Weblog Commenting and Trackback by HaloScan.com The Barnyard: Finally McCain Ties Obama To Franklin Raines In New Ad

Thursday, September 18, 2008

Finally McCain Ties Obama To Franklin Raines In New Ad

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.


shoprat said...

The big question is will the public believe it or will they believe the Donk propaganda machine.

JB said...

That is an ad that should be aired in all 50 states – even Illinois. You would not believe how Obama supporters groan in disbelief when I tell them that Franklin Raines is a senior advisor to Obama. They know Obama is going to get hammered on this. McCain should not let up on this -- ever.

Tom the Redhunter said...

Right, Goat, and I'm glad to see McCain start to make the case as well. Obama is of course trying to say the whole thing is Bush's fault, and by implication McCain.

What hogwash.

Too many Democrats are involved and/or had the chance to stop this and didn't; Barney Frank, Chris Dodd, and let's not forget Jamie Gorelick

Anonymous said...

People seem to trust Mr. McCain.


suek said...

Does anyone know how Raines _got_ the job in the first place? Who or what group was responsible for hiring him?

SouthernRoots said...

The WaPo and Obama camp - sorry for the redundancy - have come out and said that McCain's basis for tying Raines to Obama was a Wa Po article and that that article isn't to be believed as written.

The Obama campaign last night issued a statement by Raines insisting, "I am not an advisor to Barack Obama, nor have I provided his campaign with advice on housing or economic matters." Obama spokesman Bill Burton went a little further, telling me in an e-mail that the campaign had "neither sought nor received" advice from Raines "on any matter."

So what evidence does the McCain campaign have for the supposed Obama-Raines connection? It is pretty flimsy, but it is not made up completely out of whole cloth. McCain spokesman Brian Rogers points to three items in the Washington Post in July and August.


Gayle said...

Ye gads! I'm convinced the Dems would defend Obama if he were proved to be a murderer! *sigh*

Leads said...

This does not suprise me at all that Obama has another close "friend" that is SO STINKING CORRUPT and bad for this country! Now Raines, it was Jim Johnson, Bill Ayers, Tony Rezko and the America hating Rev. Wright.

Americans need to wake up and see the Kool-aid the Barry Obama camp is pooring for them. Pure garbage.

Nobama....Keep the Change

Goat said...

Rejected commenter Brendan, It is my fucking site and I will post comments as I want to. Are you now calling the WaPo an unreliable source? Since it is one the left loves to use to bash the right. I am not afraid of debate I just don't have time to argue with bricks about minutia. McCain cited the WaPo and its articles that have not been retracted and the Obama team did not object to them at the time. I guess nothing the WaPo prints from now on out should be believed including its hit pieces on Mcain or Palin but I bet Obama will use them. I have been doing this a long time and I can smell a troll before they come out from under the bridge, thus my my posting name of goat, short for Goat Gruff. Again this is my site and I will publish the comments I choose to and if you don't like it, well I don't give a shit. Welcome to the Barnyard.

Goat said...

Suek, he was a Clinton era appointee.
Tom, that Gorelick gal seems to have her fingers in a lot of major disasters doesn't she? I read the American Thinker article on her, wow.