Barack Obama

Jim Johnson is out of there. The former chairman of Fannie Mae who received several preferential loans from Countrywide, has announced he’s leaving Barack Obama’s vice presidential search committee.
This is in keeping with the Obama campaigns new tactic of knee-capping supporters whose scandals distract from the campaign’s messages of hope and change. The operating principle (if not an actual campaign slogan) seems to be: No more Reverend Wrights!

Johnson Quits Obama’s Vice Presidential Search Team
[Bloomberg]

Top Obama Insider Tied To Countrywide, Ran Fannie Mae

One of Barack Obama top talent scout is deeply tied to the mortgage overload mess. Jim Johnson is one of three people appointed by Obama the head up the search for his vice presidential selection. The problem is that Johnson took at least five real estate loans totaling more than $7 million from Countrywide, the Wall Street Journal reported on Saturday. The loans to ohnson were made through an informal program for friends of the company’s CEO, Angelo Mozilo, and were made at substantial discounts to prevailing market rates.
Johnson ran Fannie Mae from 1991 to 1996, and appointed Mozilo to Fannie Mae’s advisory board in 1996. He reportedly made $21 million in one year while working for Fannie Mae. So he didn’t exactly need that friends and family discount.
“That’s the problem with bringing a Washington, DC, insider on board,” ABC’s Jake Tapper observes. “They’re sometimes covered with the goop from the insides of Washington.”
Countrywide Friends Got Good Loans [Wall Street Journal]

Bartiromo on Barack

Maria Bartiromo has a stimulus plan of her own. But it’s a plan to stimulate the selling of assets instead of consumer spending. If you’ve got stocks or homes you want to sell, you should probably sell before Barack Obama gets elected, she seems to say to Avenue.
Today Page Six reports that the Money Honey warned about higher taxes if the Democratic nominee gets elected. “He’s going to take the capital gains tax at 15 percent right now all the way up to 25 to 28 percent,” she says. “Sell anything, like a home or stocks, and make a profit . . . [almost] 30 percent of the profit will go to the government instead of 15.”

Barack’s Bite
[New York Post]