Franklin Raines was the corrupt and disgraced CEO that ran mortgage giant Fannie Mae into the dirt and got very wealthy doing it. He is now Obama's chief adviser on housing and the mortgage industry. McCain has also started hitting Obama from the stump on this and its very timely.
(ed. minor correction Raines is an informal adviser as per his own words)
Ed Morrisey also has been kind enough to dig up a few stories about Raines in the WaPo on just how corrupt this guy was.
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.
The following is from McCain's remarks today in Cedar Rapids, Iowa.
Two years ago I warned this Administration and Congress that regulations for our home loan agencies, Fannie Mae and Freddie Mac, needed to be fixed...
But nothing was done.
Senator Obama talks a tough game on the financial markets but the facts tell a different story. He took more money from Fannie and Freddie than any Senator but the Democratic chairman of the committee that regulates them. He put Fannie Mae's CEO who helped create this disaster in charge of finding his Vice President(ed. Jim Johnson). Fannie's former General Counsel is a senior advisor to his campaign. Whose side do you think he is on? When I pushed legislation to reform Fannie Mae and Freddie Mac, Senator Obama was silent. He didn't lift a hand to avert this crisis. While the leaders of Fannie and Freddie were lining the pockets of his campaign, they were sowing the seeds of the financial crisis we see today and enriching themselves with millions of dollars in payments. That's not change, that's what's broken in Washington.
Mcain also oulined some of the things he would do to make sure this does not happen again. Obama whines and points fingers seeking to place blame, McCain works to find real solutions to a bad situation. This is also the type of corruption Sarah Palin faced down in Alaske and beat. McCain/Palin the right kind of change we need in Washington.
Update: Ace has more and here.
Gateway Pundit has more including this damning video of Fannie CEO telling Democrats that they are the "Family" that kept the Feds at bay and looked the other way while they were bought off.
OUCH, thats going to sting.