything I’ve seen on NBC or read in Newsweek (for the past 10 years) has seemed slanted to the left to me, I read lots of Newsweek in my doctor and dentist office’s. You’re also right about Raines, just because Obama uses Raines doesn’t mean wrong doing. It does mean that Obama, AT LEAST, has very bad judgment for taking financial advice from a known thief. I wonder what Obama’s cabinet would look like if elected.
Friday, Sep 19 at 12:32 PM Kurt/Elkhorn wrote ...
Now we usher in the next chapter of "As The Tide Turns"-the story of how an up-&-coming emperor thought his loyal subjects were wearing the new clothes.Stay tuned for new episodes as they come to light. How else can you say HACK.
Friday, Sep 19 at 12:25 PM Backing Andrew wrote ...
Raines is a bad guy. He screwed up bigtime. Noone is saying that the facts about him are a lie. Here's where the lying comes in play: Everytime someone does something wrong the right looks for any link you can to Obama and you point the finger at Obama as if he did it (the crime of the individual). Even if it the link has to be a lie or embellished.
Friday, Sep 19 at 10:53 AM Dawn wrote ...
To Walt: Charlie referred to this as an "accurate piece" and I challenge that. This is the first time I used that language. Second, you bet Fineman is "an objective observer" do you mean like Charlie? Third, Accusing Obama of using Raines as an advisor in no way accuses Raines of any wrong doing so why would he need to lie. His career is already finished. Also, Fineman stated that Raines did visit Obama's Senators office once about 2 years ago but never met with Obama then or since then.
Friday, Sep 19 at 10:52 AM Big Bend Mike wrote ...
Andrew, where is the lie? Raines was in charge at Fannie Mae. That's public knowledge. It's is also fact that he siphoned millions out of the company in bonuses and payouts. They finally had to get rid of him because he was so corrupt that they couldn't ignore it any more. Before you liberals go out and start shouting "LIES! PROPAGANDA!" Check your facts. We aren't saying McCain is perfect, but then we don't think of him as "The Messiah", just the better candidate.
Friday, Sep 19 at 10:35 AM Walt wrote ...
Al, that’s a nice thought but knowing who is responsible for this mess before you call is a better idea or all you’ll get is a lame form letter that won’t even address the concerns you wrote about. As far as blaming liberals, why not blame the people responsible for it. All this is linking back to the Clinton years (the 1990s), look it up. Also look at who is under indictment or under a cloud right now. NOT BLAMING liberals is what got us here in the first place.
Friday, Sep 19 at 10:01 AM Walt wrote ...
Dawn, you always seem to criticize articles that Charlie posts because in your words they are “not an accurate piece”. The people you used to discredit THIS article was 1) Frank Raines, HIMSELF. That would be like asking Pol Pot if he was responsible for the murder of 7 million people. Pol Pot would say “I didn’t do it” and Dawn would say “That’s good enough for me”. 2) Howard Fineman, an NBC News analyst, and who writes for Newsweek, yah! I bet he’s and objective observer.
Friday, Sep 19 at 9:53 AM Dawn wrote ...
The Washington Post reported this story. It is a source of contention. Raines: "I am not an advisor to Barack Obama, nor have I provided his campaign with advice on housing or economic matters". Like I said, lets wait for Factcheck or Politifact to confirm.
Friday, Sep 19 at 9:36 AM Andrew wrote ...
More slimey lies from the McCain campaign. Just call him President Obama now.
Friday, Sep 19 at 9:05 AM Al from Palatine wrote ...
Hey! There's something going on right now! It's not a he said she said...it's a government bailout of mega corporations that made billions over the last decade. This is gonna handcuff the tax payer for generations! Instead of blaming liberals why don't you read today's paper, make an informed decision and call your rep, senator or the white house. Stay away from Charlie's propaganda.
Friday, Sep 19 at 8:28 AM SORRY DAWN wrote ...
From Politico: An ill-timed -- for Obama -- profile of former Fannie Mae CEO Franklin Raines, forced out in an accounting mess a few years ago. The Style Section piece reports that he's recently been taking "calls from Barack Obama's presidential campaign seeking his advice on mortgage and housing policy matters." Hard to find anybody in the mortgage industry who's looking real great right now, but Fannie Mae's critics, in particular, seem to have been vindicated.
Friday, Sep 19 at 8:23 AM Dawn wrote ...
Frank Raines issued a statement that he is not and never has been a advisor for the Obama campaign. Howard Fineman of Newsweek said he is well aware of what happens in the campaign and he knows Raines is not an advisor. Sorry Charlie, not an accurate piece. Wait for factcheck.org or politifact.com to confirm.
Friday, Sep 19 at 7:20 AM jenni wrote ...
Where oh where is Ron Paul when we need him? He might be a loon on a lot of things, but he's dead on when it comes to the economy. Perhaps McCain should look to him for advise.
Thursday, Sep 18 at 9:28 PM Whitefish Bay Mike wrote ...
Mr. Raines/Obambi are tied at the hip.
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