The Washington Times reports:
A transition adviser to President-elect Barack Obama earned millions of dollars overseeing an office that led a lobbying effort to prevent increased oversight of mortgage giant Fannie Mae, the company at the heart of the ongoing turmoil in the nation's financial markets, public records show.but there's more:
The unpaid adviser, Thomas E. Donilon, held several senior positions at Fannie Mae from 1999 to 2005, including vice president of law and policy, at a time when the company's officers and lobbyists were insisting that now-troubled Fannie's finances were sound.
In a 2006 report, the Office of Federal Housing Enterprise Oversight (OFHEO) said Fannie Mae lobbyists, whose office was overseen by Mr. Donilon, tried to use their ties to members of Congress to discredit federal regulators through a campaign aimed at securing the release of a U.S. Department of Housing and Urban Development report to discredit OFHEO.
"Thus, Fannie Mae succeeded in creating a large volume of negative publicity about the OFHEO examination report, in an effort to distract attention from its multibillion-dollars accounting errors," the OFHEO report found.
"That initiative, although conceived and executed by the [Fannie Mae] government and industry relations department, was well-known by many members of senior management," including then-Chairman and Chief Executive Officer Franklin Raines, Mr. Donilon and Fannie Mae's general counsel, according to the OFHEO report.The GSE's are a cancer,they've done a lot of damage to America's financial system.The fact that Obama would take money from Fannie Mae and associate with Franklin Raines,James Johnson,Jamie Gorelick,Rahm Emanuel,and Thomas Donilon: is more than worrisome.You've been warned,Obama is a Chicago style politician to the core.
