Why Obama Doesn’t Want a Financial Crisis Commission

Yesterday, Obama blasted John McCain’s suggestion of creating a 9-11-style commission to investigate the credit market crisis that is shaking Wall Street. Obama called the idea usual government speak and declared that it really means, “We’ll get back to ya.”

That may seem strange to many of you as Senator Obama has a track record of calling for commission for everything.

In 2007 he called for commissions on social security and torture and in 2008 he called for more commissions to look into war crimes and even Wall Street. So, why the change of heart?

It’s rather simple actually. Barry doesn’t want to see his top economic advisors, Democrat colleagues and mentors go to jail!

Do you think that is hyperbole? Maybe it is but I remind you that this crisis is rooted in an Enron-Style fraud and we know what happened to those guys. The similarities are actually shocking and it has Democrat fingerprints all over it.

Stop The ACLU has a great breakdown of the Democrat profiteers that were at the core of the biggest mortgage fraud in world history.

Bonuses and Salaries paid to officers in 1998
Franklin D. Raines,
[Currently a Housing Policy Adviser for the Obama Campaign]
[Carter administration assistant director for Domestic Policy]
Fannie MaeChairman and CEO Designate
Salary $526,154, Award/Bonus $1,109,589

James A. Johnson
[Obama VP Vetter and Funds Bundler]
Chairman and CEO
Salary $966,000, Award/Bonus $1,932,000

Jamie Gorelick
[Deputy Attorney General for Clinton]
Created “The Wall” Between the CIA and FBI]
[Currently works for Law Firm representing Fannie Mae]
[Gorelick took home $26.46 million [from Fannie Mae in the period from 1998 to 2002]
[Currently legal Representative for Duke Univ., against students charged with rape]
Vice-Chairman of Fannie Mae:
$567,000, Award/Bonus $779,625

Folks, these are not small numbers and note that the largest portion of the monies were paid as bonuses. These bonuses were earned by cooking the books. That’s right, a la ENRON.

This grand theft was orchestrated by Democrats and covered up by other Democrats.

It was a win-win deal. Former Democrat administration lackeys were steering millions into the campaign coffers of Democrats who were supposed to be over watching their practices. At the same time, they were doctoring books and stealing millions for their personal bank accounts.

Bill Hennessy digs deeper.

From the Heritage Foundation:

In 2004, after a tip from a whistle blower who was later fired, the Office of Federal Housing Enterprise Oversight (Ofheo) issued a report finding that the government-sponsored entity Fannie Mae had engaged in Enron-like accounting machinations that allowed Fannie to overstate its earnings and underestimate the risk the company faced. The accounting wizardry Fannie engaged in was designed so that Fannie could meet profit targets tomaximize bonus payments to company executives like Clinton administration deputy attorney general Jamie Gorelick and Carter administration assistant director for domestic policy Franklin Raines.

From the ACU:

Following his tenure in Democrat Bill Clinton’s White House as Budget Director, Raines returned to Fannie Mae where he served as Chairman and Chief Executive Officer prior to being forced out over accounting fraud allegations that federal authorities claimed were used to pad his own pocket with tens of millions of dollars in un-earned bonuses on top of his multi-million dollar pay. Raines and other top executives drew multi-million dollar salaries at Fannie Mae for many years.

Although he claimed no wrong doing, Raines agreed to settle the suit with the federal government just this year and agreed to pay back a few million of the near $50 million it had been alleged he obtained illegally through bonuses not due from Fannie Mae.

Raines is my favorite culprit in this. If I were told that I could steal $50 million and only have to pay back $4 million with ZERO other penalties whatsoever, it sure as hell would be tempting.

This is a very big deal and this crisis is far from over. It is clear to me that the greatest financial crisis in decades was brought about by corrupt politicians in Washington DC.

I am not alone in demanding accountability!

I cannot believe that conservative bloggers and talk show hosts are staying away from this story. This should be the end of Barack Obama, particularly after today’s disaster on Wall Street: Dow down >500, Lehman Brothers GONE, Bear Stearns GONE, Merrill Lynch GONE, Fannie Mae GONE, Freddie Mac GONE, AIG GOING, more to follow.

Lehman Brothers, too, contributed the lion’s share of its political donations to DEMOCRATS. Why don’t you people rise up and demand some goddamn ACCOUNTABILITY! This isn’t some little $10 million Chrysler bailout here. We’re talking BILLIONS of STOLEN MONEY. Stolen by Democrats, for Democrats.

So, yes, it is true that Senator Obama does not want a commission to look into this piracy. Neither does Dodd, Biden, Frank, Pelosi or Kennedy.

Category: Politics