Results 1 to 4 of 4

Thread: Fact Check: Did Barack Obama 'profit' from Fannie Mae & Freddie Mac?

  1. #1
    Elite Member kingcap72's Avatar
    Join Date
    May 2007
    Location
    10 miles from Pootie Tang
    Posts
    21,909

    Default Fact Check: Did Barack Obama 'profit' from Fannie Mae & Freddie Mac?

    Fact Check: Did Obama 'profit' from Fannie and Freddie?
    Posted: 10:16 AM ET
    Did Obama profit from Fannie and Freddie?



    Statement:
    Amid "corruption at Fannie Mae and Freddie Mac," Sen. Barack Obama "profited from this system of abuse and scandal. While Fannie and Freddie were working to keep Congress away from their house of cards, Senator Obama was taking their money. He got more, in fact, than any other member of Congress, except for the Democratic chairman of the committee that oversees them." —Sen. John McCain, at a campaign stop Friday, September 19, in Green Bay, Wisconsin.
    What are the facts? Find out after the jump.

    The Facts
    Federal law forbids candidates from receiving money directly from companies. The nonpartisan Center for Responsive Politics tracks donations from employees of various companies. The center's list of contributions from Fannie and Freddie employees places Obama second. Ahead of him is Sen. Chris Dodd,
    Democratic chairman of the Senate Banking Committee.
    The total listed for Obama is $126,349 — a tiny fraction of the approximately $390 million his campaign has raised, according to the Center for Responsive Politics. The list shows McCain has received a total of $21,550 from Fannie and Freddie employees. The list includes donations of at least $200 from those who receive paychecks from Fannie and Freddie. It also includes donations from political action committees — pooled contributions from employees. Obama decided early in his presidential run not to accept PAC contributions, but the Center for Responsive Politics' list includes all contributions for members of Congress dating back to 1989 — including Obama and McCain's Senate campaigns.
    The New York Times has published a separate list looking at contributions from "directors, officers, and lobbyists for Fannie Mae and Freddie Mac" for the 2008 campaign cycle. That list — using figures from the Federal Election Commission — shows McCain receiving $169,000, while Obama received only $16,000.
    Explaining the difference, the Center for Responsive Politics said on its Web site that it does not include members of the board of directors because they could serve on boards of various companies. Their contributions are listed along with other employees of the companies they work for. And the center says lobbyists usually represent multiple clients as well, so their contributions are listed under their lobbying firms — except in-house lobbyists, who are included in the center's list.
    The mortgage giants Fannie and Freddie became symbols of the nation's economic mess — and, to critics, of corporate greed — after the government recently took them over to bail them out, making donations linked to the company in any way potential political fodder.

    VERDICT
    Partially true, but misleading. Donations don't come from companies. A list of employee contributions puts Obama second, but a different list including lobbyists and directors shows McCain getting more.
    Fact Check: Did Obama 'profit' from Fannie and Freddie?

  2. #2
    Elite Member tkdgirl's Avatar
    Join Date
    Jul 2007
    Posts
    5,469

    Default

    You do know that FactCheck is funded by a foundation that William Ayers and Obama was on, right?

    BTW, it isn't about profiting. Its about Obama using these former employees as advisers when they shouldn't even be doing anyone's taxes. But if you're ok with Obama hiring failure like Raines as an adviser, particularly an adviser who's turned a blind eye to his own failing company that screwed lower income home owners, then good for you.

    A government big enough to give you everything you want,
    is strong enough to take everything you have. ~Thomas Jefferson

  3. #3
    Elite Member kingcap72's Avatar
    Join Date
    May 2007
    Location
    10 miles from Pootie Tang
    Posts
    21,909

    Default

    Quote Originally Posted by tkdgirl View Post
    You do know that FactCheck is funded by a foundation that William Ayers and Obama was on, right?

    BTW, it isn't about profiting. Its about Obama using these former employees as advisers when they shouldn't even be doing anyone's taxes. But if you're ok with Obama hiring failure like Raines as an adviser, particularly an adviser who's turned a blind eye to his own failing company that screwed lower income home owners, then good for you.
    BTW, you do know that McCain's campaign manager Rick Davis was president of an advocacy group that pushed for less regulation for Fannie Mae and Freddie Mac? A group that Fannie Mae and Freddie Mac were both a part of. So, if you want to keep making an issue of Obama's alleged 'ties' to Fannie Mae and Freddie Mac you have to make an issue of McCain's alleged 'ties.' You can't have it both ways.

    By the way, Factcheck has been going over things that Obama and McCain have been doing.

  4. #4
    Elite Member Fluffy's Avatar
    Join Date
    Nov 2007
    Posts
    5,600

    Default

    Quote Originally Posted by tkdgirl View Post
    You do know that FactCheck is funded by a foundation that William Ayers and Obama was on, right?

    BTW, it isn't about profiting. Its about Obama using these former employees as advisers when they shouldn't even be doing anyone's taxes. But if you're ok with Obama hiring failure like Raines as an adviser, particularly an adviser who's turned a blind eye to his own failing company that screwed lower income home owners, then good for you.
    If that's such a problem for you, then why don't you harp on McCain's economic adviser, Phil Gramm. Phil Gramm, aka Foreclosure Phil, who was a key figure in deregulating the markets that have caused this mess. Phil Gramm, whose wife, Wendy Gramm, is a former chairwoman of the CFTC who let an exemption on derivatives regulation go through and let Enron trade energy derivatives without federal oversight and then went to go work for Enron on their board of directors. Phil Gramm who helped shepherd in these deregulated markets and then profitted on it not only through his wife who went to go work for Enron but by going to work at UBS, Switzerland's largest bank, "which had been able to acquire investment house PaineWebber due to his banking deregulation bill."

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Fact checking Barack Obama
    By laynes in forum U.S. Politics and Issues
    Replies: 17
    Last Post: September 15th, 2008, 04:43 PM
  2. Detroit wants a bailout like Fannie & Freddie got
    By witchcurlgirl in forum U.S. Politics and Issues
    Replies: 0
    Last Post: September 11th, 2008, 11:00 AM
  3. Andrew Cuomo & Fannie & Freddie
    By witchcurlgirl in forum U.S. Politics and Issues
    Replies: 4
    Last Post: September 8th, 2008, 03:03 PM
  4. U.S. seizes mortgage giants Freddie Mac & Fannie Mae
    By witchcurlgirl in forum U.S. Politics and Issues
    Replies: 8
    Last Post: September 8th, 2008, 01:05 PM
  5. Barack Obama lies in ad, fact check slaps him for it
    By witchcurlgirl in forum U.S. Politics and Issues
    Replies: 34
    Last Post: August 25th, 2008, 09:18 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •