Sources in the Obama administration Tuesday said that despite previous media reports administration officials did not know until a couple weeks ago that the officials of the controversial AIG Financial Product Division were set to receive $165 million in bonuses on March 13. It wasn’t until Thursday, March 5, 2009, administration sources told ABC News, that officials of the Federal Reserve Bank of New York informed officials of the Treasury Department of the full extent of the $165 million in bonuses pending for the controversial Financial Products Subsidiary. This was three days after the Obama administration had already announced a new commitment of an additional $30 billion for AIG.

Ah, now this is Change We Can Believe In

HAHAHA!  Really? You mean to tell me that our President, our Administration, is so inept they didn’t ask AIG if they were going to pay executive bonuses with the money we gave them?  You really don’t even have to ask you TELL them that they cannot give this money as bonuses and are prohibited from doing so.  Are we supposed to believe this story? Especially after the fall out from the bonuses given to the Freddie/Fannie executives you would have thought that they would be wise enough to ask about this.  What a joke.  I don’t know what’s worse believing them that they didn’t ask, which means they have NO business running this country as they are too stupid not to ask basic questions or if you don’t believe them then they lied and they are continuing to lie.

Maybe, just maybe Obama looked the other way on the AIG bonuses because, “Senator Barack Obama received a $101,332 bonus from American International Group in the form of political contributions according to Opensecrets.org.”

1997

• Fannie Mae is a GSE (Gov’t Sponored Entity) regulated by Congress
• Fannie Mae buys mortages from other companies
• It is backed by the taxpayers for all losses, but keeps all profits
• President Clinton loosens Home Loan Requirements

1998

• Banks begin making thousands of bad loans, 0 down, no documentation, for 120% (1998 - 2008)
• Executives at Fannie recieve huge bonuses if loan targets are met.
• Franklin Raines and Jamie Garlick from the Clinton Administration are appointed to run Fannie Mae.

2003

• President Bush proposes a new oversight committee to clean up Fannie Mae, but Democrats derail the effort
•  Rep. Melvin Watt (D-NC) Committee on Financial Institutions and Consumer Credit, stated, “I don’t see much other than weakening the bargaining power poorer families to get affordable housing.”

1999 - 2004

• Raines earns $100 million in bonuses!
• Garelick earns $75 million in bonuses!
• In 2004, Enron collapses, congress investigates, Executives Skilling & Lay go to jail, for fraudulent bookkeeping
• Congress responds with the Sorbanes-Oxley Act, more heavy regulation of corporations.

2004

• An OMB investigation finds massive fraudulent bookkeeping at Fannie Mae
• False numbers triggered executive bonuses every year
• Congress holds NO hearings, NO one goes to jail, or is punished
• WHY NOT?

1995 - 2005

• Fannie Mae gives millions to Democratis causes, examples: Jesse Jackson & ACORN.
• Fannie Mae pays millions to 354 congressman and senators, from both parties.
• Who got the most money?

Top 4 Recipients

• #1 Senator Christopher Dodd, (D-CT). Chairman of the Banking, Housing & Urban Affairs Committee
• #2 Senator Barack Obama, (D-IL) Federal Financial Management Committee
• #3 Senator Chuck Schumer (D-NY) Chairman of the Finance Committee
• #4 Rep. Barney Frank (D-MA) Chairman of the House Financial Services Committee

2005

• Franklin Raines & top execs are forced to resign from Fannie Mae
• They do not go to jail
• There is no media “perp walk”
• They keep all of their bonuses
• They finally pay $31.4 million in civil fines

2005

• The Federal Housing Enterprise Regulatory Reform Act is sponsored by #325 Sen. John McCain (R-AZ), Armed Services, & Commerce, Science & Transportation.
• “if Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system and the economy as a whole.”

2005

• NONE of the top 4 recipients support the legislation
• The reform act is blocked by Democrats never even making it out of committee
• NONE of the politicians return any of the money tainted by fraud.

2008

• Fannie Mae & Freddie Mac go bankrupt and the govt. takes them over completely
• Lehman Brothers, goes bankrupt from investing in bad mortgages
• AIG get $85 million in loan guarantees, after insuring bad loans & projects
• Taxpayer will ultimately pay BILLIONS
• Franklin Raines is now an advisor to the Obama Campaign which wants the govt. to take over more of the economy!
• Did government involvement in the mortgage market work out?
• How will even MORE government invovlement make it better? Do you want to be Sweden?
• McCain favors revising regulations & loan standards, selling off Fannie & Freddie.

Sources: Congressional Record, 5/25/06; Herald Tribune, 4/18/08, New York Times, 9/13/03, www.govtrack.com, 9/17/08, “Hannity & Comes,” Fox News 9/16-9/17/08