Everyone say Obama and McCain do not have background in finance, trade and business, and how it works. So when lobbyist give a political person money, maybe they present their cause in a nice light, and the politican accepts because they really do not know all the details of the business who is giving them money. But time goes on, and the true intentions of that lobbyist show through. And it makes the politican look very bad. Do you think any politican knew that liars loans would be made in great quantity, and those loans would be sold to unsuspecting buyers, and resold again and again. And all with AAA rating? To finally crash and fall apart?
So you're saying that Obama was just lured in, is that it? The question though then becomes, why appoint his as a campaign advisor, especially after he was involuntarily retired, fined $30+mm for manipulating the books so that he and other executives could get large bonuses? OldTrader
Please watch the first 50 seconds of this: http://www.youtube.com/watch?v=4czb_JFAXtk&feature=related case closed.
I am saying many people lured in. Smart people lost money. Who started the game of make bad loans, sell those loans for profit, and keep selling until defaults happen, and the game is over? Who knew?
You seem to miss the point. Franklin Raines and some of his cronies manipulated the FNM accounting to show larger profits, so they could get large bonuses. This isn't an opinion. He settled with the government for $34mm, and left the company. AFTER this, Obama hired him for his campaign. Why? Did those FNM contributions Obama received have anything to do with it? OldTrader
Maybe, who knows. But $130k is a drop in the bucket for FNM and Obama's campaign. Their budget for Florida alone is like 30 million.
Obama was the #2 recipient. Look at the list in this thread, a list comprising contributions over 20 years. Obama is #2 in just 4 years. That said, why does he appoint Franklin Raines as a campaign advisor? OldTrader
Because he was also the White House budget director under Clinton. Probably not, as the contributions were not from FNMA but "its individual members or employees or owners, and those individuals' immediate families."
Does this come as any surprise? LOL. Evidently experience with another Democratic crony trumps all of the accounting shenanigans this guy pulled, which contributed to the downfall of FNM. What does that say about Obama? OldTrader