Revere
Rookie
- Banned
- #1
Another Obama nomineee who is qualified for nothing but his experience in cover-ups.
As a former lobbyist, Obama's choice for national security adviser fought off new regulations - latimes.com
As a former lobbyist, Obama's choice for national security adviser fought off new regulations - latimes.com
WASHINGTON (AP) Before President Barack Obama picked him to be his next national security adviser, Tom Donilon was a lobbyist for mortgage giant Fannie Mae and fought off congressional attempts to impose new regulations.
As Fannie Mae's legal counsel and top strategic thinker in the late 1990s to the middle of this decade, Donilon left his sizable imprint on the company long before its takeover by the government amid the wreckage of the housing market. By that time, Donilon had moved on, well before what critics said was a day of reckoning after years of inadequate regulation and lax oversight.
In early 2008, seven months before disaster struck, Fannie Mae and its smaller cousin, Freddie Mac, held in their portfolios or guaranteed $4.9 trillion in home-mortgage debt. The government took over Freddie Mac the same day. Their rescue has cost taxpayers more than $148 billion so far.