Tag Archives: franklin raines

Former Democratic Presidents for McCain ’08

Allahpundit alerts readers to the newest McCain ad, featuring the man who, perversely, has recently become one of the best things to happen to his campaign:  former president Bill Clinton.

Sure, Clinton’s own OMB Director, Franklin Raines, went on to become Fannie Mae’s CEO, and under his leadership Fannie Mae would take on responsibility for billions in unstable loans to people who could never pay them off, and in 2004 Raines would leave Fannie under twin clouds of an SEC investigation over accounting irregularities and an OFHEO civil suit over using these irregularities to justify huge bonuses to himself and other Fannie execs.  However, it looks like McCain/Palin is willing to let that slide, since admittedly the Clinton clip does make for very effective ad copy.

Consider Clinton’s public doling out of blame to congressional Democrats for lack of GSE reform, and juxtapose it with his equally public defense of McCain’s call to postpone the debate to make time for bailout negotiations on the Hill.  Methinks PUMA power suffuses even the highest echelons of the Democratic hierarchy:  exactly who will be getting Bill Clinton’s vote, anyway?