Herbert Allison, Former McCain Finance Officer, Tapped To Head Fannie Mae

New York Times:

Herbert M. Allison Jr., who was named chief executive of Fannie Mae on Sunday, brings to the job nearly three decades of experience on Wall Street, as well as deep ties to Washington.

Mr. Allison, 63, worked for Merrill Lynch for almost 30 years, rising to the positions of president and chief operating officer. Later, he ran the finance committee for Senator John McCain's 2000 presidential campaign and became the chairman and chief executive of TIAA-Cref, the big money management company.

Mr. Allison began his career at Merrill Lynch in 1971, after graduating with a degree in philosophy from Yale, serving in the Navy and earning a master's degree in business administration from Stanford.

Read the whole story: New York Times

Comments

[Ramirez]

Obama is the third highest recipient of Fannie Mae money in the Senate, after John Kerry and Chris Dodd.

From Opensecrets.orgg
*****
Fannie Mae and Freddie Mac Invest in Democrats
Published by Lindsay Renick Mayer on July 16, 2008 5:27 PM | Permalink | Comments (0)

The federal government recently announced that it will come to the rescue of Freddie Mac and Fannie Mae, two embattled mortgage buyers that for years have pursued a lobbying strategy to get lawmakers on their side. Both companies have poured money into lobbying and campaign contributions to federal candidates, parties and committees as a general tactic, but they've also directed those contributions strategically. In the 2006 election cycle, Fannie Mae was giving 53 percent of its total $1.3 million in contributions to Republicans, who controlled Congress at that time. This cycle, with Democrats in control, they've reversed course, giving the party 56 percent of their total $1.1 million in contributions. Similarly, Freddie Mac has given 53 percent of its $555,700 in contributions to Democrats this cycle, compared to the 44 percent it gave during 2006.

http://www.opensecrets.org/news/2008/07/top-senate-recipients-of-fanni.html

[watchTVgetSTUPID]

Sure. That's why McCain's finance officer got the plum job. The finance officer who raised money is the perfect man to pay back those donations in spades. This is a message to all potential donars to Republicans that they will be rewarded.

CORRUPT REPUBLICANS SELLING OUT TO SPECIAL INTERST GROUPS AS USUAL.

[optech007]

Good to see the McCain transition team is already getting to work.

[Rule Of Law]

Wednesday, July 31, 2002

(07-31) 04:00 PDT Washington -- A Senate panel investigating corporate misdeeds took aim at the nation's biggest brokerage company Tuesday, questioning top executives of Merrill Lynch & Co. about whether they helped Enron Corp. camouflage its financial trouble.

NEW YORK — The integrity of Merrill Lynch's stock research and investment-banking practices is likely to come under fire again this week.

Already suspected of helping Enron inflate its profits and tipping off Martha Stewart in the ImClone Systems inside-trading scandal, the USA's largest broker now finds itself tainted by the Tyco scandal.

Recently, New York Attorney General Eliot Spitzer took decisive steps to resolve issues between major investment firms such as Merrill Lynch & Co. and the government. Spitzer issued a report about his 10-month investigation involving Merrill Lynch and its star internet-stock analyst Henry Blodget.

Among the most controversial findings issued in the report were several e-mails that Mr. Spitzer claims can prove that Merrill Lynch knowingly issued overly positive reports on stocks in order to win very lucrative investment-banking work.

Mr. Spitzer is using his findings to elicit major structural changes in the research practices of Wall Street's major investment firms.

[RobinSeattle]

More Republican cronyism. This guy worked for Merrill-Lynch during the time they were involved in the Orange County, California bankruptcy, which at the time was the largest municipal bankruptcy in American history (it was recently eclipsed by one in another Republican county, that being one in Alabama).

By the way, Bush's Peace Crops director, Gaddi Vasquez, was on the board of supervisors at the time the bankruptcy happened. For you illegal immigration opponents out there, Vasquez' mother and father were illegals who came to the U.S. as migrant farmworkers.

[themodernleader]

In our post-democratic governance, the bankers who own our money supply and central banks also own our politicans. Everywhere one looks there are the players who generate the policy and procedure that benefit entrenched power at the expense of the American people. Senator McCain is a maverick on the campaign trial; As soon as he sits in the chief executive's chair in the Oval Office, his owners will remind him who really runs the show.

[nikky]

OH MY GOD NOW HAVE YOU HEARD ANY OF THE MEDIA TALK ABOUT THIS OR THE FACT THAT JOHN MCCAIN'S SON JUST RAN A BANK INTO THE GROUND KEATING 5 ALL OVER AGAIN

[KHAAANNN]

You are all missing the point here;
1) Now that Fannie Mae and Freddy Mac are government backed, they CANNOT LOSE MONEY on bad loans. The Fed will make good on them, ergo;
2) They will now make HUGE purchases of BAD PAPER from all the other lenders, who can "de-ivest" their bad mortgages from their portfolios at the public's expense.
This is all part of the most basic plan of the Republicans;
Privatize Profits, Socialize Losses. QED

[Chavez08]

FOXES AND HEN-HOUSES­-YAAYYYYY!­!!!

[Chavez08]

KEATING-5 LIVES-YAAYYYYY!!!!

[bpowell1]

Wasn't Merrill Lynch just in trouble. A guy who ran one company into the ground is now in charge of another company to run it in the ground. I think this is just ridiculous. Wake up Americans and look at what is going on. Your country is being given away. We are being sold down the river. Please stop and listen to the issues.

[IowaKid]

This is only Tuesday I can't wait until till the bomb falls on Friday.

[kellygrrrl]

well, that's convenient

I wonder why Johnny didn't tell Sarah that the taxpayers didn't have to pay for Fannie before

[lobear00]

All three Branches of "Our Government need a good cleaning. We the people are responsible for the "Corruption " of "Our" government.

[KillTheMessenger]

The good news is that they found just the right guy to make it all worse.

:-)

[GrkAm]

Fannie Mae (set up in 1938 by FDR) was bailed out by the government last week. Today, John McCain's 2000 presidential campaign finance manager was named to head up Fannie Mae.

With John McCain running for POTUS, is all of the above just a coincidence or a trend?

[jacqmac]

And it HAD to be bailed out by the government because the GOVERNMENT 'let the market decide'. The Government has had VERY LITTLE oversight of these two institutions SINCE the 1930's. McCain's friend being named the head well---it's a NICE TRY at appealing to the 'OLD John McCain', but the 'NEW, IMPROVED (?) John McCain isn't going to ask for accountability-and the taxpayers are being put on the line for a LOT of cash! Soooo--IS it a coinkydink? Don't think so!