In September 2008, the McCain campaign created an ad that stated presidential hopeful Barack Obama was taking advice on mortgage and housing policy from former chairman and chief executive officer of Fannie Mae, Franklin Raines.
The short ad states that Obama's decision to take advice from Raines Obama was unfit to lead the United States. Some commentators said the ad was merely racist (Raines is a black man) and said it was a crude attempt to connect Obama to the economic strife of 2008.TIME: McCain Plays the Race Card(September 19, 2008)
Damaging Connection?
The connection could be damaging to Obama as Raines was in charge of Fannie Mae throughout a period in which earning were misstated. The accounting inaccuracies wiped 40% from the financial institutions 2001 to mid-2004 profits. Raines resigned in December 2004.Business Week: [http://www.businessweek.com/magazine/content/05_02/b3915646.htm Franklin Raines
Featured Video
References
Fast Facts
-
Fact:
McCain campaign cites a July 2008 Washington Post piece as evidence that the Obama campiagn had contacted Raines for adviceWashington Post: On the Outside Now, Watching Fannie Falter (July 16, 2008)
-
Fact:
The Post journalist states that Raines told her the campaign asked him about "general housing, economy issues"Washington Post: On the Outside Now, Watching Fannie Falter (July 16, 2008)
-
Fact:
Did not discuss "mortgage foreclosure meltdown or Fannie-specific" issuesWashington Post: Obama's Fannie Mae 'Connection' (September 19, 2008)
