Fannie Mae - A democratic who's who

To look at the people who have held high positions within Fannie and Freddie you need a democratic Who's Who listing....

The two institutions have long been run not by bankers but by retired political figures, predominantly Democrats. From 1991 to 1998, Fannie Mae was headed by James Johnson, a longtime aide to former Democratic vice president Walter Mondale. Johnson’s successor, Franklin Raines, had served as budget director to Bill Clinton. Jamie Gorelick, vice chair of Fannie Mae from 1998 to 2003, served as deputy attorney general in the Clinton administration.

These figures have paid themselves impressive private-sector salaries. Johnson earned US$21-million in just his last year at Fannie Mae. Raines earned US$90-million for five years’ work at Fannie Mae. Gorelick got US$26-million.

Yet the companies never had to meet the discipline of the private marketplace. They paid no taxes, and they had access to a line of credit at the Treasury department. More ominously for today’s crisis: They were not required to provide anything like the level of information about their internal operations expected of a privately owned company.

Just out of curiosity, has there been one thing that Jamie Gorelick has ever had her hands on that wasn't run like a pile of doo doo. She's like the Ted McGinley of everything.

I'm still waiting on those Enron like congressional hearings. I'm sure LollaPelosi and company will just combine them with Rangel's and Jefferson's hearings.

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