Political appointees to the companies' boards have pocketed millions in stock options to bolster support on Capitol Hill. Clinton-era-appointed board members at Fannie Mae include Jack Quinn (lawyer for pardoned billionaire fugitive Marc Rich) and Jamie Gorelick (Janet Reno's lieutenant at the Justice Department and a potential Obama CIA director nominee). Obama adviser James Johnson made off with $21 million. Former Obama chief of staff and current Chicago Mayor Rahm Emanuel "earned" at least $320,000 for a brief 14-month gig at Freddie Mac. Clinton Fannie Mae head and Obama economic confidante Franklin Raines bagged some $90 million in pay and stock options.
With his ill-gotten gains, Raines went on to purchase a luxurious three-bedroom, seven-bath penthouse condominium a few years ago in the District of Columbia's Ritz-Carlton Residences for $4.9 million -- complete with rooftop terrace with hot tub, a butler's pantry and three parking spaces. Nearly half of the $90 million he earned over five years at Fannie "was tied to bonus targets that were reached by manipulating accounting," regulators told The New York Times.
Brazile, Pelosi, the leftist ground troops and Obama's own pay czar have plenty to say about private executives and corporate wealth. But they remain radio silent about the mother of all financial scandals and the moral hazard-perpetuating government executives at Fannie and Freddie who were in charge of engineering the mortgage meltdown.
Not everyone's looking the other way. Citizens Against Government Waste President Tom Schatz noted: "In their halcyon days, Fannie and Freddie were notorious for their lavish executive salaries and perks. Old habits die hard; but taxpayers should no longer be forced to foot the bill" for the Fannie and Freddie managements' "swanky lifestyles."
While Pelosi demagogues Republican budget cuts for depriving kids and seniors of their meals, the Beltway-sponsored Fannie and Freddie behemoths have been devouring taxpayers' lunches for years. For Fannie and Freddie lobbyists and leeches, the path to prosperity has been paved with a Democratic friends and fat cats protection plan that epitomizes Washington's culture of corruption.
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