Wednesday, June 11, 2008
Obama Staffers Have Questionable
Backgrounds (what else isn't new?)
From Washington Wire, The Wall Street Journal:
Barack Obama days ago seemed to invite scrutiny by stating that his process for picking a running mate could be the most important test of how he’d make decisions as president. But on Monday he dismissed questions about two men he has named to vet the potential vice-presidential choices.
Investor and former Fannie Mae chief Jim Johnson, who is heading the veep search for the presumed Democratic nominee, got what appeared to be favorable loan terms from the head of Countrywide Home Loan, a corporation that Obama has assailed for its role in the subprime mortgage crisis.
And Republicans, including campaign aides to presumed Republican nominee John McCain, have noted that another Obama vetter, former Clinton administration deputy attorney general Eric Holder, had a role in one of the most controversial pardons Bill Clinton issued as he left office – of fugitive financier Marc Rich.
Obama, who last week appointed [Jim] Johnson to a three-member team heading the search for his running mate, said Republican criticism of Johnson over reports about questionable loans from controversial lender Countrywide Financial were political.
The Wall Street Journal reported Johnson, former head of the mortgage giant Fannie Mae, received private loans at below-market rates from Countrywide after he left Fannie Mae. Countrywide has been accused of helping fuel the subprime mortgage crisis with risky loans.
Countrywide narrowly avoided bankruptcy in August 2007 when its shares plummeted 13%.
In order to remain solvent, Countrywide had to borrow its ENTIRE bank credit line. Bloomberg:
Countrywide Financial Corp., the biggest U.S. mortgage lender, borrowed the entire $11.5 billion available in bank credit lines as the global financial crisis curbed access to short-term financing.
[...]
"When a company draws on its bank lines, it just basically gives off the impression that it has run out of options," said Christopher Wolfe, managing director at Fitch Ratings, which today dropped Countrywide to BBB+, its third-lowest investment- grade rating. "Typically these bank lines are there but not really meant to be used." Countrywide Financial Corp., the biggest U.S. mortgage lender, borrowed the entire $11.5 billion available in bank credit lines as the global financial crisis curbed access to short-term financing.
Sen. John McCain attacked his Democratic rival Monday for contradicting himself by naming an official to his campaign who allegedly received preferential loan treatment from a controversial mortgage company that Sen. Barack Obama has been criticizing on the trail.
“I think it suggests a bit of a contradiction talking about how his campaign is gonna be not associated with people like that. Clearly he is very much associated with that,” McCain told Fox News’ Carl Cameron in an interview today, referring to Jim Johnson who Obama has tapped to head up his VP search process.
The Wall Street Journal reported Saturday that Johnson received more than $7 million in loans from Countrywide Financial, at least two of which were at below-market rate, stemming from a relationship with the company’s CEO, Angelo Mozilo.
This story would be breathlessly reported as a Republican Scandal if it had involved any Republican politician, let alone a presidential candidate. But because it involves The Obamalith the Liberal Owned Media - especially NBC and MSNBC, both totally devoted to nothing but the most positive, glorifying portrayal of Obama - this story is downplayed and ignored.
We've seen The Obamalith before and how the MSM portrays this type of a candidate. As a presidential candidate in 1992, Bill Clinton could have killed a baby and drank its blood on live television, and the MSM would have said nothing. Actually, they probably would have fawningly reported at how he drank the blood without managing to spill a single drop. Sixteen years later, it's The Affirmative Action Candidate who receives a Free Pass - nothing like the Free Pass given to Bubba in 1992.
©2008
Labels: Obamalith, Osama Obama, Ted Kennedy's Poodle
Suggestion for your photo posts: Obama the marionette with Soros holding the strings.
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