Warner Todd Huston
September 23, 2008
In a 2005 video Daniel Mudd, at the time the interim CEO of the catastrophically failed mortgage lender Fannie Mae, affirmed his fealty and that of Fannie Mae to the Congressional Black Caucus. The top three campaign donation recipients were Democrats, number two of which was Barack Obama, yet the media is laying mum on these facts. One wonders what would be going on in the media if John McCain were a top recipient of campaign donations from a market crashing, government bail-out getting organization like Fannie Mae?
The three top campaign donation recipients from Fannie Mae were all Democrats. Chairman of the Senate Banking Committee Senator Chris Dodd (D-CT) got $165,000, Senator Barack Obama (D-IL) was given $126,349, and failed presidential candidate Senator John Kerry (D-MA) took $111,000 from the folks at Fannie Mae. Is this information getting out there?
Most of the top Fannie executives were also Democrats each of whom worked closely with Democratic presidents and Barack Obama. Franklin Raines, Clinton White House budget director, ran Fannie Mae and pocketed $50 million. Jamie Gorelick was a Clinton Justice Department Official (famous for adding to our intelligence failures helping cause the attacks on 9/11) was paid $26 million. Jim Johnson, who most recently served on Obama’s VP search committee, was the CEO of Fannie Mae and has also made millions. These Clinton/Obama associates sat at the head of a failing financial agency all the while raking in millions and donating hundreds of thousands to top Democrats.
So what, you may ask? Well, there is a reason that these Fannie Mae officials donated to Democrats. It was because Democrats continued to stymie Republican efforts to fix these failing lending agencies. Democrats protected these rotten lending practices and the Fannie Mae executives knew who were the sugar daddies that needed greasing.