Where does Obama's allegiances lie?

[jreeves]

Uncle Sam bailed out Freddie Mac and the company's twin sister, Fannie Mae, this week, and the next in line in the Wall Street family to get a helping hand might just be Lehman Brothers. Executives at the struggling investment bank are looking to sell the company with assistance from the government--and fast--as its stock plunges. Although the government isn't expected to completely bail out Lehman Brothers, the fourth-largest U.S. investment bank, the company has built a strong financial relationship with politicians over the years and coincidentally ranks fourth in the largest contributors in the race for the White House.

Since 1989, Lehman Brothers's employees and political action committee have given $9.2 million to federal candidates, parties and political action committees, with 54 percent of that going to Democrats. In the current Congress, 271 lawmakers have collected nearly $3 million since 1989, with 72 percent going to Democrats. Democratic presidential candidates and senators Hillary Clinton and Barack Obama top the list of all-time recipients for the company, collecting $410,000 and $395,600 respectively.

OpenSecrets | Brothers Grim: Is Lehman Next? - Capital Eye
Obama has received about 4 times more money from Lehman Brothers than has Mccain all-time. While Mccain has about 25 more years in the Senate than does Obama. The CEO's of the failed financial companies serve as economic advisors to Obama. I wonder what kind of chance our economy stands if Obama is elected? Not much....

 

[Shadow]

Well we now know what Obama's great senate accomplishments are.

Taking the most money from corrupt investment banks. And alligning himself with the frauds that run them.


Good job Barry!!

 

[Haro]

At least Obama doesn't owe himself to big oil.

 

[AllieBaba]

So it's okay by you that he made money by raping the American consumers, setting up the collapse of the housing market, and refusing to fix it when could? Then blaming it on the very Republicans who would have fixed it years ago..if he and his money grubbing friends hadn't voted against it? Then bailed out, taking their $$$$ with them?

 

[Haro]

So it's okay by you that he made money by raping the American consumers, setting up the collapse of the housing market, and refusing to fix it when could? Then blaming it on the very Republicans who would have fixed it years ago..if he and his money grubbing friends hadn't voted against it? Then bailed out, taking their $$$$ with them?

Never said it was, is it okay that Bush deregulated the banks so they made riskier loans that failed causing the economy to take the worst turn since Hoover's time?
We could point fingers all day at both of the candidates. There is plenty of both candidates. Let's just stick to the issues.

And its Where DO Obama's Allegiances Lie.

 

[del]

i had no idea Bush was running again.

 

[Haro]

i had no idea Bush was running again.

I was just giving another example of fucking things up. But you miss the point of the post. If you want to nit pick, then by all means continue this thread, but that's not what the election should be about, unless it ivolves grammar.

 

[AllieBaba]

I don't see deregulating the banks quite the same as setting oneself up to make a killing off of questionable economic practices, then bailing while the getting's good...and pointing the finger at others, who DIDN'T make money off the venture.

Obama didn't fuck up. He committed a crime. Bush may have been behind some deregulation, but he's also saw this coming and tried to fix it for the last 3-4 years, along with McCain, and all the hot shots who were making millions (DEMOCRATS) blocked them at every turn.

It's one thing to be fair in assigning blame. But assign blame where blame is due. Don't pretend that everyone is equally corrupt, or everyone is equally to blame. Because that's not true.

 

[Haro]

I don't see deregulating the banks quite the same as setting oneself up to make a killing off of questionable economic practices, then bailing while the getting's good...and pointing the finger at others, who DIDN'T make money off the venture.

Obama didn't fuck up. He committed a crime. Bush may have been behind some deregulation, but he's also saw this coming and tried to fix it for the last 3-4 years, along with McCain, and all the hot shots who were making millions (DEMOCRATS) blocked them at every turn.

It's one thing to be fair in assigning blame. But assign blame where blame is due. Don't pretend that everyone is equally corrupt, or everyone is equally to blame. Because that's not true.

Please do not make me keep asking. Facts please. What crime did Obama commit? How has Bush been trying to fix it?

 

[WillowTree]

funny how the democrats don't wanna talk about their fucked up policies and their fucked up crminial kids.. oh my.

 

[Haro]

funny how the democrats don't wanna talk about their fucked up policies and their fucked up crminial kids.. oh my.

Actually, I just asked for proof, thereby leaving myself open to being wrong and continuing the conversation. I highly doubt that all democrats have crimial kids, let me give you a little hint: whenever you generalize, you ARE wrong. And what is with you and the unnecessary ends to your posts, 'oh my' 'doya think', I wonder.

 

[HoleInTheVoid]

Never said it was, is it okay that Bush deregulated the banks so they made riskier loans that failed causing the economy to take the worst turn since Hoover's time?
We could point fingers all day at both of the candidates. There is plenty of both candidates. Let's just stick to the issues.

And its Where DO Obama's Allegiances Lie.

Bush tried to tighten Fannie/Freddie oversight in 2003.

And dereugulation is not the same as fraud, which Obama advisor Raines is guilty of.

 

[Haro]

Bush tried to tighten Fannie/Freddie oversight in 2003.

And dereugulation is not the same as fraud, which Obama advisor Raines is guilty of.

When I hear someone say something I haven't heard, I ask for proof, by which I mean actual links. And what fraud do you speak of?

 

[jreeves]

When I hear someone say something I haven't heard, I ask for proof, by which I mean actual links. And what fraud do you speak of?

Here you go....
Franklin Raines - Wikipedia, the free encyclopedia
On December 21, 2004 Raines accepted what he called "early retirement" [2] 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 [3].

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 [4] initially estimated to be $9 billion but have been announced as 6.3 billion.[2].

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.[5] 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. Raines also agreed to donate the proceeds from the sale of $1.8 million of his Fannie stock and to give up stock options. The stock options however have no value. Raines also gave up an estimated $5.3 million of "other benefits" said to be related to his pension and forgone bonuses.[6]

An editorial in The Wall Street Journal called it a "paltry settlement" which allowed Raines and the other two executives to "keep the bulk of their riches." [7] In 2003 alone, Raines's compensation was over $20 million.[3]

A statement issued by Raines said of the consent order, "is consistent with my acceptance of accountability as the leader of Fannie Mae and with my strong denial of the allegations made against me by OFHEO."[4]

In a settlement with OFHEO and the Securities and Exchange Commission, Fannie paid a record $400 million civil fine. Fannie, which is the largest American financier and guarantor of home mortgages, also agreed to make changes in its corporate culture and accounting procedures and ways of managing risk. [8]

In June 2008 The Wall Street Journal reported that Franklin Raines was one of several public officials who received below market rates loans at Countrywide Financial because the corporation considered the officeholders "FOA's"--"Friends of Angelo" (Countrywide Chief Executive Angelo Mozilo). He received loans for over $3 million while CEO of Fannie Mae. [5]

On July 16, 2008, The Washington Post reported that Franklin Raines had "taken calls from Barack Obama's presidential campaign seeking his advice on mortgage and housing policy matters." [6]. Also, in an editorial in August 27, 2008 titled "Tough Decision Coming", the Washington Post editorial staff claimed that "Two members of Mr. Obama's political circle, James A. Johnson and Franklin D. Raines, are former chief executives of Fannie Mae."[7]

 

[del]

I was just giving another example of fucking things up. But you miss the point of the post. If you want to nit pick, then by all means continue this thread, but that's not what the election should be about, unless it ivolves grammar.

ivolves?

carry on.

 

[Haro]

ivolves?

carry on.

That would be spelling, which does not count because it is not grammar.

 

[del]

That would be spelling, which does not count because it is not grammar.

nor is it language.

carry on.

 

[jreeves]

I was just giving another example of fucking things up. But you miss the point of the post. If you want to nit pick, then by all means continue this thread, but that's not what the election should be about, unless it ivolves grammar.

Weren't you the one to say it's " Where do Obama's....." Lmao

 

[editec]

Anyone who doubts that the Democrats played a role in the financial meltdown is as foolishly partisan as anyone who thinks the Republicans didn't.

The absolutely partisan faith some of you have simply amazes me.

The record of who did what is there for all of us to read.

No single law, no single policy is entirely the cause of the mess we're in.

It's nearly fourty years of laws and policies which got us to this point, folks.

While I fault the Rs for having had a greater role in the dismantling of the middle class (that is really at the root cause of most of this nation's economic problems) the Dems were right along there with them in many cases helping to make it WORSE for the average American.

We want to fix this?

Start by fixing the way we finance the campaigns of our officials.

Trying to fix our nation, without fixing that fundamental flaw in our system is simply not going to work.

 

[HoleInTheVoid]

At least Obama doesn't owe himself to big oil.

I use oil.

I don't use subprime lenders.

I want oil to stay cheap.

But I have to pay taxes to support L'il 'O's sub-prime crooks.