Barack Obama loves his scoundrels. You’d think that the scandal involving the payout to Franklin Raines, former head of Fannie/Freddie, Obama would appoint somebody above reproach.
In a word: reproach. Here is Raines’ comp package.
Franklin Raines, who was forced out as Fannie Mae’s chief executive after five years, is slated to receive a monthly pension of more than $114,000 for life, according to documents the mortgage lending giant filed Monday with the Securities and Exchange Commission.
The documents also reveal that Raines has deferred compensation of $8.7 million to be paid out through 2020 and owns more than $5.5 million in Fannie Mae’s stock.
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The new head of Fannie Mae and Freddie Mac is Mel Watt. Aside from being friendly with one of the people who ignored the financial crisis, Watt has other skeletons in his closet, as reported in the Ulsterman Report:
“The North Carolina congressman is a consistent, long-time supporter of affordable-housing quotas. He joined Barney Frank in 2003 to block the Bush administration’s attempt that year to increase government oversight of Fannie and Freddie.
In 2002, Watt teamed up with Freddie Mac and Fannie Mae, Bank of America, BB&T, and UJAMMA Inc., to announce Pathways to Homeownership, a pilot initiative designed to give home loans to welfare recipients . . .
In 2007, a full year after the real estate market peaked and began to plummet under the weight of millions of mortgage defaults, Watt and Frank co-sponsored a bill forcing Fannie and Freddie to meet even higher quotas for affordable lending. “
One has to wonder who has the pictures of Obama’s first wedding to a Muslim man or in a Chicago bath house oiling Larry Sinclair’s back (or worse). Or perhaps Obama simply doesn’t care that he consistently shakes his groove thang in the face of the American public?
Watt is Franklin Raines on bad drugs, but they have more in common. Both are “light-skin negroes…with no negro dialect.” And both favor Judge Joe Brown!