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The Party of Cozy Insider Deals with Billionaires...

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June 11, 2008 – Comments (2)

Which do you think it is?

And how does Mr. Obama propose to keep his bogus outsider credentials when Rezko is followed up with stuff like this?

2 Comments – Post Your Own

#1) On June 11, 2008 at 11:17 PM, TMFBent (99.81) wrote:

Same idea, again at the WSJ. Obama's "I'm different" act is wearing thin on me. It's not supported by his legislative record, and it's certainly not supported by his own conduct with Rezko nor the slippery Mr. Johnson.

I think election 2008 is gonna be like American Idol, where the most interesting ones got voted out to early, so you're left with only substandard compromise choices all the way around.

Barack Obama may have come up with a creative way to solve the housing recession: Let everyone buy property at a discount the way he did from Tony Rezko, and give everyone in America a discount mortgage the way Angelo Mozilo of Countrywide did for Fannie Mae's Jim Johnson. Team Obama's real estate and mortgage transactions are certainly a change from business as usual. They suggest old-fashioned back-scratching below even current Beltway standards.

A former CEO of mortgage financing giant Fannie Mae, Mr. Johnson is now vetting Vice Presidential candidates for Mr. Obama. But he is also a textbook case for poor disclosure as regulators sifted through the wreckage of Fannie's $10 billion accounting scandal. Despite an exhaustive federal inquiry, Mr. Johnson managed to avoid disclosing one very special perk: below-market interest-rate mortgages from Countrywide Financial, arranged by Countrywide CEO Angelo Mozilo.

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#2) On June 12, 2008 at 10:57 AM, devoish (98.26) wrote:

I guess the joke is that it would be unfair to Johnson if Countrywide singled him out by not giving him loans he did not qualify for.

That said I would love to see a strong SEC nail butts to the wall here.

Unfortunately favors are business as usual. I would guess there have been some free lunches given away over the years by BWLD owners and managers, with no explicit guarantee of getting approved for a curb cut.

At least Johnson has stepped down for now, maybe he will be reappointed later to head dept of homeland security.

These are McCains mortgage guys, they still work for him. His hypocrisy is campaigning against lobbiest influence. Its a problem in Wasshington, just not McCain.

The issue is business has to be seperated from Government. Especially the idea of any industry policing itself. Or the misguided belief that free markets will do it.

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