September 12, 2008 07:40 PM
New Fannie Mae Chief is ex-McCain Staffer
Real Change you can believe in.
Herbert M. Allison Jr., who was named chief executive of Fannie Mae on
Sunday, brings to the job nearly three decades of experience on Wall
Street, as well as deep ties to Washington.Mr. Allison, 63, worked for Merrill Lynch for almost 30 years, rising
to the positions of president and chief operating officer. Later, he
ran the finance committee for Senator John McCain’s 2000 presidential
campaign and became the chairman and chief executive of TIAA-Cref, the
big money management company.
Well, Rick Davis, McCain's campaign manager, was a lobbyist for Fannie Mae.
There better not be any horse shows in her backround.
And James Johnson, a former Fannie Mae chief executive and Washington insider since the Carter administration, was on Obama's vetting team to select his VP candidate.
Where are we going with this and why?
The ex-CEO's of Fannie Mae Daniel Mudd and Freddie Mac, Richard Syron are receiving; between $6 - 8 million and more than $15 million respectively, for the brilliant efforts they did in running those companies into the dirt.
Nice golden parachutes, heh?
(according to the LA Times)
And John McCain's son served on a board of a bank that just went under: http://www.cbsnews.com/stories/2008/09/06/business/main4422652.shtml
Now that is some financial change you can believe in! Thanks Phil Gramm.
This is just another reason we should not privatize departments, services and organizations in our government.
Blackwater patrolling in New Orleans after Katrina would be another great example.
I need to read 'The Wrecking Crew'.
I have been following the doom and gloom on my favorite liberal blogs over the past week or two and I think the article below might be worth considering.
http://andrewsullivan.theatlantic.com/the_daily_dish/2008/09/are-the-net...
Alan Greenspan says the country can't afford tax cuts of the magnitude proposed by Republican presidential contender John McCain " at least not without a corresponding reduction in government spending.
Greenspan: Country can't afford McCain
looks like the criminal actions of bush/cheney
will not stop until they are out of office and then
we will all have to look for all the hidden disasters
waiting to jump us.
the most corrupt administration continues to put
bastards in positions over the economy that bush/cheney
have fucked up, so they can continue to destroy them
and hide their crimes.
this country may not ever recover from these two
bastards. at least not for several generations.
Wait! Wait! Our taxpayer dollars bailed Fanny out! All your stuff belong to us, Fanny. You have been nationalized is a sense. We get to call the shots. Don't we?
Don't we?
sailor @ 7:
That article nails it. Too much fixation on McWWWIII and his beard, Palin.
sailor @ 7:
Thank you for linking this. It's right on target and unfortunately too true. Our "tone" has and will make a difference for the undecideds. Dems are good at sinking their own ship. I'm jumping ship and gonna float around from now on in an innertube with a Mai Tai in one hand and my Obama vote in the other.
Off-Topic. In the newspaper today, I got a free video called, "Obsession". WTF? Is this a Right-wing propaganda thing or what? I'm looking at it right now. What should I do? I haven't even taken it out of the plastic wrap. But this scares the Hell out of me. I live in PA. A battle ground state. What about Independants? Oh, and the guy who Produces "24" endorses it. Should I freak or what?
P.D. @ 13:
Really. So they just played the fear card again. That's okay. Use it as a frisbee or let Fido chew on it.
pd...propaganda cd makes perfect coaster
But just think of the millions of copies that could have been sent out! This kind of thing has never been done to me. Oh sure, I have had my Kerry signs ripped off. But nothing like this. Well, at least I know they are getting desparate.
Charles Keating for Freddie Mac?
P.D. @ 16:
Was your paper hand delivered?
P.D. @ 16:
The only people who buy into propaganda are already owned. So there's really nothing to worry about.
I just read on the Huffington Post how many papers are allowing this because there revenues are down. Great! Sell your soul for some cheap bucks. Capitalism! Score another one!
Jo @ 10:
http://2.bp.blogspot.com/_nSTO-vZpSgc/SMwrJkz9uGI/AAAAAAAADTs/G5mtGKdqGi...
Kinda says it all, doesn't it?
Gramm-Leach-Bliley Financial Services Modernization Act.
53 Republican Senators plus one Democrat - AYE
44 Democrats no Republicans - NAY
Economist Robert Kuttner has criticized the repeal of the Glass-Steagall Act as contributing to the 2007 subprime mortgage financial crisis. Economists Robert Ekelund and Mark Thornton have made similar criticisms, arguing that while "in a world regulated by a gold standard, 100% reserve banking, and no FDIC deposit insurance" the Financial Services Modernization Act would have made "perfect sense" as a legitimate act of deregulation, under the present fiat monetary system it "amounts to corporate welfare for financial institutions and a moral hazard that will make taxpayers pay dearly".
100's of bank WILL FAIL the FDIC does not have enough funds to cover the potential losses. of course Uncle Sam will have to add more capital to the bail out.
"John McCain voted FOR the bank laws that led to the current credit crisis. John Mccain's economic advisor WROTE the law. 53 Republicans voted YES to the law. When you're in danger of losing your house, can you take a chance on more of the same from those who wrecked out economy?"
The GOP Scewed America
Gramm-Leach-Bliley Financial Services Modernization Act.
53 Republican Senators plus one Democrat - AYE
44 Democrats no Republicans - NAY
The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub. L. No. 106-102, 113 Stat. 1338 (November 12, 1999), is an Act of the United States Congress which repealed the Glass-Steagall Act, opening up competition among banks, securities companies and insurance companies. The Glass-Steagall Act prohibited a bank from offering investment, commercial banking, and insurance services.
The Gramm-Leach-Bliley Act (GLBA) allowed commercial and investment banks to consolidate. For example, Citibank merged with Travelers Group, an insurance company, and in 1998 formed the conglomerate Citigroup, a corporation combining banking and insurance underwriting services. Other major mergers in the financial sector had already taken place such as the Smith-Barney, Shearson, Primerica and Travelers Insurance Corporation combination in the mid-1990s. This combination, announced in 1993 and finalized in 1994, would have violated the Glass-Steagall Act and the Bank Holding Acts by combining insurance and securities companies, if not for a temporary waiver process . The law was passed to legalize these mergers on a permanent basis. Historically, the combined industry has been known as the financial services industry.
enor @ 6:
weren't Mae and Mac private and bailed out by govt (not the reverse??)
JimboSlice @ 5:
Moral of this story---never invest or do business with a bank that has the word "silver" in the title. I am referring to the Bush's brother fiasco with Silverado in Colorado
Bush is trying everything he can to help McCain get in office.
He tried to neutralize Barack by sending brigades to Afghanistan and Pakistan to catch Bin Laden.
All the showmanship of the Gustav and Ike republicans governors involved with the hurricanes.
And now he is staffing McCain cronies into key positions of power.
Hey, maybe TIAA-CREF can cut their hysterically high costs for investments now that he is gone...
Gosh, that would be nice. They had the highest 'load' fees for retirement investments. Their fees swung my $800 gain last year to a $1200 LOSS!!!
I couldn't get a handle on the fees and called them. Yes, they were 'fees' and 'other charges'.
Does he take the jet and other perks that I helped pay for while he was sucking TIAA/CREF dry???
Jesus needs to come and take charge of the Republican party and turn the 'money changers' out of the temple (Congress) and the Bush Blight House...
Chimpokomon @ 26:
I'll bet that the October surprise is a newly thawed out Bin Laden...
es-HUSSEIN-me @ 24:
Fannie and Freddie were government entities that were privatized. When you put a CEO in place of a "formerly" public organization, there's no "backlash" caused by the dirty dealings. And yet the ousted CEO's make more on their severence packages than I'll make in my life-time. Damn! Maybe I should run a huge corporation into the ground.
Just one more example of how they've got their hand so deep in each others' pockets that not one of them knows whose pecker he's using to pi$$.
Anyone what this fuck is getting paid for his new gig?
Actually, you got it wrong.
Obama's campaign manager was Fannie Maes CEo who ran it into the ground.
McCain said in 2005 that Fanie Mae will lead taxpayers into a deep hole and pushed a bill for increased oversite. Obama and Biden voted against it.
The Ceo of Fannie Mae was a DEMOCRAT. Was past campaign manager for Mondale.
So find the truth, idiots!
According to OpenSecrets.org, Barack Obama was the second largest recipient of political contributions from recently bailed-out, quasi-government lenders Fannie Mae and Freddie Mac.
The first? Senator Chris “VIP Loans” Dodd (Dodd’s buddy Kent “I call the CEO when I want a loan” Conrad rounded out the top 15).
Isn’t it a bit disturbing that the man who could be our next President took tens of thousands of dollars in contributions from one of the biggest boondoggles in the history of American government? Stick that up your Democratic, liberal asses.
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