Chicago Sun-Times
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McCain, Obama on economic meltdown; their Wall Street bundlers.

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WASHINGTON--Both the McCain and Obama campaign are focusing on the economic meltdown. John McCain just mocked Barack Obama for tapping former Fannie Mae chief Jim Johnson to lead his vice presidential search committee. McCain did not mention Johnson by name--or that he stepped down as a vetter early in the process after some controversies surfaced-- but the point was to associate Obama with the failed mortgage giant.

Then again, Obama has a commercial running claiming McCain's campaign is run by lobbyists that makes no reference McCain last spring ordered all is staff to cut their lobbying ties. Obama also has former federal lobbyists helping his campaign.

The Center for Responsive Politics takes a look at Wall Street donors to McCain and Obama as the country grapples with the financial crisis weeks before the presidential election.


How did Wall Street's largest firms also become some of the largest donors to John McCain and Barack Obama's presidential campaigns? Take a look at the candidates' rosters of bundlers on OpenSecrets.org, and it becomes clear.

McCain's list includes at least 69 individuals who, according to his campaign, have raised a total of at least $11.4 million for his campaign. That makes the struggling investment industry his top source of bundlers. (Bundlers are those wealthy individuals who hit up their coworkers, family and friends to raise hundreds of thousands of dollars, in addition to any contributions from their own pockets.) In the second spot is the real estate industry, where at least 55 individuals have delivered a total of $9.5 million or more to McCain. Overall, the finance, insurance and real estate sector has hauled in $30 million for the Republican candidate -- far more than any other sector.

Obama's list gives the appearance that he has not leaned so heavily on Wall Street, although since his campaign has ignored repeated requests from the Center for Responsive Politics and other watchdog groups to disclose his bundlers' employers and occupations, these figures are probably undercounts. The securities and investment industry is Obama's second-largest source of bundlers, after lawyers, and at least 56 individuals have raised at least $8.9 million for his campaign. The larger finance, insurance and real estate sector has produced $13.4 million for Obama, making it his most generous sector.

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Obama and The Democrats Helped Bring On The Financial Crisis.
The NY Times Reported that in 2003 a proposal was made to strengthen the oversight of Fannie Mae & Freddie Mac

SOURCE: 2003 New York Times Article

After hearing that proposal the Democrats said this:
''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''

Representative Melvin L. Watt, Democrat of North Carolina, agreed. ''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said.

What Barney Franks and Melvin Watts are saying is that "We don't want any more regulation of Fannie Mae or Freddie Mac, we want more poor people to be able to get home loans no matter what the risk or the eventual cost involved to the taxpayer". I wonder if those people who are being affected in one way or another would like to know Barney Frank's or Melvin Watts personal phone number so you can call and thank them personally for looking out for you?

And the Republican who was proposing legislation similar to the Administration proposal said this:
''The regulator has not only been outmanned, it has been outlobbied,'' said Representative Richard H. Baker, the Louisiana Republican who has proposed legislation similar to the administration proposal and who leads a subcommittee that oversees the companies. ''Being underfunded does not explain how a glowing report of Freddie's operations was released only hours before the managerial upheaval that followed. This is not world-class regulatory work.''

NOW WE COME TO OBAMA'S PART IN THE MESS:
Obama Took The Fannie Mae Money

OBAMA HAS TAKEN MORE MONEY FROM FANNIE MAE & FREDDIE MAC SOURCES THAN ANYONE EXCEPT ONE CHRIS DODD!

AND FRANKLIN RAINES THE PAST CEO OF FANNIE MAE IS A TOP OBAMA ADVISOR WHO WAS ACCUSED OF COOKING THE BOOKS WHILE HE WAS THE CEO OF FANNIE MAE IN ORDER TO GET A HIGHER BONUS!

SOURCE: Wikkipedia Article On Raines

ACCORDING TO WIKKIPEDIA "On December 21, 2004 Raines accepted what he called "early retirement" from his position as CEO while U.S. Securities and Exchange Commission investigators continued to investigate alleged accounting irregularities. He is accused by The Office of Federal Housing Enterprise Oversight (OFHEO), the regulating body of Fannie Mae, of abetting widespread accounting errors, which included the shifting of losses so senior executives, such as himself, could earn large bonuses.

In 2006, the OFHEO announced a suit against Raines in order to recover some or all of the $50 million in payments made to Raines based on the overstated earnings initially estimated to be $9 billion but have been announced as 6.3 billion.

Civil charges were filed against Raines and two other former executives by the OFHEO in which the OFHEO sought $110 million in penalties and $115 million in returned bonuses from the three accused. On April 18, 2008, the government announced a settlement with Raines together with J. Timothy Howard, Fannie's former chief financial officer, and Leanne G. Spencer, Fannie's former controller. The three executives agreed to pay fines totaling about $3 million, which will be paid by Fannie's insurance policies." SOURCE WIKKIPEDIA

THIS IS OBAMA'S HOUSING AND FINANCIAL ADVISOR!

I APOLOGIZE TO ANY DEMOCRATS WHO THINK THAT BRINGING UP FACTS WHICH IMPLICATE OBAMA'S ARE OUT OF BOUNDS!

WHAT HAS HAPPENED TO INVESTIGATIVE JOURNALISM AT THE MAIN STREAM MEDIA MEDIA OUTLETS?

FEAR MONGERING AT ITS BEST!
TRYING TO ASSOCIATE OTHERS WITH OBAMA, PLAY A NEW
GAME AND COME UP WITH A PLATFORM THE GOP IS
RUNNING OUT OF TIME, AND EVEN RUSH LIMBAUGH KNOWS
IT!
OBAMA AND BIDEN A TEAM YOU CAN COUNT ON!

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Lynn Sweet

Lynn Sweet is a columnist and the Washington Bureau Chief for the Chicago Sun-Times.

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This page contains a single entry by Lynn Sweet published on September 18, 2008 11:50 AM.

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