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"In 1999 a prominent Democrat, Franklin Raines, chairman and chief executive of Fannie Mae, began a program which eased credit requirements for lower-income borrowers, especially "minority" applicants. Raines is African-American. In 2006, the Government filed suit against Raines to recover some of the $US90 million in income he had made at Fannie Mae based on overstated company earnings. The suit was settled this year and Raines fined about $US1 million.
Although he is now regarded as a culprit in the credit scandal, Raines is an adviser to Senator Obama. His predecessor as chief executive at Fannie Mae, James Johnson, is also an adviser to Obama's advisory team. After arriving in Congress, Senator Obama received $US126,349 in campaign contributions from Fannie Mae and Freddie Mac, the second-highest amount given to anyone in Congress.
Don't get too starry-eyed about the magnetic Obama. Modern politics requires a calculated political cunning, which he has in abundance. But that's a whole other story."
Now, we should put more attention on his international economic stretegy, especially to asian countries... |
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