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Fannie Mae fatcat/friend of Obama buys $4.9 million penthouse

October 9, 2008

From Michelle Malkin
October 9, 2008 11:11 AM

Franklin Raines, the Clinton-era head of corrupted Fannie Mae, does not feel your pain. While Barack Obama rails about unfettered greed and callous Washington lobbyists, his friend and consultant made off like a bandit…and has just sold and bought multi-millionaire homes.

Crisis? What crisis? Sacrifice? What sacrifice?

From Washingtonian magazine:

Franklin Raines, the former top man at Fannie Mae, bought a three-bedroom, seven-bath penthouse condominium in the West End’s Ritz-Carlton Residences for $4.9 million. The condo has a rooftop terrace with a hot tub, a butler’s pantry, and three parking spaces. Raines, director of the US Office of Management and Budget under President Clinton, was CEO of Fannie Mae from 1999 to 2004.
Via USAToday, we learn that Raines just sold his old home after splitting with his wife for $7.6 million.

A quick reminder:

“Regulators have said that of the $90 million paid to Mr. Raines from 1998 to 2003 at least $52 million — more than half — was tied to bonus targets that were reached by manipulating accounting,” The New York Times reported two years ago.

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